Market overview
Food Service Equipment Market size is estimated to reach around USD 45 Billion by the end of the Food Service Equipment Market Analysis, registering a CAGR of 5% during the forecast period.
The foodservice equipment is used to store food products and preparation. The equipment includes other things such as ware washing equipment, food and beverage preparation equipment, storage and handling equipment. This equipment is used in several food services like hotels, restaurants, and other commercial kitchens. The growth of the hospitality and tourism industry and the temperature-controlled storage equipment for processed food items are driving the Food Service Equipment Market in the commercial food services industry.
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The demand for the foodservice industry and efficient, multi-functional, time-saving, and reduced labour boost the market. The Food Service Equipment Market is solely dependent on the hospitality and tourism industry, which decreased due to the effect of the COVID 19 as the flights and closed with that all the restaurants, hotels and quick food services are were ordered for the shutdown which hampers the size of the Food Service Equipment Market.
the addition of newer technologies by the Food Service Equipment manufacturers infused with new features will open up several new opportunities for the recent players. The consumption of food, urbanization, changing adults' food habits, and advanced kitchen equipment are prominent factors for the market growth. Less cost-effectiveness and less skilled people for operation are restraining factors for the market. A growing number of wi-fi and IoT devices and a growing trend for smart kitchens are forming growth opportunities for the market growth.
Top Growing Key Players -
- Meiko (Germany)
- Duke Manufacturing Co. Inc. (US)
- Hoshizaki Electric Co., Ltd (Japan)
- Fujimak Corporation (Japan)
- Tupperware Hobart Corporation (US)
- Dover Corporation (US)
- Brands Corporation (US)
- Electrolux AB (Sweden)
- Ali Group SpA (Italy)
- Manitowoc Company Inc.
Industry news
The hospice kitchen requires powerful kitchen equipment to meet patients' complex range of dietary requirements and provide food for patients with difficulties in swallowing.
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Market segmentation
The Food Service Equipment Market is segmented by product and application. The segment application includes Full-Service Restaurants, Quick Service Restaurants, Caterers, Hotels Clubs, and Others. The quick segment is expected to showcase a high growth rate due to the increasing collaboration of quick food delivery companies such as Zomatao and food panda. Many newer quick food deliveries are also adding up day by day, growing the Food Service Equipment Market.
the market is bifurcated into Cooking Equipment, Storage Handling Equipment, Ware Washing Equipment, Food Holding Serving Equipment, and Others of the segment product. The growing demand for cooking and beverage making in the residential and commercial sectors increases the cooking equipment segment and is expected to grow during the forecast period.
Regional analysis
According to geography, the Food Service Equipment Market is studied in North America, Asia Pacific, Europe and other parts. In the Asia Pacific region, the food services centres are growing. The rise in the number of nuclear families and changing lifestyles in India and China are expected to help the market grow in the Asia Pacific region.
The adaptation of technologically advanced products is propelling the market value. The varieties of dining options and the growing tourism industry in the European region boost the market in the region. Due to the continuous urbanization and increases of food services equipment industry in the middle east and Africa region acting as a growth factor for the region.
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