Food Service Equipment Market
The Food Service Equipment Market was valued around USD 32,911 million in 2019 and anticipated to grow at a CAGR of 5.1% during the forecast period (2020-2027).
The factors driving the growth of Food Service Equipment Market includes growing demand for ready-to-eat food products, technological advancements in the food service equipment and increasing number of quick service restaurants and hotels, around the world. According to the report published by Bloomberg, the Global Ready-to-Eat Food Market is anticipated to reach USD 1,471.94 billion by the end of 2028, growing at a CAGR of 5.4% over the forecast period (2022-2028), which is expected to boost the Food Service Equipment Market size in the approaching years. Moreover, the growing consciousness about food safety, integration of Internet of Things and Data Analytics in the food service equipment, rapid growth in the hospitality industry and rising use of temperature-controlled storage equipment, are some of the additional factors supplementing the market growth. In addition, the increasing disposable incomes, rapid urbanization, improvements in the living standards and growing population rates, are further propelling the market growth.
However, the growth of Food Service Equipment Market is hindered due to high cost of automated food service machines.
The prominent players operating in the market are Hoshizaki, Illinois Tool Works Inc., The Middleby Corporation, Ali Group, AB Electrolux, Dover Corporation, Duke Manufacturing, Manitowoc, Fujimak Corporation and Haier Inc., among others.
Product: Segment Analysis
Based on the Product, the Kitchen purpose segment is predicted to expand at a remarkable CAGR during the forecast period. The trending concept of modular kitchen, technological innovations in the food and beverage industry and growing demand for smart appliances, are some of the factors responsible for the growth of the segment.
End-User: Segment Analysis
According to the Food Service Equipment Market Report, the Quick Service Restaurant segment is projected to capture the largest market share over the forecast period attributed to increasing demand for food delivery services at the Quick Service Restaurants such as McDonald’s, Dominos, Subway and KFC.
Regional: Segment Analysis
Based on Region, the North America region is anticipated to expand at a significant CAGR during the forecast period. The increasing working-class population, growing demand for ready-to-eat food products, rise in the number of restaurants and hotels, high disposable incomes and adoption of technologically advanced equipment, are some of the important factors augmenting the market growth in North America.
Segmentation by Product
- Kitchen Purpose
- Ware Washing
- Food Holding
Segmentation by End-User
- FSR (Full Service Restaurant)
- QSR (Quick Service Restaurant)
Segmentation by Region
- Asia Pacific
- Rest of APAC
- North America
- United States of America
- United Kingdom
- Rest of Europe
- South Africa
- Saudi Arabia
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