foodservice equipment market is anticipated to expand at a steady CAGR of 5.2% during 2016-2024

Foodservice equipment (FSE) are widely used in commercial settings, for food handling and processing applications. Although more popular in full-service restaurants, FSE are also gaining remarkable traction in quick-service restaurants. With widespread adoption in restaurant settings based in developed countries, foodservice equipment are expected to witness an expanding market in developing countries as well.

Future Market Insights maintains a positive outlook toward the market for foodservice equipment. The global foodservice equipment market is expected to witness steady growth over 2016-2024, at a CAGR of 5.2%. The market revenues, valued at US$ 27.69 Bn in 2015, will spike up to US$ 42.92 Bn by 2024 end.

Some of the recently observed trends shaping the FSE market include:

Using High-tech Equipment in Restaurant Kitchens

Consumers today are foodie yet health conscious. A shift in dietary habits raises the demand for clean, hygienic, nutritious, and indulgent food is increasing worldwide, eventually triggering a transformation in the foodservice equipment industry. Restaurant owners are increasingly incorporating innovative equipment in order to cater to ever-growing consumer demands. A new trend in market includes using energy-efficient, advanced technology equipment in restaurant kitchens.

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Inclination toward Grab-and-go Food

One of the most popular trends in the foodservice industry today, is grab-and-go or takeaway food. Consumers are increasingly preferring pick-up grab-and-go foodservice as an added convenience to cope with a fast-paced lifestyle. This alternative over conventional restaurants, offers a higher and faster food accessibility level. A growing trend of takeaway food among consumers in developed as well as developing countries is foreseen to strengthen the FSE market in fast-casual restaurant settings.

foodservice equipment

Technology Integration in Food Settings

Serving the generation Z consumers is the new challenge for the FSE industry; using customised foodservice equipment is a growing trend in market. Moreover, free Wi-Fi, online food ordering facility, digital menu boards and tables, and many more technological additions are being adopted by various restaurant owners and foodservice operators.

Foodservice Equipment Market: Analysis and Forecast by Segmentation

By product type, cooking equipment and baking equipment segments will continue to gain the highest traction, followed by dishwashers. Sales revenues of the cooking equipment segment and food and drink preparation equipment segment cumulatively reached a value of US$ 13.72 Bn in 2015. The food and drink preparation equipment segments are likely to gain an uptick over the forecast period. Based on end-user, full-service restaurants will retain the largest market for FSE, generating revenues worth US$ 19.1 Bn accounting for over 68% share in 2016. The market in quick-service restaurants is anticipated to mushroom rapidly, whereas hotels and club restaurants, and caterers will continue to sustain the market with sound demand for FSE.

Foodservice Equipment Market: Analysis and Forecast by Geography

By region, North America, Europe, and Asia Pacific will remain the key markets attracting the maximum revenues. North America currently accounts for the largest share. However, APAC is expected to witness discernible growth over the forecast period and North America is expected to see a decline in terms of revenues. By 2024 end, APAC is likely to contribute over 34% share, whereas Europe and North America will account for over 27% and over 26% value shares respectively.

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Key Players Analysis

Some major companies participating in the global market for foodservice equipment, are AB Electrolux, Libbey Inc., Tupperware Brands Corporation, Fujimak Corporation, Duke Manufacturing Co. Inc., Cambro Manufacturing Company, Inc., Vollrath Co., Hoshizaki Electric Co., Ltd., Dover Corporation, and Rational AG. However, the three most prominent players include Manitowoc Foodservice Inc, Middleby Corporation, and Ali S.p.A, Hobart Corporation. The three key companies collectively contribute around 11.2% share to the total market revenues. In order to penetrate regional markets through strong distribution networks, key companies are increasingly acquiring domestic players.

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This release was published on openPR.