The global food service equipment market is expected
to reach USD 56.0 billion by 2024, according to a new report by Grand View
Research, Inc. Increasing use of cost-effective and energy-efficient products
to reduce the energy consumption is expected to offer lucrative opportunities
to the market over the forecast period.
Food service
equipment plays a key role in the hospitality sector. Increasing demand from
restaurants, hotels and food chains is contributing to the industry growth.
Moreover, regulations and standards set by the food regulatory authorities are
enabling manufacturers to develop equipment compliant with these standards.
Increasing
sanitation, hygiene and less time-consuming requirements are attributing to the
adoption of these equipment among households. Also, the upgraded products not
only reduce the energy expenses but also are eco-friendly.
Changing
consumer lifestyle and rising disposable income are the major factors driving
market growth. The increase in labor cost in developing countries is attracting
the demand for washware equipment among households. Changing food habits of the
working class population has led to increase in demand for ready to eat and
processes food. This has resulted in the expansion of hypermarkets and retail
outlets leading to rise in demand for refrigeration and storage equipment.
Moreover,
continuous advancements in cooling technologies and increased restriction on
the use of CFCs has accentuated the demand for frequent upgradation in
products. Increasing awareness to save water and electricity has also
contributed to growing demand for low-energy consuming products.
To request a
sample copy or view summary of this report, click the link below:
Further key findings from the study suggest:
- Kitchen service equipment is estimated to reach over 28% by 2024 and growing at a CAGR of over 4.0% from 2016 to 2024. Rising trend of nuclear families is expected to boost the demand for these products. Moreover, the shift from conventional to smart appliances is anticipated to contribute to the segment growth.
- Refrigeration segment is expected to grow at a CAGR of over 4.2% from 2016 to 2024. This growth can be attributed to continuous improvements in energy consumption standards for these devices and rising need for processed food in developing countries.
- The North America food service equipment industry is expected to remain the largest market owing to the widespread adoption of technologically advanced devices. The regional industry is projected to account for over 38% by 2024, growing at a CAGR of over 3.5% from 2016 to 2024.
- Food service equipment vendors are evolving new business models to meet customer demands by offering cost-effective, energy-efficient and technologically advanced products.
- Key players in the food service equipment market include Ali Group, ITW, Dover Corporation, Middleby Corporation and Manitowoc Company Inc. Competition for food service equipment providers is particularly intense and increasingly focused on pricing.
See More
Reports of This Category:
About
Grand View Research:
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email:
sales@grandviewresearch.com
No comments:
Post a Comment