The
global food service equipment market is segmented into end user such as quick service restaurants, full service
restaurants, hotels & club restaurants, and caterers out of which, quick
service restaurants segment is expected to dominate the overall food service equipment
market and is envisioned to capture a remarkable CAGR by 2023.
Likely, rising hospitality
sector and increasing food tourism are
envisioned
to flourish the growth of global food
service equipment market. Furthermore, growing number of quick service restaurants along with
growing affluent class population is also believed to trigger the market of food service equipment over the forecast
period.
Global food service equipment market is anticipated to showcase a tremendous
CAGR of 5.7% during the forecast period i.e. 2016-2023. Additionally, growing number of population with busy
schedule have augmented the demand for advanced equipments which can cook food
very fast and easily such as ovens. Moreover, the global food service equipment market is projected
to account exponential sales of USD 45.2 Billion by the end of 2021.
The cooking equipment segment
by product type is expected to be the fastest growing market across the globe
on the account of growing demand of energy efficient cooking equipment in restaurants.
In addition to this, in 2015, the drink preparation and cooking equipment
segments cumulatively accounted for USD 12.56 Billion. In terms of regional
platform, North America region amounted for the lion share in the global
food service equipment market.
According to OTTI, the annual growth in international visitors is projected to
be 4% in near future which would result in more than 83 million international
visitors to the U.S. by 2018. Further, U.S. tourism-related goods and services
estimated to be valued at USD 100 Billion in 2014, including spending in
restaurants.
Rapid Urbanization
Population in urban regions is
shifting towards processed and ready-to-cook food owing to busy and hectic
schedules of working population. Moreover, urbanization giving rise to new
restaurants those are equipped with quality food service equipment meeting the
purpose to provide quality food by less time consuming processes.
Growing
Fast Food Industry
Rapid growth of fast food industry
in developed and developing nations such as India, U.S. and others is
propelling the market of food service equipment.
Additionally, rising concern towards health and hygiene among the population
and increase in gross disposable income of the population in developing regions
are some of the major factors intensifying the growth of food service equipment
market.
Although, high cost associated
with the equipments is anticipated to dampen the global food service equipment market over the forecast period.
The report titled “Food Service Equipment Market:
Global Demand Analysis & Opportunity Outlook 2023” delivers detailed overview of
the global food service equipment market
in terms of market segmentation by product, by end-user and by region.
Further, for the in-depth
analysis, the report encompasses the industry growth drivers, restraints,
supply and demand risk, market attractiveness, BPS analysis and Porter’s five
force model.
This report also provides the
existing competitive scenario of some of the key players of the global food service equipment market which
includes company profiling of AB Electrolux, Hobart Corporation, Manitowac Company Inc.
,Fujimak Corporation, Duke Manufacturing Co. Inc., Rational AG, Dover
Corporation, Hoshizaki Corporation, Manitowoc Food service, Inc., The Middleby
Corporation. The profiling enfolds key information of the companies which
encompasses business overview, products and services, key financials and recent
news and developments. On the whole, the report depicts detailed overview of
the global food service equipment market
that will help industry consultants, equipment manufacturers, existing
players searching for expansion opportunities, new players searching
possibilities and other stakeholders to align their market centric strategies
according to the ongoing and expected trends in the future.
About Research
Nester
Research Nester is a leading service provider for
strategic market research and consulting. We aim to provide unbiased,
unparalleled market insights and industry analysis to help industries,
conglomerates and executives to take wise decisions for their future marketing
strategy, expansion and investment etc. We believe every business can expand to
its new horizon, provided a right guidance at a right time is available through
strategic minds. Our out of box thinking helps our clients to take wise
decision so as to avoid future uncertainties.
Read more Information: https://www.researchnester.com/reports/food-service-equipment-market-global-demand-analysis-opportunity-outlook-2023/177
Contact for more Info:
Ajay
Daniel
U.S.
+1 646 586 9123
U.K.
+44 203 608 5919
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