Global Cafes and Bars Market 2017-2021
About Cafes and Bars
Cafés and bars are food service outlets that serve alcoholic beverages, non-alcoholic beverages, and breakfast and snack food items. They include coffee houses, tea houses, bars, pubs, and other cafés. The global foodservice market is expected to grow steadily during the forecast period. This is due to changing consumer demographics, growing demand for food customizations, and an increasing desire to lead a healthier lifestyle.
Technavio’s analysts forecast the global cafés and bars market to grow at a CAGR of 7.59% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global cafés and bars market for 2017-2021. To calculate the market size, the report considers the sales/volume.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Cafés and Bars Market 2017-2021
Technavio recognizes the following companies as the key players in the global cafés and bars market: Dunkin' Brands, McDonald’s, Restaurant Brands International, Starbucks, and Whitbread.
Other Prominent Vendors in the market are: Barista Coffee, Buffalo Wild Wings, Caffè Nero, Caribou Coffee, Coffee Beanery, Coffee Day Enterprises, Doutor Coffee Shop, Ediya Coffee, Gloria Jean’s Coffees, International Coffee & Tea, Krispy Kreme Doughnuts, Stonegate Pub Company, and Tully’s Coffee.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Demand for innovation and customization in food menus. Customers, at present, are looking for a combination of food with new and bold flavor blends. The demand for innovative and exotic foods comes mainly from the millennials. In addition, they are looking for options to customize their meals based on their daily calorie intake.”
According to the report, one of the major drivers for this market is Increasing number of cafés. The growing concept of socializing at cafés among the urban youth is expected to drive the market during the forecast period. According to the United Nations, in 2014, over 54% of the world population lived in the urban areas. The growth in the influx of people to urban areas and a substantially large white-collared demographic have brought out an increase in the number of foodservice outlets. Varied tastes and preferences for different types of premium coffee have further led to the emergence of specialty coffee shops. Leading café chains such as Starbucks, Costa Coffee, and Dunkin Brands are opening their outlets in many developing economies of Asia and South America.
Further, the report states that one of the major factors hindering the growth of this market is Fluctuations in raw material prices. A major challenge for almost all the types of foodservice outlets is the fluctuation in the prices of food commodities and raw materials such as sugar and dairy products, which are vital for the preparation of coffee; tea; and others.
Dunkin' Brands, McDonald’s, Restaurant Brands International, Starbucks, and Whitbread, Barista Coffee, Buffalo Wild Wings, Caffè Nero, Caribou Coffee, Coffee Beanery, Coffee Day Enterprises, Doutor Coffee Shop, Ediya Coffee, Gloria Jean’s Coffees, International Coffee & Tea, Krispy Kreme Doughnuts, Stonegate Pub Company, and Tully’s Coffee.