SAN FRANCISCO, Feb. 23, 2021 /PRNewswire/ -- The global food
service equipment market size is estimated to reach
USD 50.01 billion by 2028,
according to a new report by Grand View Research, Inc. It is
projected to expand at an estimated CAGR of 5.5% from 2021 to
2028. The increasing trade activities in the food and beverage
industry, upsurge in travel and tourism activities, changing food
consumption habits, and rise in disposable incomes are some of the
key factors driving the growth of this market.
Key suggestions from the report:
- In terms of geography, Asia
Pacific is estimated to emerge as the fastest-growing
regional market with a CAGR of close to 7.0% from 2021 to
2028
- In terms of product, the kitchen purpose equipment segment
dominated the market with a revenue share of over 35.0% of the
overall market in 2020
- Expanding at a CAGR around 5.0% from 2021 to 2028, the Full
Service Restaurant (FSR) end-user segment is estimated to dominate
the market over the forecast period.
Read 171 page research report with ToC on "Food Service
Equipment Market Size, Share & Trends Analysis Report By
Product (Kitchen Purpose Equipment, Refrigeration Equipment, Food
Holding & Storing Equipment), By End-user, By Region, And
Segment Forecasts, 2021 - 2028" at:
https://www.grandviewresearch.com/industry-analysis/food-service-equipment-market
Equipment manufacturers are focusing on mergers and acquisitions
to introduce state-of-the-art product offerings for attaining a
competitive edge in the market. For instance, in 2019, SMEG S.p.A
collaborated with Dolce & Gabbana S.r.l. for special styling of
Fab28 SMEG refrigerator, which was encouraged by old Sicilian art.
This collaboration was aimed at developing products in captivating
designs consumers would like to incorporate in their modular, open
commercial kitchen spaces. Furthermore, the pressing need to
conserve energy has compelled manufacturers to focus on the
development of energy-efficient appliances for commercial kitchens.
Appliances are being integrated with bidirectional internet of
things (IoT) connectivity. These connected appliances can
automatically alert kitchen staff to increase the preparation
uptime. Additionally, the increasing number of restaurants across
the globe is also driving the market. As per the National
Restaurant Association, the U.S region itself accounts for more
than 1 million restaurants of different kinds and sizes.
The COVID-19 breakout and the subsequent lockdowns imposed by
governments worldwide to minimize its communal spread at the
beginning of 2020 had a substantial negative impact on the market
for food service equipment. Various industries such as food and
beverage, travel and tourism, and hospitality have been severely
impacted by the temporary shutdown of manufacturing units,
transportation, and logistic operations. Relaxations announced by
several governments in the mid of 2020 led to the gradual increase
in the online delivery business and takeaway from restaurants and
hotels, resulting in some recovery of the food and beverage
industry.
Grand View Research has segmented the global food service
equipment market on the basis of product, end-user, and
region:
- Food Service Equipment Product Outlook (Revenue, USD
Billion, 2016 - 2028)
-
- Kitchen Purpose Equipment
- Cooking Equipment
- Food & Beverage Preparation Equipment
- Refrigeration Equipment
- Ware Washing Equipment
- Food Holding & Storing Equipment
- Others
- Food Service Equipment End-user Outlook (Revenue, USD
Billion, 2016 - 2028)
-
- Full Service Restaurant (FSR)
- Quick Service Restaurant (QSR)
- Institutional
- Others
- Food Service Equipment Regional Outlook (Revenue, USD
Billion, 2016 - 2028)
-
- North America
-
- Europe
-
- Asia Pacific
-
- Latin America
-
- Middle East & Africa (MEA)
List of Key Players of Food Service Equipment Market
- AB Electrolux
- Ali Group S.r.l. a Socio Unico
- Dover Corporation
- Duke Manufacturing
- Haier Group
- SMEG S.p.A.
- The Middleby Corporation.
Find more research reports on Electronic Devices
Industry, by Grand View Research:
- Kitchen Appliances Market – The global kitchen appliances
market size was valued at over USD 170
billion in 2014. Cost effective and energy efficient
products are expected to gain revenue share over the next seven
years owing to increasing government focus to curb energy
consumption.
- Food Safety Testing Market – The global food safety
testing market size was estimated at USD
18.0 billion in 2018, growing at a CAGR of 7.7% from 2019 to
2025.
- QSR Food Service Equipment Market – The global QSR food
service equipment market size was valued at USD 12.8 billion in 2019 and is projected to
expand at a compound annual growth rate (CAGR) of 5.5% from 2020 to
2027.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting
company, provides syndicated as well as customized research reports
and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425
analysts and consultants, adding more than 1200 market research
reports to its vast database each year. These reports offer
in-depth analysis on 46 industries across 25 major countries
worldwide. With the help of an interactive market intelligence
platform, Grand View Research helps Fortune 500 companies and
renowned academic institutes understand the global and regional
business environment and gauge the opportunities that lie
ahead.
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Grand View Research, Inc.
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