Cocktail Machine Market: Introduction
A cocktail machine is an explicitly designed machine for bars, hotels & restaurants, and also for residential purposes that enables automated dispensing of high-quality cocktails and mocktails. The benefits of a cocktail machine is that it is easy to install, can have up to 8 to 30 ingredients, and ensures zero wastage as there is no over pouring, besides other benefits. Cocktail machines are an all-in-one device that uses specialty pods to mix alcohol, juices, and water for a perfectly balanced cocktail with just the press of a button. A cocktail machine consists of various desired capsule, which is filled with bitters, extracts, and juice concentrates. One has to select the desired drink strength (light, regular, double/strong, or mocktail), and press "mix." The machine reads the capsule, so it knows what drink it is, which alcohol is needed, and dispenses the proper spirit, and water (if necessary), and mixes it with the capsule contents.
Key Drivers of the Cocktail Machine Market
- Demand for cocktail drinks are increasing with the emerging trends and changing lifestyles, specifically among the millennial & post millennial generation. The growing culture of consuming cocktails at weddings, office parties, family functions, and in bars, restaurants etc. is fuelling the demand for the product in the market. Continued emphasis on cocktail culture makes classic cocktails an area of focus for growing number of users, especially men and respondents aged 25-44.
- Holiday seasons provide even more demand for cocktails which in turn contributes to the growth of the cocktail machine market globally. Increase in alcohol consumption around the world and willingness of people to try innovative products is projected to drive the demand for the product in the market during the forecast period.
Smart Automated Cocktail-making Machines Creating Opportunities in the Market
Innovation & advanced technology helps companies to offer improved products to customers. The latest introduction in the cocktail machine market is smart automated cocktail-making machines, also known as robotic bartender. This smart cocktail-making machine helps to create drinks with the click of a button. The machine needs to be loaded with spirits & mixers. One can select a cocktail and watch the beverage poured with precision & speed with the help of an app. The machine can move left to right dispensing the exact amount and make hundreds of cocktails. The lighting feature in the cocktail machine helps to know the progress of a drink’s completion. These customized machines are likely to create more opportunities for the product in the market.
Health Issues a Restraint of the Market
Despite the growing demand for cocktails, alcohol is proven to have mental & physical issues, causing liver damage, depression, and it can also lead people toward alcoholism. It is expected that people may limit the usage of alcohol due to rising health awareness and to prevent harmful effects of alcohol. Cocktails contain sugar in large amounts which is again harmful to the human body. Such factors create hurdles and hamper the growth of the cocktail machine market.
North America the Dominant Market
The U.S, Canada, and Mexico are the dominant markets for cocktail machines. The cocktail culture initially began in North America and was adopted by the Asian and European culture. A thriving food & fine dining industry in the U.S, Canada, and other countries of North America is expected to fuel the demand for cocktail machines during the forecast period in the region.
Key Players Operating in the Global Market
Companies are working on product innovation and development to expand their customer base. Furthermore, key companies are adopting the merger and acquisition strategy to improve their market revenue at the global level.
Some of the major companies identified in the cocktail machine market are:
Cocktail Machine Market: Research Scope
Cocktail Machine Market, by Application
- Wedding & Events
- Cocktail Party
- Backyard BBQ
Cocktail Machine Market, by Distribution Channel
Cocktail Machine Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
The report on the cocktail machine market is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macroeconomic indicators, and governing factors, along with market attractiveness as per segments. The report also maps the qualitative impact of various factors on market segments and regions.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.