Yahoo Finance Bar Tools Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type and Distribution Channel
The bar tools market is expected to grow from US$ 1,788. 58 million in 2021 to US$ 2,334. 89 million by 2028; it is estimated to grow at a CAGR of 5. 2% from 2021 to 2028. The shift of the drinking culture to home has led to the growing trend of in-house bars and the increasing consumption of alcohol at home, thereby boosting the sales of bar tools.
New York, July 04, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Bar Tools Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type and Distribution Channel" - https://www.reportlinker.com/p06289888/?utm_source=GNW
Bar tools are being increasingly used to prepare cocktails and mocktails at home.
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 led the bar tools market.
The bar tool set is a set of various bar tools together at a discounted price, and the tools included in a bar tool set vary from manufacturer to manufacturer.
The bar tools market, based on geography, is segmented into North America, Europe, Asia Pacific (APAC), South & Central America (SCAM), and the Middle East & Africa (MEA).In 2020, North America dominated the global market.
The changing lifestyle of consumers and the growing health awareness have led to an increasing preference for low-alcoholic drinks such as cocktails, driving the demand for bar tools in North America.Stylish cocktail glasses are used for providing an aesthetic and elegant look to the in-house bars.
Moreover, consumers are increasingly focusing on mixing and creating new drinks at home, leading to a rise in demand for bar tools such as cocktails or wine shakers, bar spoons, and a measuring jigger. Europe is the second-largest market for bar tools, and Asia Pacific is expected to be the fastest-growing region in the bar tools market.
Many industries, such as the consumer goods industry, faced unprecedented challenges due to the COVID-19 pandemic.The shortage of raw materials and labor, the shutdown of factories, and other operational difficulties due to COVID-19 safety protocols adversely affected the bar tools market.
The lockdown severely impacted the supply and production of bar tools, thus, restraining the market’s growth.However, vaccination drives have led to a rise in business activities worldwide.
The economies are reviving their operations, and the demand for bar tools is expected to rise globally in the coming years. Key manufacturers have resumed their operations, thereby restoring the production capacity of bar tools.
Carlisle FoodService Products, Cocktail Kingdom LLC, Cresimo, Viski, Norpro Inc., OXO, SAHM, Vacu Vin, Rabbit, and Julisk are among the leading players in the bar tools market. These companies are adopting strategies such as mergers & acquisitions and product launches to expand their geographic presence and consumer bases.
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.
Read the full report: https://www.reportlinker.com/p06289888/?utm_source=GNW
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