The global foodservice equipment market (commercial refrigeration) ispredicted to witness a number of growth opportunities in the coming years, asreported by Transparency Market Research (TMR). Currently, the competitivelandscape of the global food service equipment market is featured by fragmentation,due to the presence of numerous large-scale as well as small-scale players. Themarket is highly competitive, and the players are expected to be highly dynamicin their approach.
A number ofvendors are seen focusing on ensuring customer loyalty, efficient productdistribution, and regulation of food prices. Key strategies being adopted bythe market participants are expansion to unexplored markets and regions,mergers and acquisitions, and partnerships in order to thrive in theinternational market. Launch of novel. Innovative products is also expected tobe a rage among vendors. For instance, recently, AB Electrolux introduced a newrange of kitchen products named ‘Mastery’, which comprise of flexible doorstorage and hands free hoods. Manufacturers are focusing on developingrefrigeration products, which helps to minimize the greenhouse gas emission andreducing energy consumption. Therefore, the players are switching to greenrefrigerants including CO2, ammonia, and water vapor to develop the products.Prominent vendors in the global foods service equipment market include HobartCorporation, Duke Manufacturing Co. Inc., Ali Group, Hoshizaki Electric Co.,and Manitowoc Company Inc.
Accordingto TMR’s report, the global food service equipment (commercial refrigeration)market is prognosticated to reach US$44.3 bn by 2020, from US$31.5 bn in 2013.The market is forecasted to exhibit a solid 4.8% CAGR over the forecast period2014 to 2020.
Based onthe type, the segment of walk-ins held a dominant revenue share of the globalfood service equipment (commercial refrigeration) market in the year 2014, andare expected to continue being popular over the forecast period. Segmentedregionally, the region of Asia Pacific is anticipated to clock in swift growthin the global food service equipment market, due to rapid expansion of the foodindustry in China.
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Demandfor Sustainable Storage Options to Propel Growth
The ongoingtrade of food over the globe has given rise to exchange of processed, cannedand frozen food which needs efficient refrigeration equipment to transport thefood products. Increasing environmental concerns and strict regulationsregarding the use of refrigerants with a high potential of causing global isexpected to provide an impetus to the growth of commercial refrigerationequipment. Innovations such as hybrid electric systems and products thatutilize natural refrigerants such as carbon dioxide (CO2) are anticipated toincrease the sales of the product, fuelling the swift upswing of the globalfood service equipment market.
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Rise of End-User Segments CatapultMarket Reach
End usermarkets such as full-service restaurants & hotels, quick-servicerestaurants, pubs, and caterers are witnessing phenomenal growth over theglobe. Improving standards of living standards in developing nations andsignificant investments in restaurants and cafes for better infrastructure haveincreased the expenditure on food and related items.
Risinginclination toward open kitchens and growing adoption of digital menus andonline ordering facilities will further support the market growth. Beside,hotels and restaurants, a growing number of takeaway food joints, nursing homesand hospitals, hostels, religious trusts, and charity/welfare institutions willalso raise substantial demand for advanced FSE in order to process and servesignificant amounts of food within a timeline.
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High Initial Investment May HinderDevelopment
However,these systems require high capital investment upfront and is plagued withcomplexities involved. Lack of trained staff, provision of insufficient wagesto workers in equipment manufacturing factories, shortage of expertise requiredfor equipment manufacturing, improperly maintained safety of workers, andhealth concerns are some the key factors that may hamper the growth of the foodservice equipment (commercial refrigeration) market. However, a number ofvendors are focusing on regulation of demand and supply of food products, thusprojecting a bright future for the market in the years to come.
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