Foodservice Equipment Market Growth Probability, Leading Vendors and Future Scen

Posted by Fred Williams on January 24th, 2022

The global food service equipment market (commercial refrigeration) is predicted to witness a number of growth opportunities in the coming years, as reported by Transparency Market Research (TMR). Currently, the competitive landscape of the global food service equipment market is featured by fragmentation, due to the presence of numerous large-scale as well as small-scale players. The market is highly competitive, and the players are expected to be highly dynamic in their approach.

A number of vendors are seen focusing on ensuring customer loyalty, efficient product distribution, and regulation of food prices. Key strategies being adopted by the market participants are expansion to unexplored markets and regions, mergers and acquisitions, and partnerships in order to thrive in the international market. Launch of novel. Innovative products is also expected to be a rage among vendors. For instance, recently, AB Electrolux introduced a new range of kitchen products named ‘Mastery’, which comprise of flexible door storage and hands free hoods. Manufacturers are focusing on developing refrigeration products, which helps to minimize the greenhouse gas emission and reducing energy consumption. Therefore, the players are switching to green refrigerants including CO2, ammonia, and water vapor to develop the products. Prominent vendors in the global foods service equipment market include Hobart Corporation, Duke Manufacturing Co. Inc., Ali Group, Hoshizaki Electric Co., and Manitowoc Company Inc.

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According to TMR’s report, the global food service equipment (commercial refrigeration) market is prognosticated to reach US.3 bn by 2020, from US.5 bn in 2013. The market is forecasted to exhibit a solid 4.8% CAGR over the forecast period 2014 to 2020.