The global food service equipment market is segmented into end user such as quick service restaurants, full service restaurants, hotels & club restaurants, and caterers out of which, quick service restaurants segment is expected to dominate the overall food service equipment market and is envisioned to capture a remarkable CAGR by 2023. Likely, rising hospitality sector and increasing food tourism are envisioned to flourish the growth of global food service equipment market. Furthermore, growing number of quick service restaurants along with growing affluent class population is also believed to trigger the market of food service equipment over the forecast period.
Global food service equipment market is anticipated to showcase a tremendous CAGR of 5.7% during the forecast period i.e. 2016-2023. Additionally, growing number of population with busy schedule have augmented the demand for advanced equipments which can cook food very fast and easily such as ovens. Moreover, the global food service equipment market is projected to account exponential sales of USD 45.2 Billion by the end of 2021.
The cooking equipment segment by product type is expected to be the fastest growing market across the globe on the account of growing demand of energy efficient cooking equipment in restaurants. In addition to this, in 2015, the drink preparation and cooking equipment segments cumulatively accounted for USD 12.56 Billion. In terms of regional platform, North America region amounted for the lion share in the global food service equipment market. According to OTTI, the annual growth in international visitors is projected to be 4% in near future which would result in more than 83 million international visitors to the U.S. by 2018. Further, U.S. tourism-related goods and services estimated to be valued at USD 100 Billion in 2014, including spending in restaurants.
Population in urban regions is shifting towards processed and ready-to-cook food owing to busy and hectic schedules of working population. Moreover, urbanization giving rise to new restaurants those are equipped with quality food service equipment meeting the purpose to provide quality food by less time consuming processes.
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Growing Fast Food Industry
Rapid growth of fast food industry in developed and developing nations such as India, U.S. and others is propelling the market of food service equipment. Additionally, rising concern towards health and hygiene among the population and increase in gross disposable income of the population in developing regions are some of the major factors intensifying the growth of food service equipment market.
Although, high cost associated with the equipments is anticipated to dampen the global food service equipment market over the forecast period.
The report titled “Food Service Equipment Market: Global Demand Analysis & Opportunity Outlook 2023” delivers detailed overview of the global food service 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.
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This report also provides the existing competitive scenario of some of the key players of the global food service equipment market which includes company profiling of AB Electrolux, Hobart Corporation, Manitowac Company Inc. ,Fujimak Corporation, Duke Manufacturing Co. Inc., Rational AG, Dover Corporation, Hoshizaki Corporation, Manitowoc Food service, Inc., The Middleby Corporation. 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 food service 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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