According to a detailed analysis by Market Research Future (MRFR), the foodservice equipment market is likely to garner a CAGR of 5.16% during the forecast period (2017-2023). Food service equipment is extensively used for food handling and processing applications and is prominent among the full-service restaurants. The equipment plays a prominent role in the foodservice sector for the preparation and serving of a variety of food items. Products like display cabinets, refrigerators & freezers, bakery oven, and cutlery are provided by the major companies, thus ensuring low maintenance cost and high quality.
Market Potential and Pitfalls
The global food service equipment market has experienced a tectonic surge over the past few years, mainly due to the growth in hospitality, which is leading to an increased number of restaurants and hotels. The surging demand for energy-efficient products. The increased demand for quick service restaurants is also anticipated to trigger the demand for food service equipment across the globe. With the increase in the number of hotel industry due to growing tourism, the market is estimated to flourish. The plummeting demand for foodservice equipment from restaurants, hotels, clubs, and catering businesses is highly influencing the growth of the market. The growing focus on hygiene and cleanliness along with the regulatory requirements to meet the government-specific and FDA standards catering to sanitation and food processing are expected to boost the growth of the market in the long run. Several regulatory authorities have been imposed to minimize the use of fluorinated greenhouse gases in the commercial refrigeration, which is likely to encourage the growth of the market.
On the contrary, high capital investment is considered one of the major concerns presumed to restrict the growth of the market in the foreseeable future.
Global Food Service Equipment Market: Segmental Analysis
By mode of product, the food service equipment market report is segmented into storage & handling equipment, cooking equipment, food holding & serving equipment, warewashing equipment, and others. Among these, cooking equipment is likely to gain prominence.
The end-users segment comprises quick service restaurants, full service restaurants, hotels & clubs, caterers, and others. Among these, the full-service restaurant's segment is considered to acquire a larger share in the global market.
Regional Frontiers
Considering the global scenario, the food service equipment market span across the Asia Pacific, North America, Europe, and the Rest-of-the-World (RoW).
Considering the global scenario, North America acquires the lion’s share due to the extensive adoption of technologically advanced products in the F&B sector. The increased penetration of products has further propelled the regional growth during the assessment period. The surging demand for processed food items along with the evolving hospitality sector is triggering the demand for food service equipment market in this region. The early adoption of advanced kitchen equipment is further elevating scope for the regional market.
The Asia Pacific closely follows North America and is anticipated to experience the fastest growth rate. The regional growth can be ascribed to the booming tourism industry along with the wide dining out option for the consumers. The surging demand for processed food items coupled with the propelling tourism and hospitality sector is further influencing the growth of the regional market. Hotels and restaurants have mushroomed in this region due to the increased standard of living in this region. This is likely to contribute to the market’s growth.
Industry Updates
May 31, 2019: Tricon has recently unveiled the images of an all-new staff foodservice facility which has been exclusively designed for global investment bank Schroders. The utilization of technology and personalization of dining options are the primary attributes of the project. It also focuses on the importance of staffs as well as clients in the financial services firm’s foodservice strategy.
Competitive Dashboard
The top players dominating the global food service equipment market are Hobart Corporation (U.S.), Meiko (Germany), Fujimak Corporation (Japan), Ali Group S.p.A (Italy), Hoshizaki Electric Co., Ltd. (Japan), Manitowoc Company Inc. (U.S.), Duke Manufacturing Co. Inc. (U.S.), Dover Corporation (U.S.), Electrolux AB (Sweden), and Tupperware Brands Corporation (U.S.).
Browse Complete Report "Food Service Equipment Market Research Report - Global Forecast till 2025" @ https://www.marketresearchfuture.com/reports/food-service-equipment-market-3776
