Future Market Insights has announced the addition of the “Foodservice Equipment Market to Grow at a CAGR of 5.2% through 2024" report to their offering.
Valley Cottage, NY -- (SBWIRE) -- 01/31/2018 -- Rising number of restaurants, hotels, and fast-food joints will remain a primary driver to the global foodservice equipment market. Up from US$ 27.69 Bn attained in 2015, the market for FSE is likely to reach US$ 28.91 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.
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 market growth. Growing popularity of processed or preserved foods is expected to boost the demand for FSE further. Soaring activities of food and beverages import and export is 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.
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Rising consumer inclination toward healthy yet indulgent food, growing preference for grab-and-go culinary settings, and digitised 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.
Based on product type, baking equipment and cooking equipment segments will continue to lead the market in 2016 with a collective share of around 47%, followed by dishwashers, and food and drink preparation equipment segments.
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$ 19 Bn in 2016, whereas that from the rapidly growing quick-service restaurants is expected to cross US$ 5 Bn by 2016 end. Hotels and club restaurants, coupled with caterers, will also support the market growth.
By region, North America will remain dominant in 2016, accounting for over 29% market share in 2016. However, this region is anticipated to witness a fall against rapidly flourishing market in Asia Pacific post-2016. This growth in APAC is attributed to slashing crude oil prices and shipping costs, resulting in a remarkable sprint in sales. Europe will be the third largest market.
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Middleby Corporation, Hobart Corporation, AB Electrolux, Manitowoc Foodservice Inc, Ali S.p.A, Libbey Inc., Tupperware Brands Corporation, Fujimak Corporation, Duke Manufacturing Co. Inc., Cambro Manufacturing Company, Inc., Vollrath Co., Hoshizaki Electric Co., Ltd., Dover Corporation, and Rational AG are some of the key players competing in the global foodservice marketplace.
Long-term Outlook: Over 2016-2024, the global foodservice equipment market is anticipated to expand at a steady CAGR of 5.2%, attaining the revenues worth US$ 42.92 Bn by 2024 end.