According to the latest market study on "Brazil Luxury Drinking Glasses Market for Service Sector Forecast to 2030 - COVID-19 Impact and Country Analysis - by Product Type, Material Types, and End Use," the market size of Brazil luxury drinking glasses market for service sector was valued at US$ 9.43 million in 2022 and is projected to reach US$ 14.11 million by 2030; it is anticipated to record a CAGR of 5.2% from 2022 to 2030. The report highlights key factors driving the market growth and prominent players along with their developments in the market.

Luxury drinking glasses are highly used for serving wine, vodka, champagne, beer, and other drinks. These drinking glasses are made of different materials and are available in various designs, styles, shapes, and sizes. In Brazil, breweries selling craft beers and flavored alcoholic beverages report high demand for alcoholic beverages. The rising consumption of beverages such as beer, whisky, spirits, and wines in restaurants, cafes, and hotels drives the demand for luxury drinking glasses.

Brazil Luxury Drinking Glasses Market for Service Sector - Country Analysis

Economic growth, tourism development, government initiatives, and global events contribute to the growth of hotel establishments in Brazil. The country has experienced economic growth, attracting domestic and international investments. A thriving economy correlates with increased business activities, conferences, and tourism, leading to the development of the hospitality industry. Brazil boasts diverse attractions, including iconic landmarks such as Rio de Janeiro, Amazon, and beaches. The country hosted major events such as the FIFA World Cup and the Olympics, contributing to an influx of tourists. High-end hotel establishments invest significantly in luxury drinking glasses to convey a sense of sophistication and exclusivity. This contributes to the aesthetic appeal of fine dining and upscale settings.

According to the BRIC Group, spending among tourists has increased since the COVID-19 pandemic, creating potential opportunities for the hospitality industry to offer luxury products and services in Brazil. Further, the Brazilian Luxury Travel Association guests and travelers requested for various services, of which 90% requests included food, 60% requests included special menu, and 71% requested for experience package in Brazil. In 2022, Rosewood Hotels announced the development of Rosewood S