Pune, India, Feb. 01, 2023 (GLOBE NEWSWIRE) -- The global food service equipment market size is expected to reach USD 46.38 billion by 2027, exhibiting a CAGR of 4.1% during the forecast period. According to the report, published by Fortune Business Insights in a report, titled 'Food Service Equipment Market, 2020-2027'.
The market size was valued at USD 33.85 billion in 2019. Key Industry Development: July 2020: Ali Group launched an innovative fryer under its brand Silko that manages the cooking temperature efficiently and simply, using HACCP alarms. These alarms help set proper cleaning cycles, preheats, maintain oil temperature, and several automatic cooking programs.
Request a Sample Copy of the Research Report: URL Report Highlights: Report CoverageDetailsForecast Period2020-2027Forecast Period 2020 to 2027 CAGR4.1%2027 Value ProjectionUSD 46.38 billionBase Year2019Market Size in 2019USD 33.85 billionHistorical Data for2016-2018No. of Pages140Segments coveredBy Equipment, By Sales Channel, By End-user and By RegionGrowth DriversIntegration of Automated Technologies to Boost Market GrowthHigh Cost of Advanced Machinery to Impede Market Growth COVID-19 Impact The dampened hospitality industry around the world has led to the reduced demand for foodservice equipment during the COVID-19 pandemic. The hospitality and tourism industry encompasses millions of jobs and contributes roughly 10% of gross domestic product (GDP), globally.
However, the food service equipment market growth is also attributable to the rapidly increasing number of food service establishments, especially in European and Asian countries. It has become quite imperative for restaurants, hotels, and catering establishments to install food service equipment as they require technologically advanced and energy-efficient service equipment to perform uninterrupted operations in the kitchen. This factor is expected to boost the food service equipment market revenue during the forecast period.
In addition, the improved lifestyle of people owing to the rising disposable income will contribute positively to the food service equipment market share. Click here to get the short-term and long-term impact of COVID-19 on this Market: URL Drivers and Restraints: Incorporation of Automated Technologies in Food Service Machines to Boost Market Revenue The leading key players are focusing on the development of cost-effective equipment, which will improve the food quality and subsequently aid the food service equipment market revenue. The growing obligatory policies to monitor and cater to qualitative services of any equipment will augur healthy for the food service equipment market trends.
Furthermore, the advent of IoT Big Data and Industry 4.0 has led to the modernization of smart industries to manufacture technology-based equipment, hence fostering the growth of the market. The integration of these technologies improves food safety and helps track the overall operation of the food service machines, thus creating sales opportunities for the market. Additionally, the increasing demand from quick-service restaurants (QSR) for food service equipment to enhance the food delivery services will spur new business opportunities for the market.
For instance, franchises such as McDonald's, Dominos, KFC, Subway require machines for quick takeaway food services. List of Key Players Mentioned in the Report: WelbiltThe Middleby CorporationAli Group S.r.l.Standex International CorporationHoshizaki America, Inc.FUJIMAK CORPORATIONITW FOOD EQUIPMENT GROUPDover CorporationDuke ManufacturingThe Vollrath Company, LLCHaier Inc.Smeg S.p.A. What does the report include? The report incorporates several factors that have impacted the energy-efficient equipment market growth and share in recent years. Besides providing insights on the growth stimulators, it reveals a few factors that have restricted the market growth.
The report highlights a few of the leading products, significant companies, and considerable industry developments of recent times. The competitive landscape has been discussed in in-depth in the food service equipment market report. Forecast values for the market have been provided in the report for the period of 2019 to 2026.
Moreover, the report recognizes areas that have witnessed the highest demand and applications for the product in recent years. Nonetheless, the figures and topics covered in this report are both all-inclusive and reliable for the readers. Quick Buy - Food Service Equipment Market Research Report: URL Market Segments: Based on equipment type, the market is segmented into cooking & preparation equipment, refrigeration equipment, warewashing equipment, storage & handling equipment, and others (serving equipment, etc.).
Based on the sales channel, the market is classified into online and offline. On the basis of end-user, the food service equipment market is divided into full service restaurants (FSR), quick service restaurants (QSR), Hotels & pub bar clubs, and Others (general & retail stores, etc.) Geographically, the market is classified into North America, Europe, Asia Pacific, and the Middle East and Africa. Regional Insights: Increasing Focus of Restaurants towards Improved Customer services to Facilitate Growth in North America The market in North size stood at USD 9.05 billion and is expected to witness significant growth in the forthcoming years due to the region's increasing number of joints.
The growing investment by restaurants to enhance their customer services will foster healthy growth of the market in North America. As per the data shared by the National Restaurant Association of the U.S., in 2019, the country had over one million restaurants. Asia Pacific was valued at USD 8.26 billion in 2018 and is projected to remain dominant during the forecast period due to the region's prospering food industry.
As per the survey conducted by the National Restaurant Association of India (NRAI), the country's food service industry is expected to reach around USD 843 billion by the end of 2023. Additionally, the rising demand for frozen food products in China and Japan is expected to boost the market revenue in Asia Pacific. Global Food Service Equipment Market Size Segmentation: By Equipment Type Cooking & Preparation EquipmentRefrigeration EquipmentWarewashing EquipmentStorage & Handling EquipmentOthers (Serving Equipment, etc.) By Sales Channel By End-user Full Service Restaurant (FSR)Quick Service Restaurant (QSR)Hotels & Pub Bar ClubsOthers (General & Retail Stores, etc.) By Region North AmericaEuropeAsia PacificMiddle East & AfricaLatin America Have Any Query? Ask Our Experts: URL Table of Content: Introduction Definition, By SegmentResearch ApproachSources Executive SummaryMarket Dynamics Drivers, Restraints and OpportunitiesEmerging Trends Key Insights Macro and Micro Economic IndicatorsConsolidated SWOT Analysis of Key PlayersPorter's Five Forces Analysis Global Food Service Equipment Market Analysis, Insights and Forecast, 2015-2026 Key Findings / SummaryMarket Sizing Estimations and Forecasts – By Equipment Type (Value) Cooking & Preparation EquipmentRefrigeration EquipmentWarewashing EquipmentStorage & Handling EquipmentOthers (Serving Equipment, etc.) Market Sizing Estimations and Forecasts – By Sales Channel (Value) Market Sizing Estimations and Forecasts – By End-user (Value) Full Service Restaurant (FSR)Quick Service Restaurant (QSR)Hotels & Pub Bar ClubsOthers (General & Retail Stores, etc.) Market Analysis, Insights and Forecast – By Region (Value) North AmericaEuropeAsia PacificMiddle East & AfricaLatin America Continued...
Important Points Covered in the Report: Research Analyst says that the market size was USD 33.85 billion in 2019 and is projected to reach USD 46.38 billion by 2027.\In 2019, the market value stood at USD 33.85 billion.Growing at a CAGR of 4.1 %, the market will exhibit healthy growth in the forecast period (2020-2027).Asia Pacific dominated the market share in 2019. About Us: Fortune Business LINK offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses.
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