Escalating International Tourism is anticipated to Drive Hong Kong Food Service Equipment Market, according to our research report Hong Kong Food Service Equipment Market Outlook 2023.
Hong Kong food service equipment market is growing at a very rapid pace from the past few years. The major reason behind the positive growth of food service equipment market is growing tourism across the country. The food service equipment market of Hong Kong accounted for USD 694 Million in 2015 and it is expected to register a CAGR of 8.29% over the forecast period i.e. 2016-2023. The positive growth of food service market is accomplished by the adoption of low cost food preparation equipment in small and medium restaurants. The low shelf life of these equipments needs to be replaced after a short period which is directly spurring the revenue of food preparation equipment segment. Moreover, the cooking equipment segment is the fastest growing segment in overall food service equipment market in Hong Kong. Cooking equipment segment is anticipated to register a CAGR of 8.67% during the forecast period i.e. 2016-2023.
Growth in Tourism sector:
The government of Hong Kong is focusing towards the maintenance of heritage places and amusement parks. World famous tourist places such as Disneyland Hong Kong, Victoria Peak and others are attracting more visitors from across the globe. The growth of international tourism in Hong Kong is increasing year-on-year due to rising popularity of these places across the globe. The rising tourism sector is directly exhibiting a positive growth for food service equipment market on account of rising hospitality sector.
Increasing food junctions:
Increasing number of quick service restaurants and multi-cuisine restaurants in Hong Kong is fuelling the growth of food service equipment market. Growing demand for fast food and quick service deliveries of food items increased the adoption of food service equipment in small and medium restaurants along with hotels and clubs. Low costs associated with setup of food junctions and food corners are the major reason behind the rapid expansion of hospitality sector. Moreover, growing trend of mobile restaurants and food trucks is also contributing a major share in the market of food service equipment.
However, high cost of food service equipment which results in increasing the cost of ready to cook and processed food is the major factor restraining the growth of 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 “Hong Kong Food Service Equipment Market Outlook 2023” delivers detailed overview of the Hong Kong 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 Hong Kong food service equipment market which includes company profiling of Dover Corporation, Standex International Corporation, AB Electrolux, Fujimak Corporation, Rational AG, Illinois Tool Works Inc., Carlisle Companies Incorporated, John Bean Technologies Corporation, Manitowoc Food Service, Inc., The Middleby Corporation, 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 Hong Kong 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.