Growth in hospitality industry, rise in preference for quick-service restaurants, and advancements in refrigeration technology are expected to propel the growth of the global food service equipment market. The North America region dominated the market, contributing more than one-third of the market in 2017. On the other hand, the ware-washing equipment segment is estimated to register the fastest CAGR of 7.1% during the forecast period.

Portland, OR, Aug. 08, 2019 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global food service equipment market was pegged at $31.09 billion in 2017 and is projected to reach $50.04 billion by 2025, registering a CAGR of 6.4% from 2018 and 2026. The report offers a detailed analysis of the key segments, top investment pockets, changing dynamics, market size & estimations, and competitive scenario.

Growth in urbanization, along with growth in hospitality industry, and rise in preference for quick-service restaurants are the major drivers for the growth of the global food service equipment market. Furthermore, advancements in refrigeration technology and increase in concerns of food safety are also fueling the market growth. However, high capital requirement is expected to impede the food service equipment market growth. On the other hand, regulatory benefits and surge in demand for energy-efficient and cost-effective products are expected to provide major opportunities for the market growth in upcoming years.

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The global food service equipment market is divided on the basis of product, end use, and geography. Based on product, the market is segmented into cooking equipment, storage & handling equipment, ware washing equipment, food & beverage preparation equipment, and serving equipment. The cooking equipment segment held the largest share in 2017, contributing to nearly one-third of the market. However, the ware washing equipment segment is expected to register the fastest CAGR of 7.1% during the forecast period.

On the basis of end use, the market is bifurcated into full-service restaurants & hotels, quick-service restaurants & pubs, and caterings. The full-service restaurants & hotels segment held the lion’s share in 2017, accounting for nearly three-fourths of the market share. However, the quick-service restaurants & pubs segment is projected to manifest the fastest CAGR of 8.5% during the forecast period.

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The global food service equipment market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The North America region dominated the market, contributing to more than one-third of the market in 2017. However, the Asia-Pacific region is estimated to register the fastest CAGR of 8.4% during the study period.
The global food service equipment market report includes an in-depth analysis of the major market players such as Welbilt, Inc. Alto-Shaam, Inc., Ali S.p.A, Middleby Corporation, Cambro Manufacturing Co. Inc., Dover Corporation, Electrolux, Illinois Tool Works Inc., Castle Stove, and Duke Manufacturing Co. Inc. They have adopted different strategies such as mergers & acquisitions, partnerships, collaborations, new product launches, and others to gain a strong position in the global industry.

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