“Kitchen Equipment Market: Global Demand, Growth Analysis & Opportunity Outlook 2023”
The global kitchen equipment market is segmented into product type such as electronic kitchen equipment, non-electronic kitchen equipment, cutlery equipment, and others kitchen utensils. Further electronic kitchen equipment segment is sub-segmented into microwave, baking ovens, coffee makers, induction cooktops, induction steamers and cookers, toasters, grinders, mixers and juicers, refrigerators and dishwashers. . Under kitchen equipment market, the kitchen appliances segment is expected to reach USD 242.5 Billion by 2023 by registering a CAGR of 6.5% over the forecast period i.e. 2016-2023.
Global Kitchen Equipment Market is anticipated to showcase a tremendous CAGR during the forecast period i.e. 2016-2023. Additionally, the market is riding on the back of rapid expansion of residential sector due to positive GDP figures of the nations. Moreover, the global kitchen equipment market is projected to account exponential sales by the end of 2023. In addition to this, the cooking appliances segment is expected to witness the highest growth and projected to contribute highest revenue share over the forecast period i.e. 2016-2023 owing to rapid growth of infrastructure in residential and hospitality sector.
The hotels & restaurants segment by end user is believed to account for the lions share in the overall market of kitchen equipment. Further, growing number of tourism on the back of swelled disposable income have the augmented the demand for hotels and restaurants which is projected to directly impact the growth of kitchen equipment market. Riding on the back of factors like rebound in construction of residential buildings and rise in personal disposable income, North-America market is anticipated to dominate in terms of revenue generation across the globe over the forecast period of 2016-2023. On the other hand, Asia-pacific region is expected to be the fastest growing market over the forecast period i.e. 2016-2023 across the globe.
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Technological Advancement in Kitchen Equipment
Continuous advancement in kitchen appliances such as integration of various new features in order to provide high end products to the consumer is projected to foster the growth of kitchen equipment market. Moreover, trend of adoption of features are envisioned to flourish the growth of kitchen equipment market.
Introduction of Multi-Tasking Kitchen Equipment
Evolution of kitchen equipment such as introduction of multi-tasking kitchen equipment such as grinders, mixers and juicers along with availability of smart kitchen appliances is predicted to supplement the growth of kitchen equipment market. Moreover, rising food quality concerns in hospitality sectors and growing penetration of food junctions and restaurants in growing economies have paved a positive wave for the development of Kitchen Equipment Market. On the contrary, high cost associated with the smart and advanced kitchen equipment is one the major factor dampening the market of kitchen equipment by the end of 2023.
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The report titled “Kitchen Equipment Market: Global Demand, Growth Analysis & Opportunity Outlook 2023” delivers detailed overview of the global kitchen equipment market in terms of market segmentation by product, by end-user and by region. Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global kitchen equipment market which includes company profiling of Electrolux, Oneida , Pyrex Cook-Ware , Middleby, Illinois Tool Works Inc., Whirlpool, Morphy Richard. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global kitchen equipment market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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