Significance of liquor serving temperature has played a vital role in launching of multiple wine bar refrigeration products globally. Moreover, energy efficiency, modern design and theme based color products are some of the additional features influencing the purchasing pattern of customers.
The bar refrigeration market is witnessing a significant growth in terms of volume due to increasing number of bars, clubs, and pubs globally and increasing consumption of wine by residential areas. On the other, manufacturers are engaged in enhancing the product usability and capacity such as freezing capacity, bottle placing capacity, and others to fulfill the customers need.
On the other hand the launch of compact bar refrigeration is increasing product demand at small bars. However, the shutting down of bars due to restriction on social gathering, has hampered the growth of the bar refrigeration market across the world, in the year, 2020.
Increasing wine consumption across the world at a growth rate of 0.5% per year, is fueling growth of the bar refrigeration market in terms of volume. On the other hand increasing corporate parties, increasing trend pertaining to clubbing and outing among customers is positively influencing growth of the bar refrigeration market.
On the other hand, opening of bars in modern trade channels including malls, big shopping complexes, luxury societies and residences is driving the growth of the market. Also, the growth of tourism industry indirectly supports the increasing demand of bar refrigeration. Thus, bar refrigeration market is expected to growth at a significant rate during the forecast period.
Compact bar refrigeration are in demand among end users. Moreover, increasing adoption of smart design associated with bar refrigeration is changing customer purchasing trend in the bar refrigeration market.
Acquisition of regional players by key players to increase product offering is a key trend in the market. Moreover, key palters are significantly involved in partnership with e-Commerce players for increasing their sales foot print across the globe.
High demand of bar refrigeration after end of covid-19 crisis is expected to be faced by bars, as people have an intense wish of doing parties and visiting bars now a days. Moreover, introduction of new designs and partnership with hotel chains across the world is expected to register growth opportunities for the bar refrigeration market during the forecast period.
Laws, ban on wine shipping, wine prohibition and restriction on wine promotional activities and advertisement in some of the countries including UAE (only Sharjah), India (some states), Saudi Arabia, Iran, and others is hampering growth of the bar refrigeration market. On the other hand, concern for corona virus spread has closed many bars globally, which in turn has restricted the sales of bar refrigeration market.
Some of the key players operating in the global bar refrigeration market are
Product offering thorough company own website is registering growth opportunities for the key players in the market.
Significant consumption of wine in Italy, UK, France, and Spain supports the significant growth of bar refrigeration market in Europe region. Moreover, Germany and UK are expected to be the biggest importers of wine in world.
Large number of bars and corporate parties associated with them is fueling growth of the bar refrigeration market in North America. Moreover, launch of new product is a significant trend adopted by companies in North America bar refrigeration market.
High consumer spending in bars in Australia supports the significant share of bar refrigeration market in Asia pacific region. Brazil is expected to hold a significant market value share in Latin America due to presence of significant amount of bars, pubs and clubs in the country.
Middle East and Africa is witnessing a slow growth due to alcohol prohibiting in Iran, Libya, Saudi Arabia, Sudan, Yemen, Kuwait, UAE (only Sharjah) and others countries.
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Bar Refrigeration Market
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