The Global Food Service Equipment Market to Reach a Significant High owing to Towering Demand from the F&B Industry
Food safety being a top priority, professional food service equipment has gained traction in the last few years, and the global food service equipment market is expected to register a CAGR of 5.16% over the forecast period of 2017 -2023, proclaims Market Research Future (MRFR) in a meticulously analyzed research report. Towering demand for food service equipment from hotels, restaurants, catering businesses and clubs can be attributed to the growth of the global food service equipment market. Increasing focus on cleanliness and hygiene coupled with regulatory requirements to meet FDA and government-specified standards pertaining to food processing and sanitation boost the growth of the market. Moreover, various regulatory authorities have laid down regulations to reduce the use of fluorinated greenhouse gasses in commercial refrigeration is also expected to support the market growth over the forecast period. Growth in the hospitality industry and the trend of capital spending by restaurant operators moving in a positive direction has been a plus for the market growth. The growth of the hospitality industry is approaching a significant high which is also expected to reflect positively on the growth of the global food service equipment market. Moreover, demand for the best of class service and quality from the hospitality and food & beverage industry has catalyzed merger activities in the market which further spurs the market growth. However, the high capital investment could hinder the growth of the market over the forecast period.
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Segmentation
The global food service equipment market has been segmented based on product and end-user. By product, the market has been segmented into Cooking Equipment, Storage & Handling Equipment, Warewashing Equipment, Food Holding & Serving Equipment and others. By end user, the market has been segmented into Full-Service Restaurants, Quick Service Restaurants, Caterers, Hotels & Clubs and Others.
Regional Analysis
The global food service equipment market spans across the regions of North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America dominates the food service equipment market due to increased adoption of advanced technology in the food & beverage sector, high demand for processed food and developed hospitality sector in the region. Asia Pacific follows North America closely and is expected to grow at a relatively faster rate. The booming tourism and hospitality industry and increasing demand for processed food in the emerging geographies can be attributed for the growth of the Asia Pacific market. The Rest of the World is expected to exhibit positive growth pattern owing to shifting consumer spending pattern.
Competitive Landscape
The key players operating in the global food service equipment market include Meiko (Germany), Ali Group S.p.A (Italy), Manitowoc Company Inc. (U.S.), Dover Corporation (U.S.), Tupperware Brands Corporation (U.S.), Electrolux AB (Sweden), Hobart Corporation (U.S.), Fujimak Corporation (Japan), Hoshizaki Electric Co., Ltd. (Japan), and Duke Manufacturing Co. Inc. (U.S.).
Industry Updates
In August 2018, Hoshizaki expanded its Snowflake GII series, which is a range of refrigeration units with the release of new hydrocarbon units across the portfolio. The product portfolio expansion is an effort to establish itself as a significant environment conservative company.
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