Globally, the pubs, bars, and nightclubs market size is expected to grow by US$24.60 billion from 2021 to 2026, according to a recent report.
The findings, detailed in a market forecast report by Technavio, anticipate the sector progressing at a CAGR of 4.28% and outlined how the key factor driving the growth is “the influx of people to urban areas and a substantially large white-collared demographic” that have increased the number of bars and pubs.
According to the data, the industry has also benefited from “varied tastes and preferences for different types of premium beverages” which have “led to the emergence of premium bars and pubs” while the addition of new airports and motorways in developing countries has encouraged “restaurant and hotel chains to establish rooftop bars and pubs”.
Threats to the industry were also outlined, however, with one being “the rising popularity of home-cooked food and takeaway services” which are set to become “a major challenge for the hospitality industry.
The report, which covered pubs, bars, and nightclubs market segmentation byproduct (beverages and foods) and geography (Europe, APAC, North America, MEA, and South America) predicted that the “market share growth in the beverages segment will be significant for revenue generation” and “the increasing demand for alcoholic beverages such as Tequila, whisky, and Cognac, coupled with stiff government regulations related to distribution and import, are major factors influencing the segment growth”.
Additionally, it predicted that “the increase in the demand for craft beer, premium alcoholic drinks, and imported brands is expected to drive the global pubs, bars, and nightclubs market”.
Other findings in the report showed how “40% of the market’s growth will originate from Europe during the forecast period” and stated that, while “the UK and France are the key markets for pubs, bars, and nightclubs in Europe, market growth in Europe will be faster than the growth of the market in other regions”.