Scope of the Study
Food Service Equipment market comprises of any and all products that assist in preparation, ordering, storage, and delivery of food across restaurants, households, and other places. These culinary equipment are expected to witness lucrative growth over the forecast period, owing to rapidly growing food industry, rising adoption of IT within the industry and shifting lifestyle of consumers leading to increase in outside culinary experiences.
The market study is being classified by Type (Food Preparation Equipment, Drink Preparation Equipment, Cooking Equipment, Heating and Holding Equipment, Storage Equipment and Others), by Application (Hotels, Restaurants & Bars, Household, Catering and Institutional) and major geographies with country level break-up. According to AMA, the Global Food Service Equipment market is expected to see growth rate of 5.6% and may see market size of USD50.0 Billion by 2024.
Haier (China), Electrolux AB (Sweden), Hoshizaki America, Inc. (United States), Ali Group (Italy), Welbilt, Inc. (United States), Dover Corporation (United States), Middleby Corporation (United States), RATIONAL (Germany), Standex International Corporation (United States), The Vollrath Company, LLC (United States), Duke Manufacturing (United States), Alto-Shaam, Inc. (United States) and Boelter (United States) are some of the key players profiled in the study. Additionally, the Vendors which are also part of the research are Illinois Tool Works (United States), True Manufacturing Co., Inc. (United States), ITW Food Equipment Group (United States), Somerset Industries, Inc. (United States) and American Panel Corporation (United States).
Industry players are frequently associated with agencies such as the North American Association of Food Equipment Manufacturers (NAFEM) to help them be abreast with regulations, industry certification and safety norms, which help them maintain quality and promote higher sales. Research Analyst at AMA predicts that United States Vendors will contribute to the maximum growth of Global Food Service Equipment market throughout the predicted period.
AdvanceMarketAnalytics has segmented the market of Global Food Service Equipment market by Type, Application and Region. On the basis of Type, Cooking Equipment are dominating the market in the year 2018 where as Storage stood as second largest market share.
On the basis of application, Hotels segment is dominating the market in the year 2018 where as Restaurants and Bars segment stood as second largest market.
On the basis of geography, the market of Food Service Equipment has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Sweden, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). United States region held largest market share in the year 2018. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement.
- Growing Demand for Automated Process within Commercial Kitchens
- Increasing Application of Multi-function and Internet Enabled Equipment
- Rapidly Changing Digital Scenario
- Initiatives by Industry Players to Develop Energy Efficient Equipment
- High Cost for Development of Customized Equipment
- Growth of Ancillary Market such as Restaurant Automation Systems, Supporting Industry Growth
- Provision of After Sale Services for the Repair and Maintenance of the Equipment
Market Leaders and their expansionary development strategies
In December 2018, EVO America, Inc. was acquired by Middleby Corporation, owing to their specialized range of ventless cooking equipment. and In the same month, Middleby Corporation also acquired, Crown Food Service Equipment, Ltd. a company located in Canada catering to manufacturing of steam cooking equipment. Such acquisition is expected to expand the companies product portfolio, thereby bolstering their market presence.
In April 2018, Welbelt, Inc., Hoshizaki America, True Manufacturing Co., Inc. and ITW Food Equipment Group were awarded the Energy Star Award owing to their initiatives to manufacture energy efficient food service equipment. and In anticipation of the rising demand for these products, it may also be concluded that expansion of existing players and penetration of new market entrants are expected to be seen over the forecast period. For instance, in July 2018, Welbilt, Inc. inaugurated a new facility in Russia to expand its foothold within the region. The facility also incorporates a demonstration kitchen.
Routine amends are performed by government agencies for food regulations which must be complied by the industry players. For instance, in June 2018, ACP, Inc, a sub-division of Ali Group achieved the ISO 9001:2015 certificate for their range of heating ovens. This certification states the high level of performance and ease of utility of these ovens for commercial use.
Key Target Audience
Food Equipment Manufactures, Potential Investors, Restaurant owners and Regulatory bodies
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