Growing number of hotels and restaurants in developing nations along with flourishing travel & tourism industry is expected to promote the demand for food service equipment. Moreover, stringent government regulations, energy-efficient products and increasing sanitation and hygiene requirements in commercial kitchens are expected to contribute to the further growth of the market.
Portland, OR -- (SBWIRE) -- 10/02/2017 -- Food Service Equipment Market was valued at $29,809 million, and is expected to reach $43,379 million by 2022, supported by a CAGR of 5.7%. Food service equipment are vital to the food service industry as they aid the vendors to prepare and serve variety of food items.
Factors such as increasing demand for fresh food and decrease in cooking time have contributed towards the growth of cooking equipment. This segment accounted for about 32% of the overall food service equipment market in 2015 owing to rising demand for advanced and modular kitchen equipment. In addition, storage & handling segment is the fastest growing segment, owing to growing demand for refrigeration and advanced cooling & food warming techniques in commercial kitchens.
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Based on end users, full-service restaurants & hotel segment is projected to maintain its lead due to growth in hotel and food service industry in developing nations, which can be attributed to the technological improvements in kitchens and innovation in cooking techniques. The growing demand for cooking and food preparation equipment in the developed economies, such as North America and Europe, due to established hotel industry has further boosted the market growth.
Key Findings of the Food service Equipment Market:
* In the year 2015, cooking equipment led the overall food service equipment market revenue, and is projected to reach around 31% by 2022.
* Storage & handling is expected to grow at a CAGR of 6.7%, owing to rising need for processed food in developing countries.
* North America generated the highest revenue, among all regions in 2015, owing to rising working population & growing demand for fast food products.
* Full-service restaurant & hotels segment is projected to generate the highest revenue in the food service equipment market.
* U.S. is the major shareholder, accounting for more than 53% share of the North America food service equipment market in 2015.
KEY PLAYERS IN THE VALUE CHAIN
* AB Electrolux
* Duke Manufacturing Co. Inc.
* Dover Corporation
* Hoshizaki Corporation
* Illinois Tool Works Inc.
* Haier Electronics Group Co. Ltd.
* Ali S.p.A
* Manitowoc Food service, Inc.
* The Middleby Corporation
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