Jul 15, 2020   SOURCE: BusinessWire

Global Food Service Equipment Market (2020 to 2027) - Opportunity Analysis and Industry Forecast - ResearchAndMarkets.com

The "Food Service Equipment Market by Product Type and End Use: Global Opportunity Analysis and Industry Forecast, 2020-2027" report has been added to ResearchAndMarkets.com's offering.

The global food service equipment market 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 provide ease of food preparation, in addition to food safety in commercial kitchens. It consists of cookware and wash ware; and preparation, storage, & serving equipment, which are used to cook and preserve food products for commercial purposes. This equipment are widely adopted in hotels, restaurants, commercial institutes, and budgetary hotels for preparation and storage of various cuisines. Rise in business-related travel and increase in number of food joints such as hotels & restaurants fuel the growth of the hospitality industry, which, in turn, drives the demand for food service equipment.

Increase in demand for refrigerated food products and inclination toward junk food boosts the adoption of food service equipment worldwide. Moreover, shift toward modular kitchens with advanced features also propels the demand for cooking food service equipment. Furthermore, a rise in number of cafes & restaurants along with surge in demand for multi-functional, space & time saving equipment propel the growth of the food service equipment market. Implementation of stringent government regulations toward refrigerant leakages and emissions in last few years further drives the market toward replacement of products, as companies replace their existing equipment with new energy-efficient devices. However, high capital investment and complexities associated with the usage of these equipment restrict market growth. Nevertheless, advancements in technology such as robotics is likely to bring new opportunities for the food service equipment market during the forecast period.

The global food service equipment market is segmented based on product type, end-use, and region. On the basis of product type, the market is divided into cooking equipment, ware washing equipment, storage & holding equipment, food & beverage preparation equipment, and serving equipment. By end-use, the market is categorized into full-service restaurants & hotels, quick-service restaurants & pubs, and catering. Based on region, the market is analyzed across North America, Europe, Asia-Pacific and LAMEA.

Key Benefits

  • This report provides a quantitative analysis of the current trends, estimations, and dynamics of the global food service equipment market from 2020 to 2027 to identify the prevailing market opportunities.
  • The key countries in four major regions are mapped depending their market share.
  • Porter's Five Forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the market segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global industry.
  • Market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of market players.
  • The report includes the analysis of the regional as well as global market, key players, market segments, application areas, and growth strategies.

Key Findings

  • 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.

Market Dynamics

Drivers

  • Growth in Food Service Industry
  • Rise in Preference for Quick-Service Restaurants
  • Advancements in Refrigeration Technology

Restraint

  • High Capital Requirement

Opportunities

  • Regulatory Benefits
  • Surge in Demand for Energy-Efficient and Cost-Effective Products

Companies Mentioned

  • 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.
  • Cambro Manufacturing Co. Inc.

For more information about this report visit https://www.researchandmarkets.com/r/i6jvhd