PORTLAND, OR, UNITED STATES, December 28, 2020 /EINPresswire.com/ — The global demand for food service equipment is expected to increase due to growth of the food service industry, along with rise in demand for multi-functional, space & time saving equipment.
According to a new report published by Allied Market Research, titled, “Food Service Equipment Market by Product Type and End Use: Opportunity Analysis and Industry Forecast, 2020–2027,” The global food service equipment market size was valued at $34.2 billion in 2019, and is projected to reach $56.3 billion by 2027, registering a CAGR of 6.2% from 2020 to 2027. Food service equipment provides the ease of food preparation, in addition to food safety in the commercial kitchens. Products such as refrigerators & freezers, display cabinets, cutlery, and bakery oven are offered by prime companies, ensuring premium quality and low maintenance cost. Moreover,these equipment are necessary for providing food & beverage services by commercial kitchens including restaurants, hotels, and quick service restaurants.
Development of the hospitality industry is anticipated to drive the food service equipment market growth. Moreover, rise in business related travel, surge in urban population, and rise in number of food joints such as hotels and restaurants fuel the growth of the hospitality industry, there by driving the growth of the food service equipment market. Change in food habits and busy lifestyle of consumers have led to increase in demand for ready-to-eat meals. Rapid changes in the supporting factors such as disposable income, consumer preferences, increase in working women population, and digitization have resulted into rise in number of quick-service, pop & shop, and other types of restaurants. Moreover, changes in trends of food consumption and growth in need to reduce food wastage have led to the development of innovative kitchen equipment. These factors are anticipated to drive the growth of the food service equipment market during the forecast period.
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Moreover, continuous developments in cooling technologies and favorable government regulations to promote the production of eco-friendly refrigerators & ovens are expected to open new avenues for food service equipment manufacturers. However, higher installation cost is anticipated restrain their adoption, particularly in developing regions. In addition, rise in demand for visually appealing food service equipment among restaurants and hotels fuels the growth of the food service equipment market.
Further more ,new equipment featuring brighter colors, sleek designs, and shiny touch screens, are in trend in the food service industry. Another trend in food service equipment is multi-functional equipment. Due to space constraints, many restauranteurs tend to utilize equipment that could provide multiple functions and save kitchen space.Moreover, food service equipment like rapid cook ovens that feature several cooking methods for preparing variety of foods are in trend. For example, the double batch ventless impingement oven from Turbo Chef consists of two independently controlled high-speed ovens with oscillating racks, which reduces cooking time and facilitates the preparation of more food. Moreover, each oven can be controlled with a split-screen, Wi-Fi connected touch controller. Thus, making these IOT, multi-functional equipment popular in food service industry.
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The global food service equipment market segments are categorized into product type, end use, and region. By product type, it is classified into cooking equipment, storage & handling equipment ,food & beverage preparation equipment, ware washing equipment, and serving equipment. By end use, food service equipment market is divided into full-service restaurants and hotels, quick service restaurants, and catering. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (China, India, Australia, Japan, and rest of Asia-Pacific), and LAMEA (Brazil, UAE, South Africa and Rest of LAMEA).
Key findings of the study
By product type, the cooking equipment segment accounted for the highest food service equipment market share in 2019, growing at a CAGR of 5.8% from 2020 to 2027.
By end use, the full-service restaurants and hotels segment occupied maximum share in the market in 2019 and is expected to dominate during food service equipment market analysis period.
Region wise, North America accounted for a CAGR of 35.1% in 2019 and is expected to grow at a CAGR of 4.6% during the food service equipment forecast period.
The key players operating in the food service equipment industry include Duke Manufacturing Co. Inc, Electrolux, Dover Corporation,Illinois Tool Works (ITW), Inc. ,Ali Group S.r.l. a Socio Unico,Welbilt, Inc,Middleby Corporation,Alto-Shaam, Inc.,Comstock-Castle Stove Co., Inc.,and Cambro Manufacturing Co. Inc.
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About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting services to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Source: EIN Presswire