As an entrepreneur, knowing the sports bar industry conditions, trends, and expected growth is essential. This will help you make more informed business decisions that can impact the success of your sports bar. This article will explore the current state of the sports bar industry, what trends to look for in the future, and expected growth.
The Current State of the Sports Bar Industry
The sports bar industry is a $3 billion industry continuing to grow. In the United States, there are approximately 14,000 sports bars. The sports bar industry has seen a 5% growth in the past five years and is expected to grow another 3-5% in the next five years.
There are a few reasons for the continued growth of the sports bar industry. First, there is an increased interest in sports. This can be seen in the increased viewership of sporting events and the popularity of fantasy sports leagues.
Second, more people are socializing outside of the home. This is due to the rise in millennials choosing to spend their disposable income on experiences rather than things. And lastly, there is a continued preference for casual dining.
What Trends to Look For in the Future
You should be aware of a few future trends that will impact the sports bar industry. First, there is an increased interest in healthy eating. As a result, sports bars must offer healthier menu options to appeal to this trend.
Second, there is a rise in craft beer and cocktails. Sports bars must offer a more comprehensive selection of beers and cocktails to appeal to this trend. And lastly, there is an increased interest in technology. Sports bars must incorporate technology into their business to remain competitive.
Expected Growth for the Sports Bar Industry
The sports bar industry is expected to grow continuously in the next five years. This growth will be driven by the continued interest in sports, the rise in millennials, and the preference for casual dining. As a result, sports bars are expected to grow 3-5% in the next five years.
The most popular sport that people go to sports bars for is football. Football is the most-watched sport in the United States, so it is no surprise that it is also the most popular sport at sports bars. Other popular sports include UFC fighting, basketball, baseball, and hockey.
Conclusion
The sports bar industry is a $3 billion industry expected to grow 3-5% in the next five years. The growth of the sports bar industry is driven by the increased interest in sports, the rise in millennials, and the preference for casual dining. Technology will also play a role in the future of sports bars, so entrepreneurs should be aware of this trend when making business decisions.