According to a new report published by Allied Market Research, titled, Food Service Equipment Market by Product and End Use: Global Opportunity Analysis and Industry Forecast, 2018-2025 the global food service equipment market was valued at $31,088 million in 2017, and is projected to reach $50,039 million by 2025, registering a CAGR of 6.4% from 2018 to 2025. In 2017, the storage & handling equipment segment accounted for approximately two-sevenths share in the food service equipment market, and is projected to grow at the highest CAGR of 7.5%.
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Food service equipment provides ease in food preparation in addition to food safety in commercial kitchens. Such equipment are needed to prepare, cook, and store food items. Products such as refrigerators & freezers, display cabinets, cutlery, and bakery oven are offered by prime companies, ensuring premium quality and low maintenance cost. The food service equipment market is segmented based on product and end use.
The key players operating in the market include
• Alto-Shaam Inc.
• Cambro Manufacturing Co. Inc.
• Castle Stove
• Duke Manufacturing Co. Inc.
• Dover Corporation
• Illinois Tool Works Inc.
• Ali S.p.A
• Middleby Corporation
• Welbilt Inc.
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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 in 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 food service equipment market during the forecast period. Furthermore, 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 the food service equipment manufacturers. However, higher installation cost of equipment is anticipated to act as a restraining factor for their adoption, particularly in the developing regions.
By region, the food service equipment market is segmented across North America, Europe, Asia-Pacific, and LAMEA. In 2017, North America dominated the overall market, in terms of revenue, owing to high adoption of advanced technology and rise in demand for processed food in the market. The region is expected to maintain its dominant position throughout the analysis period, registering a CAGR of 4.7% from 2018 to 2025. However, Asia-Pacific food service equipment market is anticipated to grow at the highest CAGR of 8.4%.
Key Findings of the Food Service Equipment Market:
• In 2017, North America accounted for the highest market share growing at a CAGR of 4.7% from 2018 to 2025.
• In 2017, cooking equipment accounted for the highest market share, and is expected to growth at the highest CAGR of 6.0%.
• Quick-service restaurants & pubs is projected to grow at the highest CAGR of 8.5%.
• In 2017, the U.S. accounted for the highest market share, and is anticipated to grow at a CAGR of 4.8%.
• Asia-Pacific is anticipated to grow at the highest CAGR of 8.4% from 2018 to 2025.
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Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small & medium enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.
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