Rising Demand Drives Food Serving Equipment Market: CAGR of 6.2% and US$ 6,934.7 Million Forecast by 2033

The Food Serving Equipment Market is experiencing significant growth worldwide, driven by the rapid expansion of the hotel sector and the exponential increase in food service enterprises, particularly in European and Asian nations. As the hotel industry continues to flourish, there is a rising demand for efficient and modern food serving equipment to cater to the needs of guests and customers.

During the projected period (2023-2033), the global food serving equipment market is expected to grow at a CAGR of 6.2%. The food serving equipment market size is projected to reach a valuation of US$ 3,800 Million in 2023 and US$ 6,934.7 Million by the end of 2033.

The rapidly expanding hotel sector throughout the world is fueling the food serving equipment market. Exponentially increasing number of food service enterprises, especially in European and Asian nations, can also be attributed to the rising need for this type of equipment.

Modern, energy-efficient service equipment is necessary for restaurants, hotels, and catering businesses to maintain continuous operations in the kitchen. Additionally, increased standard of living brought on by growing consumer disposable income is fueling the food serving equipment market expansion.

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Over the past two decades, the restaurant industry has continually grown, thereby creating new opportunities for key players in the commercial food warming & serving equipment market. Presence of a large number of fast food restaurants in both developed and developing countries is another crucial factor that is projected to boost the global food serving equipment market in the next ten years.

Moreover, rapid expansion of the hospitality sector, rising demand for takeaways, and changing food consumption patterns are expected to augur well for the global market. Stringent consumer safety norms, urgent need for eco-friendly & sustainable equipment, and ongoing digitization are some of the other key factors pushing the global food serving equipment market.

Key Takeaways from the Food Serving Equipment Market Study:

• During the historical period from 2018 to 2022, the global food serving equipment market exhibited steady growth at a CAGR of 6%.

• The food serving equipment market in the U.S. is estimated to be worth about US$ 875.5 Million by the end of 2033.

• In the next ten years, the U.K. is estimated to account for around 23% of share in the Europe food serving equipment market.

• The China food serving equipment market is set to be worth over US$ 255.4 Million, accounting for 32% of the Asia Pacific market share.

• The food serving equipment market size is projected to reach a valuation of US$ 3,800 Million in 2023.

"Ongoing technological advancements with the help of continuous research and development (R&D) activities are likely to help appliance companies to deliver highly efficient products to their clients. Demand for unique food serving equipment is also expected to surge in the evaluation period with emergence of multiple casual restaurant chains across Europe, Asia Pacific, North America, and Latin America," says a lead analyst at Future Market Insights.

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Competitive Landscape: Food Serving Equipment Market

Key companies in the global food serving equipment market are AB Electrolux, Ali Group S.r.l. a Socio Unico, Dover Corporation, Duke Manufacturing, and Dover Corporation.
North America currently holds the largest market share, and this region is expected to continue to expand during the projection period. This can mainly be attributed to the region's growing population and rising disposable income levels. Furthermore, the region's food serving equipment market is expected to grow at a fast pace in the next ten years due to a favorable legal and regulatory environment.

Get Valuable Insights into Food Serving Equipment Market

FMI, in its new offering, provides an unbiased analysis of the food serving equipment market presenting historical demand data (2018-2022) and forecast statistics for the period from (2023-2033). The study divulges compelling insights on the demand for food serving equipment market based on product type (kitchen purpose equipment, refrigeration equipment, ware washing equipment, food holding & storing equipment), end user (¬full-service restaurants, quick service restaurants, hotels, airports, railways, hospitals, schools, supermarkets & delis), and region.

Food Serving Equipment Market Outlook by Category

By Product Type:
• Kitchen Purpose Equipment
• Refrigeration Equipment
• Ware Washing Equipment
• Food Holding & Storing Equipment

By End User:
• Full-Service Restaurants
• Quick Service Restaurants
• Hotels
• Airports
• Railways
• Hospitals
• Schools
• Supermarkets & Delis

By Region:
• North America
• Latin America
• Europe
• East Asia
• South Asia
• Oceania
• Middle East & Africa (MEA)

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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.