LONDON, June 15, 2021 (GLOBE NEWSWIRE) -- The Business Research Company’s latest research on the bars and cafés market provides the reader with detailed market data on the bar and cafe market’s competitive landscape including bars and cafes market major players, bars and cafes market share by company, and more.
The global bars and cafés market is fragmented, with a large number of small players. The top ten competitors in the market made up to 7.9% of the total market in 2020. This is partially due to the existence of a number of local players in the market serving customers in particular geographies. Starbucks was the largest competitor with a 5.71% share of the market, followed by Restaurant Brands International, Buffallo Wild Wings, Dukins, McCafé, Lavazza, Whitbread, Café Coffee Day, Dave & Buster's, and Dane NYC.
Bars And Cafes Market Trends And Strategies
Changing tastes according to the regional preferences of customers is one key trend in the bars and cafés market. Companies in the bars and cafés market are increasingly offering different food and beverage options based on local and regional tastes. Many food services such as Starbucks and McDonald’s have gone global by accommodating the regional preferences while keeping their core structure of the cuisine intact. Innovation in recipes, amalgamation in inter-border cuisines, and offering multiple cuisines under the same roof has become a popular model for entering new markets.
For instance, in 2016, Starbucks acquired Princi for an undisclosed amount as an attempt to merge the regional preferences of the consumers and offer a local experience. Princi was an Italian bakery chain with outlets in Milan and London. Post-acquisition, the company will operate under Starbucks’ brand name and planned to establish new outlets in Shanghai, China and New York, USA by 2018.
The Business Research Company’s report titled Bars And Cafes Global Market Report 2021: COVID-19 Impact And Recovery To 2030 covers bars and cafés market growth rate, bars and cafés market size, bars and cafés market forecasts, bars and cafés market trends and drivers.
The global bars and cafés market size is expected to grow from $335.6 billion in 2020 to $513 billion in 2025 at a compound annual growth rate (CAGR) of 8.9%. The market is expected to grow to $659.5 billion in 2030 at a compound annual growth rate (CAGR) of 5.2%.
The increase in disposable income is expected to fuel the growth of the bars and cafés market in the coming years. Disposable income, also known as disposable personal income (DPI), is the amount of income available to an individual or household once income taxes are subtracted. Many developed and developing countries are expected to experience consistent economic development, resulting in more disposable incomes and, as a result, increased spending on services such as bars and cafés.