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Food Service Equipment Market Rising With Evergrowing Tourism Industry

10-13-2016 02:13 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: TMR Research Reports

High Capital Requirement Deters Small Players from Installing Advanced Food Service Equipment

The prohibitively high capital investment required to install top-notch food service equipment has restrained the growth of the global market. While large international players can afford to install advanced commercial refrigeration services, new players have to make do with older technology. This is a key restraint on the global food service equipment market, but is likely to be ameliorated over the forecast period.

Walk Ins to Remain Dominant Product Type

By product type, walk ins held the largest share in the revenue of the global food service equipment market in 2014. Walk ins are preferred by vendors due to the higher convenience they provide to customers and accounted for close to one million commercial refrigeration units in 2013. Even though walk ins are expected to remain the leading segment of the global commercial refrigeration equipment market till 2020, the beverage dispensers segment is likely to exhibit the highest growth rate of all product segments. Other major product types in the global commercial refrigeration market include ice machines, glass door merchandisers, refrigerated vending machines, commercial fridges/freezers. Ice cream cabinets, and blast freezers.

Advanced Technological Scenario Drives Demand for Food Service Equipment in North America

Regionally, North America was the largest market for food service equipment in 2013. The early establishment of the market in North America is a major driver for the regional market. North America’s position as the premier technological hub has also helped keep the regional commercial refrigeration industry at the cutting edge of technological innovation.

The major players in the global food service equipment market, according to Transparency Market Research, are Meiko, Ali Group, Fujimak Corporation, Hobart Corporation, Hoshizaki Electric Co. Ltd., Manitowoc Company Inc., Rational AG, Dover Corporation, Libbey Inc., Electrolux AB, Vollrath Co., Tupperware Brands Corporation, Duke Manufacturing Co. Inc., Cambro Manufacturing Company, Inc., Middleby Corporation, Alto Shaam Inc., and Dispensing Dynamics International inc.

The major driver for the global food service equipment (commercial refrigeration) market is the increasing presence of the hospitality industry. With the growing availability of urban infrastructure in developed regions and the rising disposable income of consumers, the hospitality industry is experiencing steady growth all over the world. The increasingly hectic lifestyle of urban consumers is also forcing them to eat out regularly, which is another factor driving the demand for commercial refrigeration services.

According to Transparency Market Research, the global food service equipment market was valued at US$31.5 bn in 2013. Exhibiting a steady 4.80% CAGR between 2014 and 2020, the valuation of the market is likely to rise to US$44.3 bn. This information is taken from a market study titled ‘Food Service Equipment (Commercial Refrigeration) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020.’

Food Service Equipment (Commercial Refrigeration) Market: By product type

Ice machines
Refrigerated vending machines
Beverage dispensers
Glass Door Merchandisers (GDMs)
Commercial fridges/freezers
Blast freezers
Ice cream machines
Ice cream cabinets
Walk ins
Others

Transparency Market Research (TMR) is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather and analyze information.

Transparency Market Research
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Albany, NY 12207
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: http://www.transparencymarketresearch.com

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