Food Service Equipment Market | 2022 Size, Growth Insights, Share, COVID-19 Impact, Emerging Technologies, Key Players, Competitive Landscape, Regional and Global Forecast to 2029

Food Service Equipment Market 2022-2029

New study report” Food Service Equipment Market 2022 Market Opportunities, Challenges, Strategies, and Forecasts 2029″ has been added to Fortune Business Insights.

Market Overview:

At the beginning of a recently published report on the Food Service Equipment Market 2022-2029, extensive analysis of the industry has been done with an insightful explanation. The overview has explained the potential of the market and the role of key players that have been portrayed in the information that revealed the applications and manufacturing technology required for the growth of the Food Service Equipment market.

The global food service equipment market size is expected to gain momentum by reaching USD 46.38 billion by 2029 while exhibiting a CAGR of 4.1% between 2022 and 2029. 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.

Various segments of the market have been divided into different divisions. They have been depicted maximum share and profit maximization of the market during the forecasting period of 2022 to 2029. This is mentioned in the report too. Depending on the information, it has been recognized with different data and figures offered by the analysis of the overall understanding of the market place and value. Various distinctive features involve the market’s knowledge based on the factors like the demographic changes, market dimensions, historical details, and market overviews. The research is also included in the strategic movements that are undertaken by the top-notch markets. Moreover, these key players affect the market growth and the profit rate of the overall market. In this report, the internal dimensions and assessments of the Food Service Equipment market are revealed. The study of the Food Service Equipment market’s description has been taking place during the 2022 period and the last year of the foreseen period that extends to 2029.

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List of Key Players Covered in the Food Service Equipment Market Report:

Welbilt
The Middleby Corporation
Ali Group S.r.l.
Standex International Corporation
Hoshizaki America, Inc.
FUJIMAK CORPORATION
ITW FOOD EQUIPMENT GROUP
Dover Corporation
Duke Manufacturing
The Vollrath Company, LLC
Haier Inc.
Smeg S.p.A.
COVID-19 Effect: Disruptions in Food Supply Chain to Hamper Growth

According to the Shanghai Composite index, the food service sector is expected to showcase a downfall of about 8% during the Lunar New Year holiday. The entire food sector is battling the crisis that has led to a complete halt of the hospitality business owing to the lockdown announced by the government agencies. The total shutdown of hotels and restaurant has led to an unprecedented economic loss. However, the hospitality industry is expected to gain normalcy by adhering to strict hygiene guidelines and safety regulations for the workers that is expected to boost the market growth in the near future.

Food service equipment includes food preparation commodities such as ovens, cutlery, and furniture, among others that improve the overall ambiance of the hospitality space. This equipment forms an integral part of the food and beverage sector. There are several advanced and energy-efficient service equipment available in the market that aid in efficient storage and handling of food products.

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Market Driver:

Increasing Number of Restaurants to Bolster Growth

According to a report by the IBISWorld, it is estimated that there are over 102, 389 restaurant chains across the U.S. in 2020. It is expected to rise exponentially in the forthcoming years. The growing urbanization and the increasing high disposable income among the working population are leading to the trend of eating food across hotels and restaurants. Additionally, changing taste preferences and the availability of different world cuisines is anticipated to drive the demand for this equipment across the globe. The increasing adoption of advanced food service machinery is further expected to bode well for the growth of the global food service machine market 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 Analysis:

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.

Key Industry Development:

July 2018 – Welbilt, a global food service equipment manufacturer, announced its agreement with NextGen Procurement Group that involves the procurement of advanced equipment that include refrigerators, steam, and other serving systems.
Major Table of Content:



Introduction
Executive Summary
Market Dynamics
Key Insights
Food Service Equipment Market Analysis, Insights and Forecast, 2022-2029
North America Food Service Equipment Market Analysis, Insights and Forecast, 2022-2029
Europe Food Service Equipment Market Analysis, Insights and Forecast, 2022-2029
Asia Pacific Food Service Equipment Market Analysis, Insights and Forecast, 2022-2029
Middle East and Africa Food Service Equipment Market Analysis, Insights and Forecast, 2022-2029
Latin America Food Service Equipment Market Analysis, Insights and Forecast, 2022-2029
Market Share Analysis, By Key Players, 2022
Competition Matrix
Company Profile
Continue….

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