MRFR Assess COVID 19 Impacts on the Global Food Service Equipment...

MRFR Assess COVID 19 Impacts on the Global Food Service Equipment Market; MRFR Releases Insights for 2022 -2030

Posted 2024-03-15 10:10:05

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Food Service Equipment Market Overview

Moreover, increasing application areas of foodservice equipment across the food & beverage industry escalate the market growth to furthered height. In its foodservice equipment report, Market Research Future (MRFR) asserts that the Food service equipment market Size is expected to reach 32,014.0 million in 2022 to USD 45,046.9 million by 2030. MRFR, in its recent COVID 19 analysis on the global food service equipment market, also states that the market would register approximately 5.0% CAGR during the period (2022 -2030).

Food service equipment refers to a diverse range of appliances, machinery, and tools used in commercial food establishments to prepare, cook, serve, and store food. These equipments are essential for ensuring the smooth operation and efficiency of restaurants, hotels, cafeterias, catering businesses, and other foodservice establishments.

The global food service equipment market is registering an impressive growth rate year by year. Commercial food service equipment play a vital role in preparing and serving a variety of food items. Hence, they are extensively used for food handling and processing applications in quick service/full-service restaurants, catering businesses, hotels, and clubs. The burgeoning hospitality industry and the rising number of hotels and restaurants worldwide predominantly drive the market growth.

Besides, the rapidly growing food industry, including bakery & confectionaries, fosters the growth of the market. Increasing demand for energy-efficient products from quick-service restaurants and the quadrupling chain restaurants provide impetus to the market growth. Augmented uptake and demand for foodservice equipments worldwide encourage food service equipment manufacturers to bring more novelty in quality products.

Substantial R&D investments in product developments are one of the key food service industry trends. In turn, this pays off well by increasing sales and uptake of the product and hence the food service equipment market size. Conversely, high capital investment and the various counterfeited, low-cost products floating in the market are the major factors projected to impede the market growth. Nevertheless, the foodservice industry has responded well to the coronavirus crisis with innovative solutions, which would support the market growth in the future.

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Major Players:

food service equipment market Players leading the include

· Duke Manufacturing Co. Inc. (US)

· Meiko (Germany)

· Tupperware Hobart Corporation (US)

· Manitowoc Company Inc. (US)

· Ali Group SpA (Italy)

· Hoshizaki Electric Co., Ltd (Japan)

· Dover Corporation (US)

· Fujimak Corporation (Japan)

· Electrolux AB (Sweden)

· Brands Corporation (US)

Food Service Equipment Market - Segments

The report is segmented into three dynamics;

· By Product: Cooking Equipment, Storage & Handling Equipment, and others.

· By Application: Full-Service Restaurants, Quick Service Restaurants, Caterers, Hotels & Clubs, and others.

· By Regions: Europe, North America, APAC, and Rest-of-the-World.

Global Food Service Equipment Market - Regional Analysis

North America dominates the global food service equipment market. The largest food service equipment market share attributes to the wide adoption of technologically advanced products. Besides, the high penetration of application areas such as full-service restaurants, quick-service restaurants, caterers, hotels & clubs, and others in the region drives the commercial food service equipment market. Also, the presence of several notable industry players in the region positively impacts the growth of the market.

Moreover, factors such as the well-developed economy and the high per capita disposable income of demographics substantiate the regional market growth. The US foodservice equipment market & Canada markets provide an enormous impetus to the regional market growth. The North American foodservice equipment market is expected to retain its dominance throughout the assessment period.

The Asia Pacific region stands second in the global food service equipment market. The region, with its raw material advantage and cost-competitive workforce, attracts foreign investors. This, as a result, fosters the growth of the regional market, increasing the numbers of production plants in the region. Additionally, the booming tourism industry and rapid economic growth in the region propel the food service equipment market size.

Increasing the adoption of foodservice equipment in the booming restaurant businesses in the region is another key factor driving the regional market. APAC countries like India and China account for larger shares in the regional market, witnessing exponential growth. The APAC food service equipment market is projected to create a substantial revenue pocket during the forecast period.

Europe too holds a sizable share in the global food service equipment market. Factors such as the augmented demand from the growing number of restaurants and rising exports of foodservice equipment, mainly in France & Italy, boost the regional market growth. Germany, Italy, and France are key markets for food service equipment, expanding the regional market growth. The European foodservice equipment market is expected to increase at a steady growth rate during the review period.

Industry/ Innovation/ Related News:

August 19, 2020 ---- Ynot Italian, a leading provider of foodservice equipment & supplies, announced that it had been named the winner of the FE&S 2020 Kitchen Storage Makeover Contest. As the winner of the FE&S contest, the kitchen storage areas at one Ynot Italian location would receive a makeover that FE&S would profile in an upcoming issue.

April 16, 2020 ---- Standex International Corporation (the US), a leading global manufacturer in five broad business segments, including food service equipment, announced the completion of the sale of Refrigerated Solutions Group to Ten Oaks Group (the US), a small consortium of private equity investors.

The completion is an essential step toward further simplifying the portfolio in line with the company’s long-term strategy of focusing on other businesses with attractive growth and strong end market and customer value propositions.