Future Market Insights delivers key insights and presents a revised forecast of the global foodservice equipment (FSE) market for a 10 year period from 2017 to 2027 and has presented the insights in its recent research report titled “Foodservice Equipment Market: Global Industry Analysis (2012–2016) and Opportunity Assessment (2017–2027).” The revision in the market size and forecasts have been carried out taking into account the impact of various macroeconomic indicators and other industry-based demand-driving factors, as well as the recent developments of key market participants. The global foodservice equipment market is projected to expand at a healthy CAGR of 4.7% in terms of value during the forecast period.
Rising number of restaurants, hotels, and fast-food joints will remain a primary driver to the global foodservice equipment market. Up from US$ 28.7 Bn attained in 2015, the market for FSE is likely to reach US$ 29.8 Bn by 2016 end. Developing regions are expected to raise significant demand for foodservice equipment. Asia Pacific will remain the most lucrative market for foodservice equipment.
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Global Foodservice Equipment Market: Growth Factors
Increasing market demand for processing, handling, and storage of food products will continue to fuel the market for innovative foodservice equipment. In addition to cooking and baking equipment, the demand for refrigerators and other freezing equipment is also projected to propel due to an ever-growing need for food storage. Evolving consumer lifestyle, including the consumption of packaged and ready-to-eat foods will be another strong factor pushing the global market growth. Growing popularity of processed or preserved foods is expected to boost the demand for FSE. Increasing activities in food and beverages such as import and export are identified to be a major factor escalating the demand for FSE.
A shift from refrigerators, freezers, and other storage equipment to advanced technology, energy-efficient equipment will remain a key driver bolstering the demand for foodservice equipment. 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.
Rising consumer inclination toward healthy yet indulgent food, growing preference for grab-and-go culinary settings, and digitized foodservice are a few recent trends in the global FSE market. In addition, open kitchen renovation is a trend among restaurant owners and foodservice operators. These trends will continue to hold a positive impact on the market growth.
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Global Foodservice Equipment Market: Segmental Analysis
Based on product type, cooking equipment segment is expected to continue to lead the market during the assessment period with a high market valuation and is poised to register a significant CAGR during this period.
On the basis of end-user, full-service restaurants are expected to remain the largest consumer of FSE, followed by quick-service restaurants. Demand for FSE from the full-service restaurants segment is likely to exceed US$ 21 Bn in 2017, whereas that from the rapidly growing quick-service restaurants is expected to cross US$ 5 Bn by 2017 end.
By region, Asia Pacific excluding Japan (APEJ) is the largest and the foodservice equipment market in this region is expected to reach a high value of around US$ 17 Bn with a massive growth rate registering a CAGR of 7.1% throughout the period of assessment. This growth in APEJ can be attributed towards slashing crude oil prices and shipping costs, resulting in a remarkable sprint in sales.
Global Foodservice Equipment Market: Competition Dashboard
Dover Corporation, AB Electrolux, Middleby Corporation, Rational AG, Hoshizaki Electric Co., Ltd., Libbey Inc., Hobart Corporation, Ali S.p.A., Cambro Manufacturing Company Inc., Smeg S.p.A., Araven S.L., Hatco Corporation, Alto-Shaam Inc., Haier Group, MKN Maschinenfabrik Kurt Neubauer GmbH & Co KG., Al-Halabi Refrigeration & Steel LLC, Huurre Group, Nilma S.p.A. are some of the key players competing in the global foodservice marketplace.
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Global Foodservice Equipment Market: Forecast Analysis
Over 2017-2027, the global foodservice equipment market is anticipated to expand at a steady value CAGR of 4.7%, reflecting revenues worth US$ 49.1 Bn by 2027 end from a value of around US$ 30 Bn in 2017