Pune, Sept. 11, 2020 (GLOBE NEWSWIRE) -- The global food service equipment market size is expected to gain momentum by reaching USD 46.38 billion by 2027 while exhibiting a CAGR of 4.1% between 2020 and 2027. The growth is attributable to the increasing number of restaurants and hotels across the globe. Additionally, the increasing awareness regarding food safety and quality is driving the demand for advanced equipment of food services. This information is published by Fortune Business Insights, in its latest report, titled, “Food Service Equipment Market Size, Share & COVID-19 Impact Analysis, By Equipment Type (Cooking & Preparation Equipment, Refrigeration Equipment, Warewashing Equipment, Storage & Handling Equipment, and Others), By Sales Channel (Online, and Offline), By End-user (Full Service Restaurant, Quick Service Restaurant, Hotels & Pub Bar Clubs, and Others) and Regional Forecast, 2020-2027.” The report further mentions that the market stood at USD 33.85 billion in 2019 and is projected to gain momentum in the forthcoming years.
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COVID-19 Effect: Disruptions in Food Supply Chain to Hamper Growth
According to the Shanghai Composite index, the food service sector is expected to showcase a downfall of about 8% during the Lunar New Year holiday. The entire food sector is battling the crisis that has led to a complete halt of the hospitality business owing to the lockdown announced by the government agencies. The total shutdown of hotels and restaurant has led to an unprecedented economic loss. However, the hospitality industry is expected to gain normalcy by adhering to strict hygiene guidelines and safety regulations for the workers that is expected to boost the market growth in the near future.
Food service equipment includes food preparation commodities such as ovens, cutlery, and furniture, among others that improve the overall ambiance of the hospitality space. This equipment forms an integral part of the food and beverage sector. There are several advanced and energy-efficient service equipment available in the market that aid in efficient storage and handling of food products.
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What does the Report Include?
The market report includes a detailed assessment of various drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides comprehensive insights into the regional developments of the market, affecting its growth during the forecast period. It includes information sourced from the advice of expert professionals from the industry by our research analysts using several research methodologies. The competitive landscape offers further detailed insights into strategies such as product launches, partnership, merger and acquisition, and collaborations adopted by the companies to maintain market stronghold between 2020 and 2027.
DRIVING FACTORS
Increasing Number of Restaurants to Bolster Growth
According to a report by the IBISWorld, it is estimated that there are over 102, 389 restaurant chains across the U.S. in 2020. It is expected to rise exponentially in the forthcoming years. The growing urbanization and the increasing high disposable income among the working population are leading to the trend of eating food across hotels and restaurants. Additionally, changing taste preferences and the availability of different world cuisines is anticipated to drive the demand for this equipment across the globe. The increasing adoption of advanced food service machinery is further expected to bode well for the growth of the global food service machine market during the forecast period.
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SEGMENTATION:
Cooking & Preparation Equipment Segment Held 28.9% Market Share in 2019
The cooking & preparation equipment segment, based on by equipment, is expected to gain momentum owing to the increasing demand for the food service equipment across general and convenience stores. The segment held 28.9% market share in 2019.
REGIONAL INSIGHTS:
Asia-Pacific to Remain Dominant; Increasing Demand for Frozen Food Products to Aid Growth
Among all the regions, the market in Asia-Pacific is expected to remain dominant and hold the highest position in the global food service equipment market during the forecast period. This is attributable to the increasing demand for frozen food products in countries such as India, China, and Japan. The region stood at USD 8.80 billion in 2019.
North America is expected to showcase an exponential growth in the forthcoming years. This is ascribable to factors such as the rising number of restaurant joints in countries such as the U.S. and Canada. The growing demand for technologically advanced equipment is expected to further contribute to the growth of the market between 2020 and 2027.
COMPETITIVE LANDSCAPE
Middleby Partners up with Jon Taffer to Strengthen its Market Position
The global service machine equipment market is consolidated by the presence of major companies such as Standex International Corporation, Welbilt, and the Middleby Corporation, among others. These companies are partnering with the others to expand their presence and developing innovative food service equipment in the highly competitive global marketplace. For instance, in June 2020, Middleby announced its partnership with Taffer’s Tavern, a modern tavern concept developed by the award-winning chef Jon Taffer. According to the partnership, Middleby will use its automated and ventless cooking systems at Jon’s Kitchen of the Future concept.
The other key players are adopting strategies such as merger and acquisition, collaboration, and introduction of new products that are expected to drive the market growth during the forecast period.
Industry Development:
- July 2018 – Welbilt, a global food service equipment manufacturer, announced its agreement with NextGen Procurement Group that involves the procurement of advanced equipment that include refrigerators, steam, and other serving systems.
List of Key Companies Profiled in Food Service Equipment Market:
- Welbilt (New Port Richey, Florida)
- The Middleby Corporation (Elgin, Illinois)
- Ali Group S.r.l. (Milan, Italy)
- Standex International Corporation (Salem, New Hampshire)
- Hoshizaki America, Inc. (Peachtree City, Georgia)
- FUJIMAK CORPORATION (Shinbashi, Tokyo)
- ITW FOOD EQUIPMENT GROUP (Troy, Ohio)
- Dover Corporation (Downers Grove, Illinois)
- Duke Manufacturing (St. Louis, Missouri)
- The Vollrath Company, LLC (Sheboygan, Wisconsin)
- Haier Inc. (Qingdao, China)
- Smeg S.p.A. (Guastalla, Italy)
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Detailed Table of Content
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Force Analysis
- Global Food Service Equipment Market Share Analysis and Matrix, 2019
- Key Market Insights and Analysis, By Segments
- Global Food Service Equipment Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- Market Sizing Estimations and Forecasts – By Equipment Type (Value)
- Cooking & Preparation Equipment
- Refrigeration Equipment
- Warewashing Equipment
- Storage & Handling Equipment
- Others (Serving Equipment, etc.)
- Market Sizing Estimations and Forecasts – By Sales Channel (Value)
- Online
- Offline
- Market Sizing Estimations and Forecasts – By End-user (Value)
- Full Service Restaurant (FSR)
- Quick Service Restaurant (QSR)
- Hotels & Pub Bar Clubs
- Others (General & Retail Stores, etc.)
- Market Analysis, Insights and Forecast – By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- Market Sizing Estimations and Forecasts – By Equipment Type (Value)
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