Bars and Cafes are food service outlets which serves breakfast & snack food items, alcoholic beverages and non-alcoholic beverages. They also serve cold beverages such as iced tea and iced coffee. They include tea houses, coffee houses, pubs, bars and other cafes. Some of bars/restaurants offers entertainment or live music is referred as “live venues”, “music bars”, or “nightclubs”.
According to study, “Bars and Cafes Global Market Report 2019” key companies operating in global bars and cafes market include Starbucks, Lavazza, Whitbread PLC, Dunkin’ Brands, Buffallo Wild Wings, Doutor Coffee Shop, International Coffee & Tea, Gloria Jean’s Coffees, Ediya Coffee, Krispy Kreme Doughnuts, Tully’s Coffee, Stonegate Pub Company, Restaurant Brands International, McDonald’s, Barista Coffee, Caffe Nero, Coffee Beanery, Caribou Coffee, Coffee Day Enterprises. Some of the key players which actively take part in social & digital media platforms to promote or advertise product offerings through a distinct, clear, and unique value proposition enduring competitive environment.
Based on product, global bars and cafes market is segmented into cafes, bars & pubs, specialty coffee shops, lounge and others. Based on ownership, market is segmented into standalone market and chain market. The stand-alone market consists of single outlets which are directly owned by an individual operating in an independently-owned space or a hired-commercial space. The chain market consists of companies which operate from three or more outlet operations. Based on pricing, market is segmented into economy and high-end areas. Based on application, market is segmented into shopping center, food & beverage and others.
The bars and cafes market is driven by increase in demand for innovation & customization in food menus, followed by rise in trend of business meetings in coffee shop, rise in urbanization, increase in disposable income, alteration in consumer lifestyles and rise in trend of night-life & mid-week parties among the working population. Growing disposable incomes has led to an increase in luxury of consumers in leisure activities and rise in preference for alcoholic beverages. However, easy availability of specialty coffee through other retail channels and rise in costs & the decrease in margins may impact the market. Moreover, brands these days are widely focused on some factors such as varied food offerings, ambience, and consumer engagement which ensure the longevity & strength of the businesses and create a niche for this segment.
Based on geography, the Western European region holds major share in market, bars and cafes market owing to technological revolution and westernization of urban lifestyle in the region. North American region is expected to witness higher growth rate, followed by European region due to increase in demographic shifts in the emerging market over the forecast period. Asia-Pacific region is also expected to witness higher CAGR caused by increase in penetration of various domestic & international players coupled with rise in adoption of western culture of sipping premium coffee & socializing in coffee bar & shops. It is anticipated that the future of global bars and cafes market to be bright on account of increase in tourism and increase in desire to lead a healthier lifestyle over the forecast period.
For more information, click on the link below:
Ankur Gupta, Head Marketing & Communications