The bar industry is a lucrative and ever-growing sector that entrepreneurs would do well to explore. This article will take a closer look at the bar industry and its various statistics, trends, and expected growth. So whether you are looking to start a bar or are simply curious about the industry, read on for all the information you need to know.
Industry Statistics
The bar industry is currently worth $25 billion and growing. The United States is the most significant portion of the market, followed by Europe. In terms of growth, Asia-Pacific is expected to see the most considerable increase in the coming years.
There are over 50,000 bars currently operating in the United States alone. This number has been steadily rising in recent years, thanks in part to the growing popularity of craft beer and cocktails. The average bar brings in annual revenue of $500,000.
What do these statistics mean for you as a potential bar owner? First, it means that there is a market for your business. With the right location and concept, you can easily tap into this growing industry and find success.
Trends
There are several key trends currently shaping the bar industry. One of the most significant is the rise of craft beer. In 2018, craft beer sales made up 13% of the beer market. This is a significant increase from just 5% in 2010.
Another trend impacting the bar industry is the growing popularity of cocktails. Thanks to shows like Mad Men and books like The Joy of Mixology, cocktails have become more mainstream in recent years. As a result, bars are increasingly focusing on mixology, with many even hiring certified mixologists.
Expected Growth
The bar industry is expected to continue growing in the coming years. In the United States, for example, sales are expected to reach $26 billion by 2020. This growth is driven by factors such as the rise of craft beer and cocktails and an overall increase in social drinking.
This growth means that now is a great time to get involved in the bar industry. If you have always dreamed of owning a bar, there has never been a better time to make that dream a reality.
Conclusion
The bar industry is a lucrative and ever-growing sector that entrepreneurs would do well to explore. This article will take a closer look at the bar industry and its various statistics, trends, and expected growth. So whether you are looking to start a bar or are simply curious about the industry, read on for all the information you need.