Market Insight
The global foodservice equipment market is gaining prominence presently as it is estimated to reach around USD 45 billion by 2025, by attaining a CAGR of 5% during the assessment period. The research study on the global foodservice equipment market boons about the insights into the key factors that are probable to affect the growth of the worldwide market in the coming years. The growth factors, trends, opportunities, and limitations in the overall market have been included in the scope of the research report. With this, other elements such as product segmentation, technological developments, primary applications, and the competitive landscape of the market have also been listed in the study.
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Market Drivers & Trends
Foodservice equipment is presently being widely used for food handling and processing applications and becoming popular in full-service restaurants for their significant features. The equipment plays a pivotal role in food service industry for preparing and serving a variety of food items in larger quantities. By this, the equipment is gaining much traction, which is driving the market to a great extent.
At the same time, factors such as the growing online foodservice sector at a global level, rising consumption of processed food, demand for quick-service restaurants, and advanced kitchen equipment are the key factors motivating the growth of this market during the forecast period.
On the flip side, factors such as the rising price of food equipment and lack of skilled operators are accounted to be hindering the market growth during the forecast period. Moreover, the growing per capita income in emerging countries, rise in multi-function food appliances, developing Wi-Fi and Internet-enabled devices, and increasing trend of the smart kitchen and connected equipment are on the same hand, providing growth opportunities for vendors operating in the market.
Market Segmentation
The segmental analysis of the global foodservice equipment market has been conducted among the elements of product and application.
In terms of product, the global market is segmented into food holding & serving equipment, storage & handling equipment, ware washing equipment, cooking equipment, and others. Among these, the cooking equipment segment is likely to inflate at a substantial rate during the assessment period. The growth is happening owing to the rising demand for cooking and beverage preparation equipment from the residential and commercial sectors.
In terms of application: Full-service restaurants, quick-service restaurants, caterers, hotels & clubs, and others are the segments. Among these, the quick service restaurants segment is anticipated to expand at a substantial rate over the assessment period. The growth owes to the rising number of collaborations of quick food delivery service companies such as Zomato and Foodpanda with the quick-service restaurants.
Key Players
As per the MRFR analysis, the significant players in the global foodservice equipment market are listed as Duke Manufacturing Co. Inc. (US), Meiko (Germany), Brands Corporation (US), Ali Group SpA (Italy), Manitowoc Company Inc. (US), Fujimak Corporation (Japan), Tupperware Hobart Corporation (US), Dover Corporation (US), Hoshizaki Electric Co., Ltd (Japan), and Electrolux AB (Sweden).
Regional Outlook
By topographical segregation, the global foodservice equipment market has been segmented into key regions of North America, Asia-Pacific, Europe, and the rest of the world.
Among these, the market in Asia-Pacific is anticipated to expand at a rapid pace in the foodservice equipment market. The growth is happening due to rising foodservice centers, an increasing number of nuclear families, and changing lifestyles in countries such as China and India, among other developing nations.
The North American market is anticipated to record moderate growth over the assessment period. The full adoption of technologically advanced products and growing adoption of foodservice equipment are factors that are enhancing the market growth in the region.
The market in Europe is also anticipated to rise phenomenally throughout the growth period with the booming tourism industry and a considerable number of dining out options for consumers. These are probable to propel the market growth in the region. Whereas, rapid urbanization is also likely to boost the growth of food service equipment market in Middle East & Africa during the forecast period.
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