Global Bars and Cafes Market Report 2022
New York, December 30, 2021 (GLOBE NEWSWIRE) – Reportlinker.com announces the publication of the report “Bars And Cafes Global Market Report 2022” – https://www.reportlinker.com/p06193678/?utm_source=GNW
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The global bar and cafe market is expected to grow from $ 372.36 billion in 2021 to $ 444.40 billion in 2022 at a compound annual growth rate (CAGR) of 19.3%. The growth is mainly due to companies reorganizing their operations and recovering from the impact of COVID-19, which previously led to restrictive containment measures involving social distancing, remote working and the closure of business activities which resulted in operational challenges. The market is expected to reach $ 594.93 billion in 2026 at a CAGR of 7.6%.
The bars and cafes market includes sales of alcoholic drinks for immediate consumption, non-alcoholic drinks and specialized snacks to be consumed on site or nearby by entities (organizations, sole proprietorships and partnerships) including bars, taverns, nightclubs or drink and fruit juice stalls, cafes and mobile beverage vendors who prepare and serve alcoholic beverages for immediate consumption or prepare and / or serve a specialty snack, such as ice cream, frozen yogurt, cookies or popcorn, and / or serve non-alcoholic beverages, such as coffee, juice or soda to consume on or near the premises.
The main types of bars and cafes are snack and non-alcoholic drink bars and drinking places (alcoholic drinks). Snack and soft drink bars typically make and / or serve a specialty snack, such as ice cream, frozen yogurt, cookies, or popcorn. , or non-alcoholic drinks, such as coffee, fruit juices or sodas, to consume on site or nearby.
Bars and cafes belong to either a chain market or a standalone market and the price ranges from high end to economy.
Asia-Pacific was the largest regional market for bars and cafes in 2021. Western Europe was the second largest region for the bars and cafes market.
The regions covered in this report are Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East & Africa.
As the bar and cafe market is largely driven by the purchasing power of its consumers, steady gains in personal disposable income are expected to boost the industry over the forecast period. Many developed and developing countries around the world are expected to experience steady economic growth. resulting in higher disposable income and hence higher spending on services such as bars and cafes.
For example, the International Monetary Fund (IMF) predicts that the growth of world real GDP will be 4.2% in 2022. Thus, the increase in purchasing power with economic growth is expected to stimulate the market for bars and cafes in Canada. during the forecast period.
Advances in technology allow beverage service companies to provide personalized, convenient, fast and adaptable services. Cafes around the world are investing in WiFi enabled coffee makers that can brew coffee according to the user’s specific individual taste.
For example, in 2019, Starbucks began using reinforcement learning technology to provide a more personalized experience for customers who use the Starbucks® mobile app. Reinforcement learning is a type of machine learning in which a system learns to make decisions in complex and unpredictable environments based on external feedback.
Customers receive personalized in-app order suggestions, which are created using a reinforcement learning platform designed and hosted in Microsoft Azure. Thanks to this technology and the efforts of Starbucks data scientists, 16 million active Starbucks® Rewards members now receive thoughtful food and beverage recommendations from the app based on local store inventory, popular picks. , weather, time of day, community preferences, and previous orders. .
The coronavirus disease (COVID-19) outbreak acted as a massive restriction on the bar and cafe market in 2020 as governments around the world imposed restrictions on domestic and international travel limiting the need for the services offered by these establishments. COVID-19 is an infectious virus. illness with flu-like symptoms, including fever, cough, and difficulty breathing.
The virus was first identified in 2019 in Wuhan, Hubei Province in the People’s Republic of China, and has spread around the world, including Western Europe, North America and Asia. Measures taken by national governments to contain transmission have resulted in a decline in economic activity with countries entering a state of ‘containment’ and the outbreak negatively impacting businesses throughout 2020 and until 2021.
However, the bar and cafe market is expected to recover from the shock during the forecast period as this is a ‘black swan’ event and not related to any lingering or fundamental weaknesses. market or global economy.
Countries Covered in the Bar and Cafe Market Report are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark , Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, United Arab Emirates, United Kingdom, United States, Venezuela and Vietnam.
Read the full report: https://www.reportlinker.com/p06193678/?utm_source=GNW
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