China and Hong Kong Food Service Equipment Market Overview
Food service equipment are used for handling and processing food by various processes such as grinding, peeling, cooling, roasting, etc. for commercial purposes in hospitality sector. China and Hong Kong food service equipment market is expected to witness a significant growth in near future owing to rising hospitality sectors in the region and growing trend of consuming ready to eat and process food among the population. Presently, China, expanding at 6.8% compound annual growth rate (CAGR) is the biggest market for food service equipment in Asia-Pacific and is projected to have a lion share in near future. 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 has allowed the food service equipment market to reach new s in the country.
Market Size & Forecast
The food service equipment market of China is expected to reach USD 4,181 Million by 2023 from USD 2,854 Million and would be the biggest market in near future. However, the Hong Kong market of food service equipment is predicted to be the fastest growing market in coming years.
Cooking Equipment segment is expected to be the most profitable market in China & Hong Kong during the forecast period owing to growing need of energy efficient cooking equipment in restaurants. Restaurants and hotels are now more focused on customers need and services in order to increase profitability. Adoption of energy efficient and time saving food service equipment in quick service restaurants enables to operate efficiently to provide quality services to the customers. By Product segment, Refrigerators and food cooking equipments hold the >65% revenue of the overall food service equipment market.
The less time-consuming process characteristics and increase in shelf-life of equipment are further predicted to gain traction of food service equipment in China and Hong Kong market. Advance technology in food service equipment such as automatic ovens, cooking line, 5-sense automatic fryers, compact food preparation equipment etc. are further projected to help the demand to expand. Growing culture of fast food in urban regions and rapid expansion of food industries across the globe are the prime growth drivers for the market of food service equipment.
Deep dive study has been carried out on following product segments:-
Demand & Opportunity Analysis By End Users
On the basis of end user, the market can be segmented into following categories:-
The study further analysis the Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).
Growth Drivers and Challenges
Rising hospitality infrastructure along with the rapid urbanization has led to establishment of new restaurant in China and Hong Kong market. This will further create a huge demand of food service equipments in the region.
Owing to the increasing penetration of international restaurants and food chains across the globe, key players of the market are establishing their food stores in robust economies such as China & Hong Kong. Increasing investment by foreign restaurant brand in China and Hong Kong will further showcase a green growth of food service equipment market in China and Hong Kong.
Manufacturing of newly designed equipment equipped with latest & user-friendly interfaces and introduction of cost-effective food service equipment such as hand held blenders are some of the major growth driving factors for the food service equipment market.
High cost and regular maintenance associated with the equipments along with the presence of stringent regulation from food regulatory authorities are major challenges for food service equipment market.
Scope and Context
Overview of the Parent Market
Supply & 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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