Some of the primary reasons driving the global foodservice equipment market are the growing demand for takeout, evolving habits of food consumption, and the expanding hospitality industry. Additionally, factors such as growing digitization, the need for sustainable and environmentally-friendly equipment, and strict consumer safety regulations are projected to generate significant development possibilities for the global foodservice equipment market in the near future. The industry has grown quickly to meet the changing wants of consumers who want to furnish their kitchen areas. Changing social conventions, along with technological advancements, have produced a dynamic industry for end-use equipment.
There has been an extensive range of technologically innovative and advanced product lines that have flooded the industry over the years. It is from the invention of equipment for the preparation and storage of food, such as electrical refrigerators, ranges, and cooking stoves to the supply of custom food service appliances that cook different cuisines. These innovations are expected to favor growth of the global foodservice equipment market in the long run. Additionally, quick technological improvements made possible by continuous Research and Development (R&D) efforts have aided appliance makers in providing clients with technology-driven efficiency.
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Rise in the Number of Restaurants and Increasing Focus on Food Quality to Drive Market Growth
The rise of various casual restaurant chains in Europe and North America has resulted in a huge surge in demand. Many regulatory agencies across the world require companies to offer commercial kitchen equipment that have been approved and tested. The goal of these safety regulations is to provide a safe environment for both restaurant owners and customers. The National Sanitation Foundation (NSF), an American non-profit organization dedicated to product testing, inspection, and certification, has created a number of equipment safety standards to guarantee that food safety regulations and sanitation protocols are met by the end-use sector. Standards for the material utilized, equipment architecture, and design have been established, with food safety being the top focus.
Consumers are adopting energy-efficient appliances as a result of rising knowledge about energy use and eco-friendly activities, generating potential for this industry. To prevent the escalating effect of climate change, energy consumption regulations throughout the world stress minimizing Green House Gas (GHG) emissions. Consumers are increasingly choosing appliances with the ENERGY STAR certification, which is a marker of energy efficiency that helps restaurants, institutional kitchens, and cafés conserve energy while lowering maintenance and utility costs.
Food Service Equipment (Commercial Refrigeration) Market – Snapshot
The global food service equipment (commercial refrigeration) market is likely to be driven by innovation in processing technology and advancements in the food processing industry. The expansion in the capacities of food manufacturing together with the growth of the food processing industry, the global food service equipment (commercial refrigeration) market is poised for considerable growth.
With the rising preference for functional foods and healthy food, manufacturers are anticipated to take up new equipment to cater to the evolving demand for healthy functional beverages and food items. Business organizations across the foodservice, food retail, and food processing value chains have many opportunities to increase or access their penetration of equipment products, organically or via acquisition
Changing Lifestyle of People Demand Hassle-free Cooking Options
The global food service equipment (commercial refrigeration) market is likely to observe considerable growth over the years of assessment. The burgeoning demand for high-end technologies is expected to create new avenues of growth for the market over the years of projection.
Changing lifestyle with more participation of women in the workforce has generated more demand for various kitchen appliances for easy and quick preparation of food. The equipment that are used to carry out different food service operation range from
- Cooking
- Cutting
- Baking
These equipments are essential for the production of food for a large number of customers.
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Global Food Service Equipment (Commercial Refrigeration) Market: Snapshot
The global market for food service equipment, especially when it comes to commercial refrigeration, has come a long way in terms of products available and the technologies powering the variety of products in the global market. The increased use of packaged and ready-to-cook products in the food sector across the globe, rising global demand for fast food varieties, and the vast surge in the number of hotels, fine-dine restaurants, as well as fast food joints across the globe have necessitated the use of commercial refrigerators to keep finished items or raw materials fresh for longer durations.
The improved infrastructure of the electricity sector in a number of emerging economies has also encouraged the increased uptake of commercial refrigerators. However, the high costs of these products and complexities associated with their usage could hamper the growth prospects of the global food service commercial refrigeration equipment market.
According to the report, the global food service equipment (commercial refrigeration) market will exhibit an impressive 4.8% CAGR over the period between 2014 and 2020, rising to a promising revenue opportunity by 2020 from a valuation of US$31,544 mn in 2013.
Demand for Walk-in Refrigerators to Remain Highest
The report segments the market based on criteria such as product type and geography. Based on product type, the market has been segmented into refrigerated vending machines, glass door merchandisers (GDMs), beverage dispensers, ice cream machines, commercial fridges/freezers, ice cream cabinets, ice machines, walk-ins, and blast freezers. Of these, the segment of walk-in refrigerators accounted for the dominant share of revenue in the global market at the beginning of the report’s forecast period, thanks to the vast rise in the numbers of fine-dine restaurants and hotels in emerging as well as developed economies across the globe. The segment is also expected to account for the dominant share in the overall market over the report’s forecast period.
Owing to rising disposable incomes and the easy availability of products developed by local, regional, as well as international brands, the demand for ice cream cabinets has also witnessed a major uptick in the recent years, especially in emerging economies across regions such as Asia Pacific. The demand for glass door merchandisers, beverage dispensers, and ice machines has also massively increased due to the flourishing quick food service industry in emerging economies over the years.
Asia Pacific to Remain Most Promising Regional Market
From a geographical standpoint, the report segments the global food service equipment market on regional markets such as Asia Pacific, Latin America, Europe, North America, and Middle East and Africa. Of these, the market in Asia Pacific is expected to expand at an impressive pace in the next few years, thanks to the rising disposable incomes, increased consumption of outside food, and a thriving hospitality industry.
The market in North America, grabbing the dominant share of revenue in the market at the start of the report’s forecast period, is likely to continue to retain it’s leading position in the overall market. The well-established hospitality sector in the region and the high adoption rate for advanced technology products in the food service sector will continue to drive the regional market further.
Some of the leading companies operating in the global food service equipment market are Meiko, Ali Group, Duke Manufacturing Co. Inc., Manitowoc Company Inc., Hoshizaki Electric Co., Ltd., Libbey Inc., Dover Corporation, Middleby Corporation, Electrolux AB, Rational AG, Hobart Corporation, Vollrath Co., Tupperware Brands Corporation, and Fujimak Corporation.
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