Albany, NY -- (SBWIRE) -- 05/25/2018 -- The global food service equipment market depicts the existence of a highly fragmented vendor landscape owing to the presence of innumerable small- as well as large-scale players, says Transparency Market Research on the basis of a recently published report. The market is highly heterogeneous in terms of its existence, owing to various parameters that imbibe a sense of dynamism in the competitive landscape. Most companies in this industry attempt to enhance customer loyalty, bring forth product distribution, and regulate food product prices. These mainly are key strategies implemented by most players.

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Ali Group, Meiko, Hobart Corporation, Manitowoc Company Inc., Hoshizaki Electric Co., Ltd. Cambro Manufacturing Company Inc. and Dover Corporation are key businesses operating in the market. The vendor landscape also exhibits most players to participate in important merger and acquisition activities in the near future. With the food industry expanding all over the globe, many players are trying to establish themselves on foreign soils, thus making the competitive spirit stronger in the market.

The global food service equipment market was valued at US$31.5 bn in 2013, and is further expected to gain a revenue valuation of US$44.3 bn by 2020. This growth is expected to occur at a rising CAGR of 4.40% during the forecast period ranging from 2014 to 2020.

Burgeoning Food Industry Stokes Food Service Equipment Market's Expansion

Numerous businesses are implementing new technologies that promise to make better food products with enhanced quality, thus being highly palatable to consume. These technologies are also expected to make foods easily available, thus bringing forth streamlined demand and supply processes. Such factors are highly driving the global food service equipment market. Changing lifestyles along with a rise in disposable incomes is making people to try out foods with different tastes, thus boosting the need for associated services. A rising awareness amongst people to consumer healthy foods has also been responsible for being beneficial to the food service equipment market from a global perspective.

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Widespread developments in refrigeration technologies and increasing availability of large refrigerators has made the global food service equipment market gain extensive growth. Widespread advancements occurring in hospitality industry wherein use of the equipment is highly necessary, also has led the market to gain notable growth.

Lack of Expertise Needed for Equipment Manufacturing and Handling Hinders Growth

However, meeting consumer demands while providing food products with the help of necessary equipment might be difficult due to certain factors. Lack of trained staff, provision of insufficient wages to workers in equipment manufacturing factories, shortage of expertise required for equipment manufacturing, improperly maintained safety of workers, and health concerns are some of these factors. These problems are notably restraining the food service equipment market. Nevertheless, many businesses are coming forth to regulate demand and supply of food products, thus projecting a bright future to exist for the market during the forthcoming years.