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Food Service Equipment Market 2021 Reach Valued At $ 46.38 billion And Grow At A 4.1% CAGR Forecast To 2028 | Fortune Business Insights
Food Service Equipment Market 2021-2028
New study report " Food Service Equipment Market 2021 Global Market Opportunities, Challenges, Strategies, and Forecasts 2028" has been added to Fortune Business Insights.
Market Overview-
The global food service equipment market size is expected to gain momentum by reaching USD 46.38 billion by 2027 while exhibiting a CAGR of 4.1% between 2020 and 2027. The growth is attributable to the increasing number of restaurants and hotels across the globe. Additionally, the increasing awareness regarding food safety and quality is driving the demand for advanced equipment of food services. This information is published by Fortune Business Insights, in its latest report, titled, “Food Service Equipment Market Size, Share & COVID-19 Impact Analysis, By Equipment Type (Cooking & Preparation Equipment, Refrigeration Equipment, Warewashing Equipment, Storage & Handling Equipment, and Others), By Sales Channel (Online, and Offline), By End-user (Full Service Restaurant, Quick Service Restaurant, Hotels & Pub Bar Clubs, and Others) and Regional Forecast, 2020-2027.” The report further mentions that the market stood at USD 33.85 billion in 2019 and is projected to gain momentum in the forthcoming years.
Key Players-
The key players have an essential part to play in fostering the product improvement as per the demand of the consumers with ample supply in particular regions. The well-known brands are also acknowledged and aware of the potential links with the global Food Service Equipment Market 2021-2028 for showing a prominent place to the key players in the market.
Top Key Players in this market are:
Welbilt (New Port Richey, Florida)
The Middleby Corporation (Elgin, Illinois)
Ali Group S.r.l. (Milan, Italy)
Standex International Corporation (Salem, New Hampshire)
Hoshizaki America, Inc. (Peachtree City, Georgia)
FUJIMAK CORPORATION (Shinbashi, Tokyo)
ITW FOOD EQUIPMENT GROUP (Troy, Ohio)
Dover Corporation (Downers Grove, Illinois)
Duke Manufacturing (St. Louis, Missouri)
The Vollrath Company, LLC (Sheboygan, Wisconsin)
Haier Inc. (Qingdao, China)
Smeg S.p.A. (Guastalla, Italy)
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COMPETITIVE LANDSCAPE:
Middleby Partners up with Jon Taffer to Strengthen its Market Position
The global service machine equipment market is consolidated by the presence of major companies such as Standex International Corporation, Welbilt, and the Middleby Corporation, among others. These companies are partnering with the others to expand their presence and developing innovative food service equipment in the highly competitive global marketplace. For instance, in June 2020, Middleby announced its partnership with Taffer’s Tavern, a modern tavern concept developed by the award-winning chef Jon Taffer. According to the partnership, Middleby will use its automated and ventless cooking systems at Jon’s Kitchen of the Future concept.
The other key players are adopting strategies such as merger and acquisition, collaboration, and introduction of new products that are expected to drive the market growth during the forecast period.
SEGMENTATION:
Cooking & Preparation Equipment Segment Held 28.9% Market Share in 2019
The cooking & preparation equipment segment, based on by equipment, is expected to gain momentum owing to the increasing demand for the food service equipment across general and convenience stores. The segment held 28.9% market share in 2019.
REGIONAL INSIGHTS:
Asia-Pacific to Remain Dominant; Increasing Demand for Frozen Food Products to Aid Growth
Among all the regions, the market in Asia-Pacific is expected to remain dominant and hold the highest position in the global food service equipment market during the forecast period. This is attributable to the increasing demand for frozen food products in countries such as India, China, and Japan. The region stood at USD 8.80 billion in 2019.
North America is expected to showcase an exponential growth in the forthcoming years. This is ascribable to factors such as the rising number of restaurant joints in countries such as the U.S. and Canada. The growing demand for technologically advanced equipment is expected to further contribute to the growth of the market between 2020 and 2027.
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What does the Report Include?
The market report includes a detailed assessment of various drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides comprehensive insights into the regional developments of the market, affecting its growth during the forecast period. It includes information sourced from the advice of expert professionals from the industry by our research analysts using several research methodologies. The competitive landscape offers further detailed insights into strategies such as product launches, partnership, merger and acquisition, and collaborations adopted by the companies to maintain market stronghold between 2020 and 2027.
Table of Content:
Introduction
Executive Summary
Market Dynamics
Competition Landscape
Key Market Insights and Analysis, By Segments
Global Food Service Equipment Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
North America Food Service Equipment Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
Europe Food Service Equipment Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
Asia Pacific Food Service Equipment Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
Middle East and Africa Food Service Equipment Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
Latin America Food Service Equipment Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
Profiles of Key Players (Would be provided for 10 players only)
Continue….
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About Us:
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
At Fortune Business Insights™, we aim at highlighting the most lucrative growth opportunities for our clients. We therefore offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.
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