Increasing Trend of Quick-Service Restaurants to Impel the Growth of Asia Pacific Food Service Equipment Market, according to our research report Asia-Pacific Food Service Equipment Market Outlook 2023.
Asia-Pacific food service equipment market is segmented into end-user such as full-service restaurants, quick-service restaurants, caterers, hotels, clubs and restaurants. Among these segments, quick-service restaurants are expected to be the fastest growing market owing to rise in gross disposable income and growing trend of ready to cook food among the population. Asia-Pacific food service equipment market is predicted to expand significantly at a CAGR of 6.8% over the forecast period i.e. 2016-2023. The market of food service equipment has grown at a rapid pace in this region in the past few years and it is expected to impel in near future. Geographically, China is expected to dominate the overall market by registering a CAGR of 6.4% during the forecast period i.e. 2016-2023. Rapid growth in tourism sector and increasing number of quick service restaurants are the major key elements behind the growth of food service equipment market of China. Rapid urbanization and rising disposable income of the population in emerging nations such as India, Thailand, Malaysia, etc. is expected to fuel the growth of these countries over the forecast period.
Growth in Hospitality sector:
Asia-Pacific food service equipment market is expected to witness a significant growth in near future owing to rising hospitality sector across the region., Remodelling of restaurants and rapid adoption of advanced food service equipment in order to operate various food preparation processes with less time consuming methods are some of the major factors which are driving the growth of food service equipment market.
Wide-scale availability of food preparation equipment and diversity in these equipments are providing ease to restaurants and hotels to choose from them according to their requirements. Adoption of energy efficient food service equipment is carried out in hospitality sector in order to serve better quality of food to consumers. The less time-consuming process characteristics and increase in shelf-life of equipment are predicted to gain traction of food service equipment among restaurants and hotels.
However, high cost of food service equipment which results in increasing the cost of ready to cook and processed food is the major restraining factor for this industry. Besides this, availability of sub-standardized food service equipments in the market is also hampering the growth of food service equipment market.
The report titled “Asia-Pacific Food Service Equipment Market Outlook 2023” delivers detailed overview of the Asia-Pacific Food Service Equipment Market in terms of market segmentation by Product Type, by End-user.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of Asia-PacificFood Service Equipment Market which includes company profiling of AB Electrolux, Hobart Corporation, Manitowac Company Inc., Fujimak Corporation, and Duke Manufacturing Co. Inc., etc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview on the Asia-Pacific Food Service Equipment Market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.