Asia-Pacific Food Service Equipment Market Overview
Food service equipment is gaining traction among quick service and full service restaurants. This equipments are used for various processes such as grinding, peeling, cooling, roasting, etc. for commercial purposes in hospitality sector. Rapid growth in urbanization is leading to busy schedule of working population across the globe, thus shifting and changing the consumers taste towards quick-service and quality food leading to positive growth in food service equipment market. Asia-Pacific food service equipment market is expected to witness a significant growth in near future owing to rising hospitality sectors across the region. Growing trend for consumption of ready to eat and processed food among the population are creating a huge pressure on restaurants and hotels to provide quality services. In, addition to this, 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 for food service equipments across the region.
Moreover, restaurants and hotels are focusing towards new technology. These equipments will help the restaurant to operate efficiently and to serve better to their customers. Enhancement in services and quality of restaurants is anticipated to provide the ample opportunities to the vendors associated with this industry to increases their profitability and market share in future.
Market size and forecast
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 established a strong column in this region in the past few years and it is expected to behold the positive growth 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. The China food service equipment market accounted for USD 2.5 Billion in 2015 and it is expected to garner USD 4.3 Billion by 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. Likewise, India, Thailand and Malaysia food service equipment market is projected to get a boost during the forecast period i.e. 2016-2023. Rapid urbanization in these countries along with rising disposable income is anticipated to fuel the growth of the market in these countries.
Our in-depth analysis segmented the Asia-Pacific food service equipment market in the following segments:
Food Preparation Equipment
Drink Preparation Equipment
Refrigerators & Chillers
Growth Drivers and challenges
The market of food preparation equipment is rising on the back of availability of low cost equipment in the market. Low shelf life of food preparation equipment requires periodic replacement which is directly contributing to increase the revenue of the companies every year. Wide-scale availability of food preparation equipment and diversity in these equipments are providing ease to restaurants and hotels to choose according to their requirements. On the other hand, refrigerators and chillers is the most attractive market in Asia-Pacific region on account of longer life span and availability of energy efficient refrigerators and chillers. Restaurants are shifting towards energy efficient food service equipment to maintain the operating cost and to increase the profit. Likewise, remodeling 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. Additionally, increasing penetration of quick service restaurants on account of growing demand for fast food in Asia-Pacific region is swelling the demand for food service equipment market. On the other hand, rising concern towards health and hygiene are the significant factors which are creating pressure on the restaurants to adopt food service equipment for better sanitation. These equipments help the restaurants to maintain cleanliness and quality of food.
The market of food service equipment is majorly driven by the increasing tourism in the Asia-Pacific region. Rise in tourism is increasing the number of footfalls in restaurants and hotels, thus creating more demand for food service equipments by hotel chains in the region. Rapid growth in urbanization and infrastructural development are attracting tourists from around the world. The restaurants are adding up the variety of dishes and drinks in their food menu to attract tourists. Reduction in work force and increasing adoption of advanced food service equipment is enabling the process for providing better quality food to the customers. However, high cost of food service equipment which results in increase in the cost for ready to cook and processed food is the major restraining factor for this industry. Availability of sub-standardized food service equipments in the market is also hampering the growth of food service equipment market. Moreover, presence of stringent regulations from food regulatory authorities, high capital investment and complexities related with the installation of equipment are some of the factors which is curbing the growth for food service equipment market in Asia-Pacific region.
The key vendors of food service equipment market are as follows:
Scope and Context
Overview of the Parent Market
The Global Food Service Equipment Market is segmented as follows:
Supply and Demand Risk
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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