Decanter Market is projected reach $528.3 million by 2030, registering a CAGR of 4.1% from 2021 to 2030
PORTLAND, OR, UNITED STATES, September 7, 2021 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, ?Decanter Market by Material, End User, and Sales Channel: Global Opportunity Analysis and Industry Forecast, 2021?2030,? the global decanter market size was valued at $354.7 million in 2020, and is projected reach $528.3 million by 2030, registering a CAGR of 4.1% from 2021 to 2030.Rise in spirit tourism encourages tourists to indulge and experience local beverages and their distilleries, which directly impact the growth of decanters. Tourism, especially in the western countries, has fueled the revenue of decanter, owing to increase in tourist visits to distilleries, wineries, and breweries. Furthermore, rise in acceptance of spirits consumption by overseas tourists fuels the market growth of decanters as the tourist prefer to enjoy the alcoholic beverages at premium places. Decanters place an important role to enhance the taste of alcoholic beverages especially wines. Furthermore, it provides premium touch to the aesthetics. With growing spirit tourism, especially for wine in Europe, the demand for decanters is likely to gain traction in upcoming years.
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There has been a shift in consumer buying behavior in the past few years. This shift has led to an increase in online purchases of products. Players manufacturing decanters are now adopting omnichannel approach and have ventured to sell their products online. These players are actively engaging on their own company websites as well as other ecommerce platforms such as Amazon, Walmart, and Target. The sale of decanters via online channels has witnessed an upsurge in the recent years. The ease of buying, wide selection of products, doorstep delivery, and ease of payment are attracting more customers toward these channels. The increase in sales via online channels will continue to grow in the near future, and provide lucrative opportunities for the engaged stakeholders in the decanter market.
According to Shankar Bhandalkar, Team Lead-Research, Consumer Goods at Allied Market Research, ?Premium decanters made of glass material particularly crystal are gaining high traction among both commercial and residential segment of the market?
The global report is studied on the basis of material, end user, and sales channel. By type, it is segregated into spreader bar and conventional hammocks. By material, the market is studied across glass and plastic. By end user, it is segmented into residential and commercial. By sales channel, the market is bifurcated into offline channel and online channel.
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COVID-19 has caused negative impact on the global market. Disruptions in supply chains, lack of availability of raw material, and a decrease in demand for alcoholic beverages were some of the reasons negatively impacting the market growth; however, with easing restrictions and gradual resumption of hospitality industry the demand is likely to surge in coming years.
The global decanter market is studied across North America, Europe, Asia-Pacific, and LAMEA. Europe leads in terms of market share for 2020; however, Asia-Pacific is forecasted to witness significant growth during the forecast period, owing to surge in large-scale urbanization, rise in disposable income, and expansion of hospitality industry in the region. China along with India and South East Asian countries is likely to witness increased demand of decanters in the coming years.
KEY FINDINGS OF THE STUDY
By region, Europe dominates in terms of the market share; however, Asia-Pacific is anticipated to grow with the highest CAGR during the forecast period.
By material, the glass segment has led in terms of market share in the year 2020. However, the plastic segment is poised to grow with a robust CAGR during the forecast period.
By end user, the residential segment accounts for almost three-fourth of the market share.
By sales channel, offline sales channels lead in terms of market share, nevertheless the online channels segment is likely to gain market share by the end of forecast period.
The demand for premium decanters is expected to gain high traction in the upcoming years.
Some of the major players profiled in the market analysis include Bormioli Luigi S.p.A., Fiskars Group, Godinger, Lenox, Ngwenya Glass, Prestige Decanters, Riedel, Royal Selangor, Saver Glass, and Tossware. Other prominent players analyzed in the report are N R S Glass Suppliers, Ravenscroft Crystal, Quality Products of India (QPI), Sempli, Zwiesel, Waterford Crystal, and Tilted Earth Festival.
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