Food Service Equipment Market Size to grow at over 5% CAGR To 2025
The global food service equipment market is registering an impressive growth rate year by year. Commercial food service equipments play a vital role in preparing and serving a variety of food items. Hence, they are extensively used for food handling and processing applications in quick service/full-service restaurants, catering businesses, hotels, and clubs. The burgeoning hospitality industry and the rising number of hotels and restaurants worldwide predominantly drive the market growth.
Moreover, increasing application areas of food service equipment and supplies market across the food & beverage industry escalate the market growth to furthered height. In its foodservice equipment report, Market Research Future (MRFR) asserts that the market is expected to reach USD 45 BN by 2025. MRFR, in its recent COVID 19 analysis on the global food service equipment market size, also states that the market would register approximately 5% CAGR during the period (2019 -2025).
Besides, the rapidly growing food industry, including bakery & confectionaries, fosters the growth of the market. Increasing demand for energy-efficient products from quick-service restaurants and the quadrupling chain restaurants provide impetus to the market growth. Augmented uptake and demand for foodservice equipments worldwide encourage food service equipment manufacturers to bring more novelty in quality products.
Global Food Service Equipment Market - Segments
The report is segmented into three dynamics;
By Product : Cooking Equipment, Storage & Handling Equipment, and others.
By Application : Full-Service Restaurants, Quick Service Restaurants, Caterers, Hotels & Clubs, and others.
By Regions : Europe, North America, APAC, and Rest-of-the-World.
Global Food Service Equipment Market - Regional Analysis
North America dominates the global food service equipment market. The largest market share attributes to the wide adoption of technologically advanced products. Besides, the high penetration of application areas such as full-service restaurants, quick-service restaurants, caterers, hotels & clubs, and others in the region drives the commercial food service equipment industry. Also, the presence of several notable industry players in the region positively impacts the growth of the market.
The Asia Pacific region stands second in the global food service equipment market. The region, with its raw material advantage and cost-competitive workforce, attracts foreign investors. This, as a result, fosters the growth of the regional market, increasing the numbers of production plants in the region. Additionally, the booming tourism industry and rapid economic growth in the region propel the food service equipment market report.
Europe too holds a sizable share in the global food service equipment market. Factors such as the augmented demand from the growing number of restaurants and rising exports of foodservice equipment, mainly in France & Italy, boost the regional market growth. Germany, Italy, and France are key markets for food service equipment, expanding the regional market growth. The European foodservice equipment market is expected to increase at a steady growth rate during the review period.
Players leading the food service equipment market include Duke Manufacturing Co. Inc. (US), Meiko (Germany), Tupperware Hobart Corporation (US), Manitowoc Company Inc. (US), Ali Group SpA (Italy), Hoshizaki Electric Co., Ltd (Japan), Dover Corporation (US), Fujimak Corporation (Japan), Electrolux AB (Sweden), and Brands Corporation (US), among others.
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