Global Food Service Equipment Market will multiply at an impressive CAGR of 5.7% by 2023 & Top Key Players AB Electrolux, Hobart Corporation, Manitowac Company Inc., Fujimak Corporation, Duke Manufacturing Co. Inc., Rational AG

The food service equipment market is segmented by product into food preparation equipment, drink preparation equipment, cooking equipment, heating & holding equipment, refrigerators & chillers and wash ware. Among these segments, the drink preparation equipment and cooking equipment accounted for maximum market share and cumulatively accounted for USD 12.56 Billion in 2015 and are estimated to witness significant growth over the forecast period. This can be attributed to cost-effectiveness and availability of advanced energy efficient equipment.

The global market of food service equipment accounted for USD 28.8 Billion in 2015 and is estimated to reach market valuation of USD 45.2 Billion by 2023 by expanding at a significant compound annual growth rate of 5.7% over the period 2016-2023. Factors such as rapid growth in urbanization leading to busy schedule of working population, rising concern towards sanitation and less time consuming requirement are anticipated to boom the food service equipment market by noteworthy revenue by the end of 2023.
In the regional segment, North America represented the largest share in overall food service equipment market in previous years and is anticipated to continue its dominance over the forecast period owing to rapid urbanization and growing hospitality services across the region. Factors such as rising adoption of economical and technically advanced food service equipment and presence of emerging nations such as India, China among others are estimated to make Asia Pacific as the second largest share contributor in food service equipment market across the globe.

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Hospitality Sector Reflects Significant Opportunities

The growth of the market is driven by rising urbanization leading to hectic lifestyle of working population and their rising concern towards health and hygiene. Further, availability of advanced multi-tasking food service equipment with internet connectivity combined with rise in hotels, food junctions and hospitals in order to deliver best quality food are anticipated to supplement the growth of food service equipment market globally.

However, high installation cost and complexities related to food service equipment is likely to inhibit the growth of the food service equipment market in the near future.

The report titled “Food Service Equipment Market: Global Demand Analysis & Opportunity Outlook 2023” delivers detailed overview of the food service equipment market in terms of market segmentation by product, by end -user and by region.

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Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.

This report also provides the existing competitive scenario of some of the key players of the food service equipment market which includes company profiling of AB Electrolux, Hobart Corporation, Manitowac Company Inc., Fujimak Corporation, Duke Manufacturing Co. Inc., Rational AG and others.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the food service equipment market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

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