Food Service Equipment Market Set to Reach $44,810.8 Million by 2027, Driven by Rising Demand in Hospitality Industry.

According to a new report published by Allied Market Research, titled, "Food Service Equipment Market by Product Type and End Use: Opportunity Analysis and Industry Forecast, 2021-2027," The global food service equipment market size was valued at $34,252.0 million in 2019, and is projected to reach $44,810.8 million by 2027, registering a CAGR of 5.7% from 2021 to 2027.

𝐆𝐞𝐭 𝐅𝐮𝐥𝐥 𝐀𝐜𝐜𝐞𝐬𝐬 𝐭𝐨 𝐒𝐚𝐦𝐩𝐥𝐞 𝐂𝐨𝐩𝐲 : https://www.alliedmarketresearch.com/request-sample/1597

Food service equipment provides the ease of food preparation, in addition to food safety in the commercial kitchens. Products such as refrigerators & freezers, display cabinets, cutlery, and bakery oven are offered by prime companies, ensuring premium quality and low maintenance cost. Moreover, these equipment are necessary for providing food & beverage services by commercial kitchens including restaurants, hotels, and quick service restaurants. This in turn has fueled the food service equipment market demand in terms of value sales.

The global food service equipment market plays a crucial role in facilitating food preparation, ensuring food safety, and supporting commercial kitchens with essential products. This includes a range of equipment such as refrigerators, freezers, display cabinets, cutlery, and bakery ovens. These products, offered by leading companies, are designed for premium quality and low maintenance cost, catering to the needs of commercial kitchens in restaurants, hotels, and quick-service establishments.

The outbreak of COVID-19 significantly impacted the food service equipment market as it is closely tied to the hospitality sector. With the shutdowns and restrictions imposed on the hospitality industry, including full-service restaurants, pubs, bars, and quick-service restaurants, the sales of food service equipment witnessed a substantial decline.

Despite the challenges posed by the pandemic, the growth of the hospitality industry is expected to drive the food service equipment market. Factors such as the rise in business-related travel, urbanization, and the increasing number of food joints like hotels and restaurants contribute to the demand for food service equipment. Changes in food habits, a busy lifestyle, and the demand for ready-to-eat meals have further fueled the growth of the hospitality industry and, consequently, the food service equipment market.

𝐈𝐧𝐪𝐮𝐢𝐫𝐞 : https://www.alliedmarketresearch.com/purchase-enquiry/1597

Innovation in kitchen equipment driven by changes in food consumption trends and the need to reduce food wastage has become a significant driver for the food service equipment market. Continuous developments in cooling technologies, coupled with favorable government regulations promoting eco-friendly appliances, are expected to create new opportunities for manufacturers. However, the higher installation cost, especially in developing regions, may act as a restraint to adoption.

Noteworthy trends in the food service equipment market include visually appealing equipment, multi-functional appliances to save kitchen space, and the incorporation of technology such as IoT (Internet of Things) in equipment design. Brighter colors, sleek designs, and touch screens are gaining popularity, while multi-functional equipment that can perform various cooking methods is becoming a trend to address space constraints in kitchens.

The demand for advanced food service equipment, including automated cooking and beverage systems, touchless pick-up and delivery equipment, cloud-based IoT solutions, and other innovations addressing the evolving foodservice environment, is expected to contribute significantly to the market's growth.

The global food service equipment market is segmented based on product type (cooking equipment, storage and handling equipment, ware washing equipment, serving equipment), end use (full-service restaurants and hotels, quick-service restaurants, catering), and region (North America, Europe, Asia-Pacific, and LAMEA). This segmentation provides a comprehensive overview of the diverse market landscape, catering to the unique needs of different sectors within the food service industry across various regions.

𝐓𝐚𝐥𝐤 𝐭𝐨 𝐨𝐮𝐫 𝐄𝐱𝐩𝐞𝐫𝐭 : https://www.alliedmarketresearch.com/connect-to-analyst/1597

Product Type Dominance: The cooking equipment segment held the highest market share in 2019, and it is expected to continue growing at a CAGR (Compound Annual Growth Rate) of 5.3% from 2021 to 2027. This indicates a significant demand for cooking-related equipment in the food service industry.

End Use Scenario: The full-service restaurants and hotels segment occupied the maximum market share in 2019, and it is projected to maintain its dominance throughout the forecast period. This suggests that the demand for food service equipment is particularly high in establishments offering full-service dining and accommodation.

Regional Market Share: North America accounted for the highest market share in 2019, and it is expected to grow at a CAGR of 4.0% during the forecast period. This signifies the strong presence and continuous growth of the food service equipment market in North America.

Key Players and Strategies: Major players in the global food service equipment industry, including Duke Manufacturing Co. Inc., Electrolux, Dover Corporation, Illinois Tool Works (ITW), Inc., Ali Group S.r.l. a Socio Unico, Welbilt, Inc., Middleby Corporation, Alto-Shaam, Inc., Comstock-Castle Stove Co., Inc., and Cambro Manufacturing Co. Inc., are employing key strategies such as product launches, collaborations, acquisitions, business expansions, and partnerships to overcome competition and enhance their market share worldwide.

𝐌𝐚𝐤𝐞 𝐚 𝐃𝐢𝐫𝐞𝐜𝐭 𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐞 : https://www.alliedmarketresearch.com/checkout-final/aaab364d25f6a436adae809132b821dd

These key findings provide insights into the current market dynamics, growth trends, and competitive strategies within the global food service equipment industry.

𝐂𝐨𝐧𝐭𝐚𝐜𝐭

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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