Food Service Equipment Market: Emergence of advanced technologies and global industry analysis

Global food service equipment (commercial refrigeration) market was valued at USD 31,544 million in 2013, growing at a CAGR of 4.8% from 2014 to 2020. Food service equipment (commercial refrigeration) plays an important role in serving and storing in restaurants, hotels, fast food joints, educational institutes and hospitals among others. Moreover, commercial refrigeration equipments help in increasing shelf life of the products. Increasing number of hotels and restaurants globally is directly influencing the growth of food service equipment (commercial refrigeration) market. In addition, increasing demand for cost effective and energy efficient food service equipment for commercial refrigeration is further contributing to market growth positively throughout the forecast period. Moreover, growth of food service equipment (commercial refrigeration) market is attributed to rise in rules and regulations set by the food regulatory bodies.

However, requirement of high capital investment upfront and complexities involved in usage of food service (commercial refrigeration) equipment are hindering the market growth. Overall the food service equipment (commercial refrigeration) market is expected to grow significantly during the forecast period attributed to growth in hospitality industry across the globe. Moreover, geographical expansion of food service operators across the globe is paving new opportunities for food service equipment (commercial refrigeration) manufacturers.

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The global food service equipment (commercial refrigeration) market by type is categorized into ice machines, refrigerated vending machines, beverage dispensers, glass door merchandisers (GDMs), commercial fridges/freezers, blast freezers, ice cream machines, ice cream cabinets, walk ins and others. In terms of revenue, the walk ins segment held the highest market share in 2014 and is expected to continue its dominance throughout the forecast period. However, beverage dispensers have the highest growth potential during the forecast period.

The global food service equipment (commercial refrigeration) market is segmented by regions into North America, Latin America, East (Europe), South West (Europe), North West (Europe), Central (Europe), Asia Pacific, Russia, China, India and Turkey & MEA. The growth of food service equipment (commercial refrigeration) market is primarily driven by the growing hospitality industry across the globe. In addition, increasing demand for hygienic food products is further driving the growth of food service equipment (commercial refrigeration) market during the forecast period. Furthermore, need for energy efficient food service equipment is fueling the growth of this market. The market for food service equipment (commercial refrigeration) is expected to boom in regions such as Asia, the Middle East, Eastern Europe, Russia, Latin America and Africa.

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In 2014, North America held the largest market share in terms of revenue among other regions and it is expected to maintain its dominance throughout the forecast period. Already established hospitality industry in North America is considered as the major factor leading to the dominance of this region. In addition, technological advancement in the field of food service equipment is further driving the growth of North America food service equipment (commercial refrigeration) market. However, China is analyzed as the fastest growing region during the forecast period. The growth of food service equipment (commercial refrigeration) market in this region is attributed to the growing economy of China and rapid expansion of hospitality industry. Moreover, infrastructure developments such as hotels and restaurants in growing economies of Asia and Latin America are leading to the market growth during the forecast period.

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Some of the major players in the global food service equipment (commercial refrigeration) market are: Ali Group (Italy), Meiko (Germany), Hobart Corporation (U.S.), Manitowoc Company Inc. (U.S.), Fujimak Corporation (Japan), Hoshizaki Electric Co., Ltd. (Japan), Libbey Inc. (U.S.), Dover Corporation (U.S.), Duke Manufacturing Co. Inc. (U.S.), Electrolux AB (Sweden), Tupperware Brands Corporation (U.S.), Vollrath Co. (U.S.), Middleby Corporation (U.S.) and Rational AG (Germany) among others.

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