The global food service equipment market (commercial refrigeration) is predicted to witness a number of growth opportunities in the coming years, as reported by Transparency Market Research (TMR). Currently, the competitive landscape of the global food service equipment market is featured by fragmentation, due to the presence of numerous large-scale as well as small-scale players. The market is highly competitive, and the players are expected to be highly dynamic in their approach.
A number of vendors are seen focusing on ensuring customer
loyalty, efficient product distribution, and regulation of food prices. Key
strategies being adopted by the market participants are expansion to unexplored
markets and regions, mergers and acquisitions, and partnerships in order to
thrive in the international market. Launch of novel. Innovative products is
also expected to be a rage among vendors. For instance, recently, AB Electrolux
introduced a new range of kitchen products named ‘Mastery’, which comprise of
flexible door storage and hands free hoods. Manufacturers are focusing on
developing refrigeration products, which helps to minimize the greenhouse gas
emission and reducing energy consumption. Therefore, the players are switching
to green refrigerants including CO2, ammonia, and water vapor to develop the
products. Prominent vendors in the global foods service equipment market
include Hobart Corporation, Duke Manufacturing Co. Inc., Ali Group, Hoshizaki
Electric Co., and Manitowoc Company Inc.
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According to TMR’s report, the global food service equipment
(commercial refrigeration) market is prognosticated to reach US$44.3 bn by
2020, from US$31.5 bn in 2013. The market is forecasted to exhibit a solid 4.8%
CAGR over the forecast period 2014 to 2020.
Based on the type, the segment of walk-ins held a dominant
revenue share of the global food service equipment (commercial refrigeration)
market in the year 2014, and are expected to continue being popular over the
forecast period. Segmented regionally, the region of Asia Pacific is
anticipated to clock in swift growth in the global food service equipment
market, due to rapid expansion of the food industry in China.
Demand for Sustainable Storage Options to Propel Growth
The ongoing trade of food over the globe has given rise to
exchange of processed, canned and frozen food which needs efficient
refrigeration equipment to transport the food products. Increasing
environmental concerns and strict regulations regarding the use of refrigerants
with a high potential of causing global is expected to provide an impetus to
the growth of commercial refrigeration equipment. Innovations such as hybrid
electric systems and products that utilize natural refrigerants such as carbon
dioxide (CO2) are anticipated to increase the sales of the product, fuelling
the swift upswing of the global food service equipment market.
Rise of End-User Segments Catapult Market Reach
End user markets such as full-service restaurants &
hotels, quick-service restaurants, pubs, and caterers are witnessing phenomenal
growth over the globe. Improving standards of living standards in developing
nations and significant investments in restaurants and cafes for better
infrastructure have increased the expenditure on food and related items.
Rising inclination toward open kitchens and growing adoption
of digital menus and online ordering facilities will further support the market
growth. Beside, hotels and restaurants, a growing number of takeaway food joints,
nursing homes and hospitals, hostels, religious trusts, and charity/welfare
institutions will also raise substantial demand for advanced FSE in order to
process and serve significant amounts of food within a timeline.
High Initial Investment May Hinder Development
However, these systems require high capital investment
upfront and is plagued with complexities involved. Lack of trained staff,
provision of insufficient wages to workers in equipment manufacturing
factories, shortage of expertise required for equipment manufacturing,
improperly maintained safety of workers, and health concerns are some the key
factors that may hamper the growth of the food service equipment (commercial
refrigeration) market. However, a number of vendors are focusing on regulation
of demand and supply of food products, thus projecting a bright future for the
market in the years to come.
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This review is based TMR’s report titled, “Food
Service Equipment (Commercial Refrigeration) Market (By Product Type – Ice
machines, Refrigerated vending machines, Beverage dispensers, Glass Door
Merchandisers (GDMs), Commercial fridges/freezers, Blast freezers, Ice cream
machines, Ice cream cabinets, Walk ins, Others) – Global Industry Analysis,
Size, Share, Growth, Trends and Forecast 2014 – 2020.”
The market is segmented along the following lines:
Global Food Service Equipment (Commercial Refrigeration)
Market: By product type
- Ice
machines
- Refrigerated
vending machines
- Beverage
dispensers
- Glass
Door Merchandisers (GDMs)
- Commercial
fridges/freezers
- Blast
freezers
- Ice
cream machines
- Ice
cream cabinets
- Walk
ins
- Others
Global Food Service Equipment (Commercial Refrigeration)
Market: By geography
- North
America
- Latin
America (LAM)
- East
(Europe)
- South
West (Europe)
- North
West (Europe)
- Central
Europe
- Asia
Pacific
- Russia
- China
- India
- Turkey
& MEA (Middle East and Africa)
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