Food Service Equipment Market Pegged to Expand Robustly During 2019-2023

Posted by Rishikesh Kurane on May 14th, 2019

Equipment used for processing or handling food for commercial purposes is called food processing equipment (FSE). Equipments used for peeling, grinding, cooling, and roasting are all considered as food service equipment. Different types of equipments are used in the food industry such as food preparation equipment, drink preparations equipment, cooking equipment, refrigerators, chillers, and heating & holding equipment.

With a proliferation witnessed in the hospitality industry, the foodservice equipment market is expected to showcase phenomenal growth during the forecast period. Further food safety posing as a primary priority, the demand professional food service equipment has witnessed augmentation in the last few years and is predicted to do the same in the foreseeable future. The global foodservice equipment is expected to garner a robust CAGR of 5.16% during the forecast period, as projected by Market Research Future. The rise in the number of hotels, restaurants, catering businesses is expected to propel demand for foodservice equipment further. With stringent government and FDA regulations for the maintenance of cleanliness and hygiene in food preparation facilities, as well as for the reduction of fluorinated greenhouse gases during the preparation or processing of such food, the market for foodservice equipment market is expected to flourish phenomenally.

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Segmentation

The global foodservice equipment is segmented by product and end-user. By end-user, the market is segmented into full-service restaurants, quick service restaurants, caterers, and hotels & clubs. full-service restaurants and hotel segments are anticipated to garner highest market growth during the assessment period, as prognosticated by Market Research Future. One of the factors to such growth includes a growing inclination of consumers towards new cuisines. This has led to proliferated demand for foodservice equipment in full-service restaurants. The quick-service restaurant's segment is prophesied to witness at the highest CAGR owing to a rise in the consumer preference for fast food, an increase in working women and the increase in the disposable income of general populace.

Based on product, the foodservice equipment market is segmented into cooking equipment, warewashing equipment, food holding & serving equipment, and storage & handling equipment. The segment of cooking equipment is expected to witness substantial growth during the forecast period owing to a growing trend of creative cooking and food presentation. Alternatively, the storage & handling equipment segment is anticipated to witness the highest growth in the global market during the assessment period.

Detailed Regional Segmentation

The global foodservice equipment market is regionally segmented into North America, the Asia Pacific (APAC), Europe, and Rest of the World (RoW). North America is expected to dominate the foodservice equipment market owing to increased adoption of advanced technology in the food & beverage sector, the latent demand for processed food and proliferated development of the hospitality sector in the region. The Asia Pacific is anticipated to follow North America and hold the second largest share in the foodservice equipment market during the forecast period. Alternatively, the Asia Pacific is expected to garner growth at a faster rate than North America. The booming tourism industry, augmentation of the hospitality industry in the Asia Pacific are also some factors contributing to the growth of the foodservice equipment market during the assessment period. The Rest of the World (RoW) is expected to witness positive growth during the review period due to an emerging shift in consumer spending patterns.

Key Players

Market Research Future has profiled many key players from the global foodservice equipment in their published report. Some of the noteworthy players include Meiko (Germany), Ali Group S.p.A (Italy), Manitowoc Company Inc. (U.S.), Dover Corporation (U.S.), Tupperware Brands Corporation (U.S.),  Electrolux AB (Sweden), Hobart Corporation (U.S.), Fujimak Corporation (Japan), Hoshizaki Electric Co., Ltd. (Japan), and Duke Manufacturing Co. Inc. (U.S.).

Industry Update

October 2018: FEM announced its launch of a modular holding bin that provides maximum flexibility to operators and is designed to hold hot food for extended periods in prime condition. These bins can be stacked, expanded horizontally or individually which can handle up to 25 units. Major customers of FEM include McDonald’s, Burger King, and KFC franchises around the world.

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