Food Service Equipment Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020
Albany, NY -- (SBWIRE) -- 03/10/2015 -- The global food service equipment market has emerged significantly in recent past and is expected to maintain its pace. Increase in demand for eco friendly appliances and rise in hygiene awareness and concern has led to the increasing demand for food service equipment. In addition to this, modern designs and features associated with various food service equipment are also adding to the rise in demand of the equipment in restaurants, hotels, fast-food joints, educational institutes, and hospitals among others. The modern food service equipment are not only effective and eco-friendly but also assist in reducing expenses, which is eventually helping to boost their demand globally.
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Food Service Equipment Market - Studying the Trends
The global food service equipment market is studied on three fronts: Product types, washware equipments, and geography.
According to the product type, the food service equipment market is classified into kitchen purposes, storage, refrigeration, food holding & serving, warewashing, and others. As the technology advanced, the different food service equipment made food preparation more effective and efficient. These equipment help meet the hygiene and sanitation standards set by different food regulatory bodies.
Kitchen purpose equipment was accounted for the largest market share in 2013 amongst the product types of food service equipment followed by refrigeration. The key reason behind the dominance of kitchen purpose equipment in the market is owing to food preparation being an integral part of every kitchen. Various types of equipment are used for preparing different dishes. With the steady development in the food service industry, the demand for food service equipment is likely to increase in near future.
On the basis of washware equipment, the food service equipment market is divided into dishwasher, booster heater, utensil washers, disposers, and others. Various washware equipment are used depending upon the type of dishes and utensils. Dishwashers accounted for the largest market share of food service equipment market in 2013 and is likely to show considerable growth during 2014 to 2020. It held around 36.27% of the total market share in overall washware equipment market in food service equipment industry.
Geographically, the food service equipment market has been categorized into North America, Europe, Asia Pacific, and Rest of World. In 2013, North America held the largest market share worldwide including the markets of Canada, the USA, and Mexico.
The demand for food service equipment in North America is mainly pushed by the emerging food service market in the region. Furthermore, the strict rules and regulation set by the food regulatory authorities and rising hospitality industry in the region are also adding to the growth of the market. In terms of value, North America is followed by Europe, whereas Asia Pacific is considered as the fastest growing market for food service equipment. The development in the region is credited to growing economies such as India, China, Malaysia, Singapore, and Australia among others.
It was valued at US$35 billion in 2013 and is estimated to reach US$47.95 billion by 2020; rising at 4.5% CAGR during 2014 to 2020.
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Food Service Equipment Market - Key Players
The market is consolidated in nature wherein top 5 companies hold maximum share of it. Alto Shaam Inc., Electrolux AB, Fujimak Corporation, Vollrath Co., Meiko, Hoshizaki Electric Co., Ltd., Libbey Inc., Ali Group, Middleby Corporation, Rational AG, Duke Manufacturing Co. Inc., Manitowoc Company Inc., Dispensing Dynamics International Inc., Dover Corporation, Tupperware Brands Corporation, Hobart Corporation, and Cambro Manufacturing Company, Inc. are the main players of the global food service equipment market.
At present, food service equipment market operators are looking towards expanding the market to various geographical locations.
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