Press Release: October 29, 2018
With fierce competition in the bars and cafés market, the experience that a café or bar delivers to its customers is very important. These places not only offer food and beverages, but also an experience. Many cafes have stories that are around a cuisine, a way of presenting the food or beverages, a theme, or the process implemented. To provide customers an interesting experience, some of the bars use themed menus, specifically-trained waiters and music. For example, Northern Lights Bar, Iceland, is located at a spot to view the famous Northern Lights. Red Sea Bar, Israel is constructed beneath the Red Sea, located 16 feet underwater. The windows of the bar provide views of surrounding coral, fish and other sea creatures.
THE BUSINESS RESEARCH COMPANY EXPECTS THE BARS AND CAFÉS MARKET TO GROW TO $694 BILLION BY 2021
South America was the largest region in the bars and cafes market in 2017, accounting for one-third of the market share. This was mainly due high disposable income in this region leading to increased spending on bars and cafes. Specialist coffee shops and bars also drove the bars and cafés market in the region.
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According to The Business Research Company’s Consultant, Nitin Gianchandani, changing consumer lifestyles and rising preferences for quick, packaged and healthy beverages have led to increasing demand for ready-to-drink (RTD) products. RTD tea and other RTD products are growing rapidly in the bars and cafés industry. Companies in the market are working on launching such drinks in the market to cater to the working population. For example, in June 2016 Starbucks and Anheuser-Busch collaborated to launch Teavana Ready-to-Drink tea by 2018. Café bar and coffee shop establishments are capitalizing on rapidly growing RTD market that grew at 16% CAGR over the past five years.
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Starbucks was the largest player in the bars and café services market in 2017, with revenues of $22.4 billion in 2016. Starbucks Corporation’s growth strategy is to expand its footprint and enhance customer experience. The company partnered with Princi, the renowned boutique bakery which will be the exclusive food offering in the stores. Also, the Starbucks Card and other loyalty programs are being implemented to attract and retain customers.
The bars and cafés industry offer alcoholic and non-alcoholic beverages and limited food services for immediate on-premise consumption. This industry includes bars, taverns, pubs, night clubs and lounges but does not include civic or social association bars, beer, wine and liquor stores and restaurants and nightclubs that do not serve alcoholic beverages.
Bars And Cafes Global Market Report 2018 is a detailed report giving a unique insight into this market. The report is priced at $4000 for an individual user. To use across your office, the price is $6000 and $8000 if you wish to use across a multinational company.
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