The global barware market 2018-2022 is expected to post a CAGR of close to 5% during the forecast period, according to the latest market research report by Technavio.
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Technavio predicts the global barware market to post a CAGR of close to 5% by 2022. (Graphic: Business Wire)
A key factor driving the growth of the market is the increasing number of home bars, pubs, bars, liquor-serving cafes, and lounges. The concept of socializing at pubs, bars, and lounges among the urban youth in developed and developing countries is expected to drive the market. The growth in the influx of people to urban areas and a substantially a large white-collared demographic has brought out an increase in the number of pubs, bars, liquor-serving cafes, and lounges. This has a direct impact on the purchase of barware products.
This market research report on the global barware market 2018-2022 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the growing popularity of metal barware products as one of the emerging trends in the global barware market:
Global barware market: Use of personalized barware as gifts
Personalizing barware as gifts is popular in Western Europe and North America. The culture of self-gifting has become popular with consumers purchasing personalized gifts for self-use. Customizing gifts using personalization tools, configuration, or on-demand printing enables value and differentiator addition to general gifts.
“The practice of giving gifts is impacted by streamlining designs and building efficient ordering processes, enhancing gifts customization capabilities, and brainstorming ideas to make the process smooth and swift. These measures facilitate customer retention, up-selling, and cross-selling among retailers.” says a senior analyst at Technavio for research on human-machine interface.
Global barware market: Segmentation analysis
This market research report segments the global barware market by end-user (commercial and residential), by distribution channel (retail and wholesale), and by geographical regions (APAC, EMEA, and the Americas).
Out of the two major end-users, the commercial segment accounted for the major share in 2017. The major factor for the growth of this segment is due to the increasing demand.
EMEA led the market in 2017 with a market share of more than 41%, followed by the Americas and the APAC respectively. The dominance of EMEA can be attributed to the increasing use of personalized barware as gifts.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
About Technavio
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