What's Happening?
The global decanter market, valued at $354.7 million in 2020, is projected to grow to $528.3 million by 2030, with a compound annual growth rate (CAGR) of 4.1%. The market is experiencing a shift towards online sales channels, which are expected to gain
significant market share by the end of the forecast period. This shift is driven by consumer preferences for convenience, a wide selection of products, and ease of payment. The rise in spirit tourism, particularly in Western countries, is also contributing to the growth of the decanter market as tourists increasingly visit distilleries and wineries. The demand for premium decanters, especially those made of glass, is gaining traction among both commercial and residential consumers.
Why It's Important?
The growth of the decanter market highlights the increasing importance of online sales channels in the retail sector. As consumers continue to favor online shopping for its convenience and variety, businesses in the decanter market and beyond must adapt to this trend to remain competitive. The shift towards online sales also presents lucrative opportunities for stakeholders in the decanter market, as they can reach a broader audience and potentially increase their market share. Additionally, the rise in spirit tourism and the demand for premium products underscore the evolving consumer preferences and the need for businesses to cater to these trends.
What's Next?
As the decanter market continues to grow, businesses are likely to further invest in their online sales strategies to capitalize on the increasing consumer demand. The expansion of the hospitality industry, particularly in Asia-Pacific, is expected to drive further growth in the market. Companies may also explore new product offerings and marketing strategies to attract consumers seeking premium and unique decanter options. The ongoing recovery from the COVID-19 pandemic and the resumption of tourism activities are expected to further boost the market in the coming years.
