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NEW YORK, July 11, 2022 /PRNewswire/ — The pubs, bars, and nightclubs market size is expected to grow by USD 24.60 billion from 2021 to 2026, progressing at a CAGR of 4.28% as per the latest market forecast report by Technavio. The key factor driving growth in the pubs, bars, and nightclubs market is the increasing number of pubs and bars. The growing concept of socializing at bars and pubs among urban youth is expected to drive the market. The growth in the influx of people to urban areas and a substantially large white-collared demographic have increased the number of bars and pubs. Varied tastes and preferences for different types of premium beverages have led to the emergence of premium bars and pubs. The growth in infrastructure like new airports and expressways in developing countries encourage the restaurant and hotel chains to establish rooftop bars and pubs. However, the threat from the rising popularity of home-cooked food and takeaway services will be a major challenge for the pubs, bars, and nightclubs market during the forecast period. Food items found in bars and pubs contain large amounts of carbohydrates, added sugar, salt, unhealthy fats, and artificial food additivities. Therefore, such foods are perceived to be unhealthy by some consumers. This, in turn, increases the risk of various lifestyle -borne diseases.
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Pubs, Bars, and Nightclubs Market: Segmentation Analysis
Technavio report extensively covers pubs, bars, and nightclubs market segmentation by product (beverages and foods) and geography (EuropeAPAC, North AmericaMEA, and South America).
Product Landscape
- The pubs, bars, and nightclubs’ market share growth in the beverages segment will be significant for revenue generation.
- The increasing demand for alcoholic beverages such as tequila, whiskey, and cognac, coupled with stiff government regulations related to distribution and import, are major factors influencing the segment growth.
- 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.
Geography Landscape
- 40%…
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