Published on : Feb 15, 2017
ALBANY, NY, FEb 15, 2017: According to the study, the food service equipment market is expected to expand at a 4.55% CAGR from 2016 to 2021. This growth of the market can be attributed to the rising per capita income of consumers leading to a significant rise in their disposable incomes as well. Factors such as rising concerns over health and food safety, need to upgrade or replace the existing equipment, and a low unemployment rate are also expected to steer the sales of food service equipment globally.
Food service equipment play a crucial role in storing and serving in hospitals, educational institutes, fast food joints, hotels, and restaurants. Furthermore, commercial refrigeration equipment aid in enhancing the shelf life of various food products. The growth of the market is further expected to be supplemented by the burgeoning number of restaurants and hotels. Additionally, the mounting demand for energy efficient and cost effective food serve equipment for the purpose of commercial refrigeration is also a facet triggering the mass adoption of food service equipment. The implementation of stringent regulations by food regulatory organizations is also contributing to the progress of the market.
However, there are possibilities that the growth of the market can be hindered by the need for high initial capital investment and complexities regarding the use structure of food service equipment. New opportunities are expected to be paved by the growing hospitality industry and opening out of food service operators across regions. The need for food service equipment in industrial kitchen and the advent of high-end modular kitchens are factors on which manufacturers can capitalize on.
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Based on product, the market has been segmented into food preparation, serving equipment, warewashing and sanitation equipment, storage and handling equipment, refrigeration and ice machine equipment, and cooking equipment. The segments gaining prominence in the market are refrigeration and ice machine equipment and washware equipment owing to the expanding industrial kitchen trend and rising concerns over energy-efficient products in the industrial sector.
Region-wise, the market can be segmented into Europe, North America, Asia Pacific, and the Rest of the World. Developing counties in the Asia Pacific region are likely to provide lucrative growth prospects for the market in future owing to growing industry verticals and hospitality sector. Some of the leading companies in the market are Dover Corporation, Rational AG, IMI Cornelius, Vollrath Company LLC, Standex International, Ali Group, The Middleby Corporation, ITW Food Equipment Group, and Manitowoc Foodservice.
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