New York, May 20, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published the latest research study on Bar Tools Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type (Cocktail Glasses, Cocktail Shakers, Bottle Openers, Bar Tool Sets, and Others), Distribution Channel (Supermarkets and Hypermarkets, Specialty Stores, Online Retail, and Others), and Geography. Growing inclination toward in-house bars and increasing adoption of e-commerce are driving the bar tools market. However, stringent regulatory frameworks are expected to restrict market growth. The report highlights key factors driving the bar tools market and prominent players and their progress in the market.
In 2020, North America dominated the global bar tools market. The region is expected to continue its dominance during the forecast period. The bar tools market trends are influenced by the growing construction of in-house bars in countries like the US and Canada. The change in consumer lifestyle has led the younger generation in the North American region to opt for house parties rather than going out in bars, which increases the demand for bar tools in residential areas.
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The growing trend of celebrating small occasions such as birthdays and anniversaries at home is increasing the demand for cocktails and mocktails, leading to a rise in the requirement for bar tools. Moreover, the COVID-19 pandemic has led to increasing alcohol delivery at home and contributed to the rising trend of home bartenders. Prior to COVID-19, a New York City-based bar tool and glassware retailer Cocktail Kingdom provided its products for trade purposes only. According to Cocktail Kingdom founder Greg Boehm, during the pandemic, the majority of the company’s business has been home bartenders. Thus, all these factors are contributing to the bar tools market growth in North America.
| Report Coverage | Details |
| Market Size Value in | US$ 1,788.58 million in 2021 |
| Market Size Value by | US$ 2,334.89 million by 2028 |
| Growth rate | CAGR of 3.9% from 2021 to 2028 |
| Forecast Period | 2021- 2028 |
| Base Year | 2021 |
| No. of Pages | 129 |
| No. Tables | 56 |
| No. of Charts & Figures | 69 |
| Historical data available | Yes |
| Segments covered | Type and Distribution Channel |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Bar Tools Market: Competition Landscape and Key Developments
Carlisle FoodService Products, Cocktail Kingdom LLC, Cresimo, Viski, Norpro Inc., OXO, SAHM, Vacu Vin, Rabbit, and Juliska are among the key players operating in the bar tools market. Leading market players adopt various business strategies such as mergers and acquisitions to expand their geographical presence and consumer base worldwide.
Growing alcohol consumption at home and rising inclination toward the construction of in-house bars worldwide are driving the demand for bar tools. People are increasingly constructing bars at home as they provide a relaxing and pleasant environment at home. The construction of in-house bars has become an interior design trend, which is having a positive impact on the bar tools market. In the European region, there has been a growing trend of home bartenders, contributing to the rise in in-house bars. Consumers are demanding creative and stylish cocktail glasses which can be a perfect solution for providing an aesthetic and elegant look to the in-house bars.
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Rising Inclination Toward In-House Bars
The drinking culture during the COVID-19 pandemic has shifted to homes, which led to increased delivery of alcohol, along with increased construction of in-house bars. According to McKinsey and Company, the “off-premise” alcohol sales were soaring during the pandemic, and the sales grew by 55% in March 2020 compared to March 2019. In relation to the increased consumption of alcohol, the number of in-house bars has also increased. According to research conducted by Clink, an online spirits retailer, 2.7 million households have curated their own home bars since the first lockdown in the UK in March 2020. Moreover, the construction of in-house bars is increasingly becoming a popular interior design trend. The in-house bar provides a relaxing environment and helps create a pleasant environment for the guests. Thus, the increased consumption of alcohol at home and the rise in the trend of in-house bars have led to an increased demand for bar tools.
Bar Tools Market Size: Segment Overview
Based on type, the global bar tools market is segmented into cocktail glasses, cocktail shakers, bottle openers, bar tool sets, and others. In 2020, the bar tool sets segment held the largest market share. The demand for bar tool sets is increasing due to the increased preference from household consumers. Household consumers are increasingly preferring bar tool sets as they are getting various bar tools together at a lesser price than buying all the bar tools present in the set separately.
Based on the distribution channel, the bar tools market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. In 2020, the specialty stores segment was the dominant segment in the market. The specialty stores provide an excellent consumer experience with unique features such as high-level customer service, premium offers, and special discounts.
Consumers prefer purchasing bar tools from specialty stores due to the varieties of bar tools present in the store. Moreover, the staff has complete knowledge about the product and helps the buyers know the product specifications before buying. Thus, increased focus on customer satisfaction has led to a surge in demand for purchasing bar tools from specialty stores.
Based on distribution channel, the global bar tools market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. The online retail segment is expected to grow rapidly during the forecast period. The increased adoption of e-commerce by the consumers due to its various benefits such as home delivery, varied payment options, and attractive discounts and offers for customers has led to increased sales for bar tools from the e-commerce platforms.
The high consumption of alcoholic beverages across the region, along with a consumer lifestyle celebrating every occasion with the consumption of cocktails and mocktails, is driving the bar tools market in North America. The consumption of low-alcohol beverages such as cocktails in the region has been rising due to the growing interest from health-conscious consumers. The increased consumption of cocktails is expected to boost the growth of the bar tools market since bar tools are majorly used to prepare cocktails.
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Impact of COVID-19 Pandemic on Bar Tools Market
Many industries, such as the consumer goods industry, faced unprecedented challenges due to the COVID-19 pandemic. The shutdown of the manufacturing units adversely affected the production and supply side of the bar tools market. Also, logistics and transportation sectors were hampered due to lockdowns. However, the increased consumption of alcohol at home during the COVID-19 pandemic has had a positive impact on the bar tools market. The home delivery of alcohol grew rapidly during the pandemic, which resulted in a rise in the use of bar tools by the consumers for preparing the drinks at home, leading to the bar tools market growth.
The increasing development of innovative bar tools from various manufacturers can provide potential growth opportunities for the bar tools market in the coming years.Based on the distribution channel, the specialty stores segment accounted for the largest revenue share as these shops also provide an excellent consumer experience with unique features such as high-level customer service, premium offers, and special discounts. North America accounted for the largest share of the global bar tools market due to youngsters in the region are opting for house parties rather than going out in bars, which increases the demand for bar tools in residential areas.
Based on type, cocktail shakers are the fastest-growing segment. The cocktail shaker is being increasingly used in in-house bars to create bar-like cocktails at home.
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The rising inclination toward in-house bars and the increasing adoption of E-Commerce are some of the key driving factors for the bar tools market.
The overall global bar tools market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic. Participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers—along with external consultants such as valuation experts, research analysts, and key opinion leaders—specializing in the global bar tools market.
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