Hong Kong Food Service Equipment Market Overview
Food service equipments are used for handling and processing food products by various processes such as grinding, peeling, cooling, roasting, etc. for commercial purposes in hospitality sector. These equipments are adopted by restaurant and hotel owners to operate efficiently. Food service equipments provide ease to the chef’s in various aspects such as it enables the processing of food with less time.. These features of food service equipment have evolved on the basis of continuous research and development on food service equipment by various international manufacturers. Increasing food industry in Hong Kong is expected to impact positively on the market for food service equipment. Hong Kong is a self-autonomous territory and has various points of interest such as sleeping beauty castle, victoria peak and others. These tourist spots are attracting tourists from across the globe in the country. Rising international tourism in the country is increasing the hospitality industry with ensured quality of service and food. Food service equipments enable the ease of cooking, delivering of food and washing of utensils in restaurant and hotels. Upon these factors, various quick service and full service restaurants are adopting latest technology advanced food service equipments.
Market size and forecast
Food service equipment market of in the country has significantly grown in the past few years and had touched USD 694 Million in 2015. Further the market is expected to garner USD 1.3 Billion by the end of 2023, registering a CAGR of 8.29% during the forecast period i.e. 2016-2023.
Refrigerators and chillers segment accounted for 50.4% in 2015 in overall food service equipment market. The market share of this segment is expected to grow exponentially on account of growing demand for ice cream dipping cabinets and blast freezers. Low cost and long life span of ice cream dipping cabinets are gaining more traction among the ice cream parlors which is fostering demand for these equipments. Moreover, rising need for storage of vegetables and processed food in large and medium restaurants are increasing the demand for blast freezers.
Further, increasing penetration of food corners and food junctions in the country on the back of growing consumption of fast food is the major reason which is pushing the restaurant owners towards the food service equipment.
Hong Kong Food Service Equipment Market Segmentation
Our in-depth analysis segmented the Hong Kong food service equipment market in the following segments:
Food Preparation Equipment
Drink Preparation Equipment
Refrigerators & Chillers
Wash ware Equipment
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
Rise in hotels, food junctions, and hospitals and their increasing demand 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 pave the market of food service equipment in near future. In addition to this, factors such as rising concern towards health and hygiene among the population, growing culture of consuming ready to cook food, hectic lifestyle of working population owing to urbanization, availability of advanced multi-tasking food service equipment with internet connectivity are some of the major factors likely to foster the demand for food service equipment over the forecast period i.e. 2016-2023. Moreover, rising concern towards proper sanitation and increasing adoption of new equipment for washing and sanitation are expected to propel the demand for food service equipment.
However, slicers, peelers and other food processing equipment which have low shelf life and low quality equipment are hampering the growth of food service equipment market. Apart from this, high cost of cooking and refrigerators equipment and periodic maintenance of this equipment are also expected to restrain the market growth of food service equipment. Conversely, availability of sub-standardized food service equipment by local vendors and complexities associated with the installation of these equipments are curbing the growth of food service equipment market in Hong Kong.
The key players of food service equipment market are as follows:
Scope and Context
Overview of the Parent Market
The Hong Kong 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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