Food Service Equipment Market to Reach $44.81 Billion by 2027
Report projects a CAGR of 5.7% from 2021 to 2027, driven by growth in the food service industry and preference for quick-service restaurants.
WILMINGTON,NEW CASTLE, DELAWARE, UNITED STATES, April 29, 2024 /EINPresswire.com/ -- Allied Market Research published a report titled, "Food Service Equipment Market by Product Type (Cooking Equipment, Storage & Handling Equipment, Ware Washing Equipment, and Serving Equipment) and End Use (Full-Service Restaurants & Hotels, Quick Service Restaurants & Pubs, and Catering): Global Opportunity Analysis and Industry Forecast, 2021โ2027." According to the report, the global food service equipment market generated $34.25 billion in 2019 and is expected to garner $44.81 billion by 2027, growing at a CAGR of 5.7% from 2021 to 2027.
๐๐ซ๐ข๐ฏ๐๐ซ๐ฌ, ๐ซ๐๐ฌ๐ญ๐ซ๐๐ข๐ง๐ญ๐ฌ, ๐๐ง๐ ๐จ๐ฉ๐ฉ๐จ๐ซ๐ญ๐ฎ๐ง๐ข๐ญ๐ข๐๐ฌ
Growth in food service industry and increase in preference for quick-service restaurants drive the growth of the global food service equipment market. However, high capital requirement restrain market growth. On the other hand, regulatory benefits and rise in demand for energy-efficient and cost-effective products present new opportunities in the coming years.
๐๐๐ช๐ฎ๐๐ฌ๐ญ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐ญ: https://www.alliedmarketresearch.com/request-sample/1597
Based on end use, the full-service restaurant & hotel segment held the highest market share in 2019, accounting for nearly three-fourths of the total share of the global food service equipment market, and is expected to maintain its dominant share during the forecast period. This is due to inclination of consumers toward new cuisines at a reasonable cost, ongoing trends of luxury dining and tourism, and upsurge in shopping centers at business hubs across the globe. However, the quick-service restaurant & pub segment is expected to witness the highest CAGR of 7.7% from 2021 to 2027. Experimental food items, limited edition menu, and unique food combinations are the major factors driving the growth of the segment.
๐๐ก๐ ๐๐จ๐จ๐ค๐ข๐ง๐ ๐๐ช๐ฎ๐ข๐ฉ๐ฆ๐๐ง๐ญ ๐ฌ๐๐ ๐ฆ๐๐ง๐ญ ๐ญ๐จ ๐ฆ๐๐ข๐ง๐ญ๐๐ข๐ง ๐ข๐ญ๐ฌ ๐ฅ๐๐๐ ๐ฌ๐ญ๐๐ญ๐ฎ๐ฌ ๐๐ฒ ๐๐๐๐
Based on product type, the cooking equipment segment contributed to the highest market share in 2019, accounting for nearly one-thirds of the total share of the global food service equipment market, and is projected to maintain its leadership status by 2027. The use of food service equipment helps reduce labor cost, improve food safety, and minimize operational costs, which propel the growth of the segment. However, the storage and handling equipment segment is expected to grow at the highest CAGR of 6.8% during the forecast period. Demand for frozen food and growth in fast food chains proliferate segment growth.
๐๐จ๐ซ๐ญ๐ก ๐๐ฆ๐๐ซ๐ข๐๐ ๐ญ๐จ ๐๐จ๐ฆ๐ข๐ง๐๐ญ๐ ๐ญ๐ก๐ ๐ฆ๐๐ซ๐ค๐๐ญ ๐ญ๐ก๐ซ๐จ๐ฎ๐ ๐ก๐จ๐ฎ๐ญ ๐ญ๐ก๐ ๐๐จ๐ซ๐๐๐๐ฌ๐ญ ๐ฉ๐๐ซ๐ข๐จ๐-
The global food service equipment market across North America contributed to the highest share in terms of revenue, holding more than one-third of the total share in 2019. availability of affordable, high-quality, and safe equipment and rise in cost of skilled labor drive market growth in this province. On the other hand, Asia-Pacific is estimated to manifest the fastest CAGR of 7.7% from 2021 to 2027. This is attributed to the presence of numerous hotels and restaurants in the region.
The outbreak of COVID-19 has severely hampered the growth of the growth of the food service equipment market. This is attributed to the fact that the food service equipment industry is heavily dependent on the hospitality sector for its revenue generation. The recent declaration regarding the shutdown of notable proportion of the hospitality industry, including full-service restaurants, pubs & bars, and quick-service restaurants, has dramatically hampered the sale of foodservice equipment.
๐๐ซ๐ข๐๐ข๐ง๐ ๐๐๐ญ๐๐ข๐ฅ๐ฌ: https://www.alliedmarketresearch.com/food-service-equipment-market/purchase-options
development of the hospitality industry is anticipated to drive the growth of the food service equipment market. Moreover, rise in business-related travel, surge in urban population, and rise in number of food joints such as hotels and restaurants fuel the growth of the hospitality industry, thereby driving the growth of the food service equipment market. Changes in food habits and busy lifestyle of consumers have led to increase in demand for ready-to-eat meals. Rapid changes in supporting factors such as disposable income, consumer preferences, increase in working women population, and digitization have resulted in rise in number of quick-service, pop-up & shop, and other types of restaurants.
Moreover, changes in trends of food consumption and the growing need to reduce food waste have led to the development of innovative kitchen equipment. These factors are anticipated to drive food service equipment market growth during the food service equipment forecast period.
Furthermore, continuous developments in cooling technologies and favorable government regulations to promote the production of eco-friendly refrigerators & ovens are expected to open new avenues for food service equipment manufacturers. However, higher installation costs are anticipated to restrain their adoption, particularly in developing regions. In addition, the rise in demand for visually appealing food service equipment among restaurants and hotels fuels the growth of the food service equipment market.
๐ ๐จ๐ซ ๐๐ฎ๐ซ๐๐ก๐๐ฌ๐ ๐๐ง๐ช๐ฎ๐ข๐ซ๐ฒ ๐๐ญ: https://www.alliedmarketresearch.com/purchase-enquiry/1597
๐๐๐๐๐ข๐ง๐ ๐ฆ๐๐ซ๐ค๐๐ญ ๐ฉ๐ฅ๐๐ฒ๐๐ซ๐ฌ
๐๐ฎ๐ค๐ ๐๐๐ง๐ฎ๐๐๐๐ญ๐ฎ๐ซ๐ข๐ง๐ ๐๐จ. ๐๐ง๐.
๐๐ฅ๐๐๐ญ๐ซ๐จ๐ฅ๐ฎ๐ฑ
๐๐จ๐ฏ๐๐ซ ๐๐จ๐ซ๐ฉ๐จ๐ซ๐๐ญ๐ข๐จ๐ง
๐๐ฅ๐ฅ๐ข๐ง๐จ๐ข๐ฌ ๐๐จ๐จ๐ฅ ๐๐จ๐ซ๐ค๐ฌ (๐๐๐), ๐๐ง๐.
๐๐ฅ๐ข ๐๐ซ๐จ๐ฎ๐ฉ ๐.๐ซ.๐ฅ.
๐๐จ๐๐ข๐จ ๐๐ง๐ข๐๐จ
๐๐๐ฅ๐๐ข๐ฅ๐ญ, ๐๐ง๐.
๐๐ข๐๐๐ฅ๐๐๐ฒ ๐๐จ๐ซ๐ฉ๐จ๐ซ๐๐ญ๐ข๐จ๐ง
๐๐ฅ๐ญ๐จ-๐๐ก๐๐๐ฆ, ๐๐ง๐.
๐๐จ๐ฆ๐ฌ๐ญ๐จ๐๐ค-๐๐๐ฌ๐ญ๐ฅ๐ ๐๐ญ๐จ๐ฏ๐ ๐๐จ., ๐๐ง๐.
๐๐๐ฆ๐๐ซ๐จ ๐๐๐ง๐ฎ๐๐๐๐ญ๐ฎ๐ซ๐ข๐ง๐ ๐๐จ. ๐๐ง๐.
๐๐๐จ๐ฎ๐ญ ๐๐ฌ
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