The worldwide underbar equipment and accessories market is expected to be worth USD 1.7 billion in 2023. Future Market Insights reports say that the market will expand at a projected to grow at a CAGR of 4.8% between 2023 and 2033, totaling around USD 2.7 billion by 2033.
Demand for underbar equipment is expected to increase as a result of the growing popularity of alcoholic drinks in the region, particularly among young customers, and rising disposable income. Pubs and bars are expanding more quickly than cafes and other eateries due to younger customers who regularly use alcohol as well as the fact that socializing has become an unavoidable phenomenon. Anticipation of such factors will fuel the sales of underbar equipment and accessories market.
Necessity for bartenders to produce the optimum beverage and a variety of combinations has increased which has resulted in a rise in demand for underbar accessories.
Importance of mixology in bars and clubs to meet the varied demands of its customer, market is further boosted by the growing demand for the underbar equipment needed to create cocktails and other beverages. Beverage-making equipment is required with the expansion of anything from small home bars to huge diners is related to the increase in sales of underbar equipment and accessories industry.
North American region dominated the underbar equipment and accessories market with the maximum revenue share followed by Asia Pacific. Significant penetration of ice in the food business, coffee shops, bars, and lounges are major factors in the expansion of the ice maker market. Regional market expansion is anticipated to be driven by a rise in the adoption of modular kitchens with high-tech appliances in the commercial and residential sectors.
| Attributes | Details |
|---|---|
| Projected Forecast Value (2023) | USD 1.7 billion |
| Projected Forecast Value (2033) | USD 2.7 billion |
| Growth rate | 4.8% CAGR |
| Forecast period | 2023 to 2033 |
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Underbar equipment and accessories market grew at a CAGR of 3.9% from 2018 to 2022, as per Future Market Insights, a provider of market research and competitive intelligence.
Global drinking patterns have drastically changed in recent years. New trends emerge every year, driving the bar business in new ways and bringing about more transformations. Customers are typically more concerned with what they put into their bodies in 2022 which has led to a rise in interests in food and drinks that are healthy.
Market for underbar equipment and accessories supplies is growing rapidly, propelled by the demand from supermarket and industrial distributors. Increased demand is driven by the need for more efficient and cost-effective operations in the food and beverage industry. Underbar accessories are essential for businesses that serve alcohol, as they provide the necessary equipment and products for bartenders to create other drinks.
Growing Trend of Living as a Nuclear Family
Nuclear families have changed the way refrigerators are used which has given the concept of mini refrigerators capable of storing drinks, water, milk, and other food snacks. Small fridge can store stuff properly with an excellent cooling effect, and also it is capable of freezing with freezer compartments.
Positive Outlook toward the Smart Home Concept
Smart home integrates technology and services through home networking for a better quality of living to facilitate the user's life in many different ways and make it more comfortable by using technology. Main objective of the smart home functions is to improve the quality of life and provide convenience in the home, along with ensuring greater security and efficiency with the use of remote-controllable devices. Smart kitchen appliances, such as mini-compatible refrigerators, are among those kitchen appliances which can be self-controlled and easily handed.
Rise in Sales of Craft Brewing Business
Growth in craft brewing business is a key distributor to the rise in sales of underbar equipment market. Market is expanding due to the rise in demand for premium, low-alcohol beer as well as the emergence of taprooms and microbreweries. Innovations in underbar equipment market are being brought about by the deployment of new technology, as craft beer manufacturers look for cutting-edge tools and new technologies.
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High Maintenance and Service Costs of Underbar Equipment and Accessories
Cost of running underbar equipment depends on how much power it consumes daily. Factors such as size and refrigerator feature influence the power used, but a great portion of the cost also depends on the maintenance and service expenses that must be spent on the mini-refrigerators. Mini-refrigerators require cleaning once a week to take care of any odors or potential bacteria growth inside the fridge.
Difficulties in the Recycling of Waste Materials and Gas
Waste generated during the manufacturing of electronic goods and from the used electronic products of metal harms the environment to a larger extent. Large amounts of metals are used in industrial processes every day, widely used in producing different appliances ranging from undercounter refrigerators to various electronic materials.
Metal has become an indispensable and versatile product with a wide range of properties, chemical composition, and applications, which as a result, creates a problem at the time of disposal.
Proportion of the Global Underbar Equipment and Accessories Market represented by the North American market
Underbar equipment and accessories market in North America has been growing at a rapid pace, due to the increase in popularity of bars and restaurants in this region. Market is expected to continue growing in the coming years as more people visit bars and restaurants.
The United States underbar equipment and accessories market is the largest in North America due to the large numbers of bars and restaurants in the country along with large number of players operating in it.
The United States accounts for around 60% of the North American underbar equipment and accessories market with a CAGR of 4% during the forecast period, which is mostly due to the wide range of product offerings by market players and their vast nationwide network of distribution channels. Construction of in-house bars is increasing, which has an impact on market trends for underbar equipment and accessories market.
Markets in the USA are also driven by the high alcohol consumption rate throughout the country, including a consumer lifestyle that involves drinking cocktails and mocktails to celebrate every occasion. Growing interest from customers who are health conscious, the consumption of low-alcohol beverages such as cocktails has increased in the area.
Asia Pacific is Anticipated to Grow at the Dominant Rate
Asia Pacific region is expected to see the dominant growth in the market due to the increase in the number of bars and restaurants in countries in this region. High growth rate can be attributed to the growing hospitality industry and rising disposable incomes in developing countries of Asia Pacific.
Japan is considered to account for around 52% of the Asia Pacific underbar equipment and accessories market with a CAGR of 2.8% in the forecast period. The Japanese underbar equipment and accessories market is driven by the rising frequency of eating out despite time-constrained schedules and the growing effect of cross-cultural dietary patterns due to the significant presence of food service providers. Cost of the Japanese government money is one such peculiar issue as the youth don’t drink enough, even a contest is being held by the Japanese government to come up with innovative ideas for getting young people to drink more.
Promoting any sort of Japanese alcoholic beverage was allowed in the contest. Underbar equipment and accessories suppliers now have several chances to craft out their bar equipment to satisfy the rising demand.
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Ice machine is said to Dominate the Underbar Equipment and Accessories Market
Ice machine is said to be the highest contributor to the market and is expected to grow at a CAGR of 4.67% during the forecast period. Frozen food and beverage items include pre-washed, cooked, mostly packaged, ready-to-eat foods. Western culture strongly influences consumers due to tight schedules where everything is quick and easy. People have been looking for faster, easier-to-prepare, and healthier options than other foods and quick snacks on the market.
Frozen foods are among the fastest-growing categories in grocery, with clear indications that consumers' affinity for frozen food will continue to grow. Consumers across the globe want convenient, accessible, easily online options increasing the demand for small compatible refrigerators for storing and preserving food items.
Online Retail Store is said to Drive the Underbar Equipment and Accessories Market
Online store segment has been witnessing rapid growth in recent years, primarily due to the increase in the trend of online shopping and the convenience it provides to its consumers.
Online retail stores offer customers a wide range of products and brands to choose from, which is driving the growth of online stores. Online stores offer competitive pricing, which is driving the growth of online websites. Online websites allow customers to easily compare products and prices, which is escalating segmental growth.
Some of the prominent players in the global market are-
Some of the important developments of the key players in the market are:
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 4.8% from 2023 to 2033 |
| Market value in 2023 | USD 1.7 billion |
| Market value in 2033 | USD 2.7 billion |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | USD billion for Value and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Product, Application, Distribution Channel, Region |
| Regions Covered | North America; Latin America; Europe; Asia Pacific; Middle East and Africa |
| Key Countries Profiled | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, China, Japan, South Korea, Singapore, Thailand, Indonesia, Australia, New Zealand, GCC countries, South Africa, Israel |
| Key Companies Profiled | Hoshizaki America, Inc.; The Middleby Corporation; Electrolux AB; Ali Group S.p.A.; Manitowoc Company, Inc.; True Manufacturing Co., Inc.; Follett Corporation; Dover Corporation; Perlick Corporation; ITW Food Equipment Group. |
| Customization & Pricing | Available on Request |
The underbar equipment and accessories market is valued USD 1.7 billion in 2023.
The underbar equipment and accessories market is forecast to register a CAGR of 4.8% through 2033.
The United States and Japan dominate the global market.
From 2018 to 2022, the exhibited 3.9% CAGR. global market
The ice machine segment is likely to remain preferred through 2033.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product 5.1. Ice Machines 5.2. Beverage Dispensers 5.3. Glass Washers 5.4. Bottle Coolers 5.5. Beer Dispensers 5.6. Cocktail Stations 5.7. Sink Value (USD Million) & Volume (Units) 5.8. Others 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 6.1. Bars 6.2. Restaurants 6.3. Hotels 6.4. Catering Companies 6.5. Others 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Distribution Channel 7.1. Online 7.2. Offline 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Europe 8.4. Asia Pacific 8.5. MEA 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Key Countries Market Analysis 15. Market Structure Analysis 16. Competition Analysis 16.1. Hoshizaki America, Inc. 16.2. The Middleby Corporation 16.3. Electrolux AB 16.4. Ali Group S.p.A. 16.5. Manitowoc Company, Inc. 16.6. True Manufacturing Co., Inc. 16.7. Follett Corporation 16.8. Dover Corporation 16.9. Perlick Corporation 16.10. ITW Food Equipment Group 17. Assumptions & Acronyms Used 18. Research Methodology
Process Automation
May 2023
REP-GB-17115
303 pages
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Underbar Equipment and Accessories Market
