- January 19, 2021
- Posted by: Bastion team
- Category: Markets
– Growth in food service industry and increase in preference for quick-service restaurants drive the growth of the global food service equipment market.
PORTLAND, Ore., Jan. 19, 2021 /PRNewswire/ — Allied Market Research published a report, titled, “Food Service Equipment Market by Product Type (Cooking Equipment, Storage & Handling Equipment, Ware Washing Equipment, and Serving Equipment) and End Use (Full-Service Restaurants & Hotels, Quick Service Restaurants & Pubs, and Catering): Global Opportunity Analysis and Industry Forecast, 2021–2027.” According to the report, the global food service equipment market generated $34.25 billion in 2019, and is expected to garner $44.81 billion by 2027, growing at a CAGR of 5.7% from 2021 to 2027.
Drivers, restraints, and opportunities
Growth in food service industry and increase in preference for quick-service restaurants drive the growth of the global food service equipment market. However, high capital requirement restrains the market growth. On the other hand, regulatory benefits and rise in demand for energy-efficient and cost-effective products present new opportunities in the coming years.
Request Sample Report at: https://www.alliedmarketresearch.com/request-sample/1597
- The outbreak of COVID-19 immensely impacted the hospitality industry, which is one of the major sources of revenue generation for the food service equipment market.
- At the same time, closure of quick-service restaurants and pubs & bars further resulted in decreased demand for food service equipment.
- However, in various regions, the regulations have been eased off to a certain extent to aid the industries for recovery.
The full-service restaurant & hotel segment to maintain its dominant share during the forecast period
Based on end use, the full-service restaurant & hotel segment held the highest market share in 2019, accounting for nearly three-fourths of the total share of the global food service equipment market, and is expected to maintain its dominant share during the forecast period. This is due to inclination of consumers toward new cuisines at a reasonable cost, ongoing trends of luxury dining and tourism, and upsurge in shopping centers at business hubs across the globe. However, the quick service restaurant & pub segment is expected to witness the highest CAGR of 7.7% from 2021 to 2027. Experimental food items, limited edition menu, and unique food combinations are the major factors driving the growth of the segment.
The cooking equipment segment to maintain its lead status by 2027
Based on product type, the cooking equipment segment contributed to the highest market share in 2019, accounting for nearly one-thirds of the total share of the global food service equipment market, and is projected to maintain its leadership status by 2027. Usage of food service equipment helps reduce labor cost, improve food safety, and minimize operational cost which propel the growth of the segment. However, the storage and handling equipment segment is expected to grow at the highest CAGR of 6.8% during the forecast period. Demand for frozen food and growth in fast food chains proliferate the segment growth.
North America to dominate the market throughout the forecast period-
The global food service equipment market across North America, contributed to the highest share in terms of revenue, holding more than one-third of the total share in 2019. Availability of affordable, high-quality, and safe equipment and rise in cost of skilled labor drive the market growth in this province. On the other hand, Asia-Pacific is estimated to manifest the fastest CAGR of 7.7% from 2021 to 2027. This is attributed to the presence of numerous hotels and restaurants in the region.
For Purchase Enquiry at: https://www.alliedmarketresearch.com/purchase-enquiry/1597
Leading market players
- Duke Manufacturing Co. Inc.
- Dover Corporation
- Illinois Tool Works (ITW), Inc.
- Ali Group S.r.l.
- Socio Unico
- Welbilt, Inc.
- Middleby Corporation
- Alto-Shaam, Inc.
- Comstock-Castle Stove Co., Inc.
- Cambro Manufacturing Co. Inc.
Avenue Basic Plan | Library Access | 1 Year Subscription |
Sign up for Avenue subscription to access more than 12,000+ company profiles and 2,000+ niche industry market research reports at $699 per month, per seat. For a year, the client needs to purchase minimum 2 seat plan.
Avenue Library Subscription | Request for 14 days free trial of before buying: https://www.alliedmarketresearch.com/avenue/trial/starter
Get more information:https://www.alliedmarketresearch.com/library-access
South Africa Food Safety Testing Market: Global Opportunity Analysis and Industry Forecast 2018–2025
Wine Production Machinery Market: Global Opportunity Analysis and Industry Forecast 2020–2027
Edible Cutlery Market: Global Opportunity Analysis and Industry Forecast 2019–2026
Food and Beverages Disinfection Market: Global Opportunity Analysis and Industry Forecast 2018–2025
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 to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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.
5933 NE Win Sivers Drive
#205, Portland, OR 97220
USA/Canada (Toll Free): 1-800-792-5285, 1-503-894-6022, 1-503-446-1141
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Follow Us on LinkedIn: https://www.linkedin.com/company/allied-market-research
Bastion Balance Seoul, Korea.