Asia-Pacific Food Service Equipment Market
: Global Demand Analysis & Opportunity Outlook 2023
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: Global Demand Analysis & Opportunity Outlook 2023
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Our in-depth analysis segmented the Asia-Pacific food service equipment market in the following segments:
By Product:
Food Preparation Equipment
Drink Preparation Equipment
Cooking Equipment
Refrigerators & Chillers
Wash ware
By End-User
By Region
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.
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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.
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:
The key vendors of food service equipment market are as follows:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
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