The global underbar equipment and accessories market is projected to reach a value of US$ 1.7 billion by 2023. Future Market Insights forecasts indicate a steady growth trajectory, with the market expected to expand at a compound annual growth rate (CAGR) of 4.8% between 2023 and 2033, reaching approximately US$ 2.7 billion by 2033.
The surge in demand for underbar equipment is fueled by several factors, including the growing popularity of alcoholic beverages among young consumers and the rise in disposable income levels. Pubs and bars are experiencing rapid expansion, outpacing cafes and other dining establishments, driven by the preference for alcohol among younger demographics and the pervasive socializing culture. These trends are anticipated to significantly boost sales in the underbar equipment and accessories market.
Furthermore, there is an increasing necessity for bartenders to deliver optimal beverages and a wide array of drink combinations. This heightened demand for quality and versatility in beverage preparation is driving the need for underbar accessories, further propelling market growth.
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Growth Factors
Changes in household demographics, particularly the prevalence of nuclear families, have reshaped the refrigerator market, leading to the emergence of mini refrigerators designed to cater to the needs of smaller households. These compact refrigerators are adept at storing beverages, water, milk, and snacks, offering efficient cooling and freezing capabilities with dedicated freezer compartments.
The advent of smart home technology has revolutionized the way households operate, aiming to enhance quality of life and convenience through integrated home networking systems. Smart kitchen appliances, including mini-compatible refrigerators, exemplify this trend by offering self-control features and seamless integration with other smart devices, ultimately streamlining household tasks and improving overall efficiency.
Furthermore, the burgeoning craft brewing industry is significantly influencing the underbar equipment market, driving sales growth. The rising demand for premium, low-alcohol beer, coupled with the proliferation of taprooms and microbreweries, is fueling the expansion of the market. Manufacturers in the underbar equipment sector are leveraging technological innovations to meet the evolving needs of craft beer producers, introducing cutting-edge tools and technologies to enhance efficiency and productivity in brewery operations.
Key Companies
- 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.
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Key Segments
By Product:
- Ice Machines
- Beverage Dispensers
- Glass Washers
- Bottle Coolers
- Beer Dispensers
- Cocktail Stations
- Sink Valve
- Others
By Application:
- Bars
- Restaurants
- Hotels
- Catering Companies
- Others
By Distribution Channel:
- Online
- Offline
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
