The Global Food Service Equipment Market is majorly driven by rising penetration of hospitality sector, according to our research report “Global Food Service Equipment Market Outlook 2023”. The global 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.
The global food service equipment market is predicted to expand significantly at a CAGR of 5.7% over the forecast period i.e. 2016-2023. Moreover, the market of food service equipment accounted for USD 28.8 Billion in 2015.
Growing demand for food service equipment owing to rise in hospitality sector in the region, North-America is estimated to contribute the highest revenue share during the forecast period. Moreover, the market is predicted to expand at a CAGR of 4.5% over the forecast period i.e. 2016-2023.
Growth in Hospitality sector:
Rapid growth in hospitality industry on the back of adoption of technologically advanced, cost effective and energy efficient food service equipment in hotels and restaurants are certain key factors responsible for the growth of food service equipment market. In addition to this, the market is anticipated to get more demand owing to rising concern towards sanitation, increasing consumption of ready to process food in developing nations across the globe.
Introduction of advanced and internet enabled food service equipment, increasing demands for food service equipment in order to deliver best quality food, rising concern towards reducing energy consumption and shifting towards eco-friendly equipment are some of the key elements which is expected to bolster the demand for food service equipment in near future.
However, high capital investment resulting in increasing the cost of ready to cook and processed food, presence of stringent regulations from food regulatory authorities are some of the key factors which are restraining the growth of food service equipment market across the globe.
The report titled “Global Food Service Equipment Market Outlook 2023” delivers detailed overview of the Global 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 vendors of the Global Food 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 Global 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.
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