SAN FRANCISCO, July 26, 2017 (GLOBE NEWSWIRE) -- Global Food Service Equipment Market Report, published by Variant Market Research, forecast that the global market is expected to reach $63 billion by 2024 from $41 billion in 2016; growing at a CAGR of 5.6% from 2016 to 2024. By geography, Asia Pacific and rest of the world (RoW) are expected to grow at a CAGR of 7.7% and 6.4%, respectively, during the forecast period.
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Major drivers of food service equipment market include high penetration of digitalization and development of advanced products with internet connectivity. Moreover, increase in number of restaurants, hotels, food joints and increasing awareness of energy consumption is also anticipated to support the growth of the market.
The food service equipment market is segmented based on the type, washware equipment and geography. By type, kitchen purposes and refrigeration accounted for 28.9% and 21.3% of market share respectively, in the year 2016. In the same year, washware equipment segment, and dish washers and disposers accounted 35.5% and 19.6% shares respectively.
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Geographically, food service equipment market has been segmented into North America, Europe, Asia-Pacific and rest of the world (RoW). Asia Pacific is the fastest growing region in the global food service equipment market, and is projected to continue this trend, driven by the rapid urbanization and growing trend for consumption of ready to eat and processed food. In the year 2016, North America accounted the largest share of the market with 38.6% followed by Europe with 24.6%.
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Major Companies Operating in The Food Service Equipment Market
- Middleby Corporation
- Tupperware Brands Corporation
- Dover Corporation
- Welbilt Inc.
- Ali S.p.A
- Hoshizaki Electric Co. Ltd.
- Libbey Inc.
- Ali Group
- Cambro Manufacturing Company Inc.
In 2017, Welbilt, Inc. and Halton Group Americas have entered into strategic alliance to facilitate the incorporation of Halton ventilation solutions into wide range of Welbilt’s equipment to better meet the needs of their customers.
The key takeaways from the report
- The report will provide detailed analysis of Food Service Equipment Market with respect to major segments such as type and washware equipment
- The report will include the qualitative and quantitative analysis with market estimation over 2015-2024 and compound annual growth rate (CAGR) between 2016 and 2024
- Comprehensive analysis of market dynamics including factors and opportunities is included in the report
- An exhaustive regional analysis of Food Service Equipment Market will be provided in the report
- Profile of the key players in the Food Service Equipment Market will be provided, which include key financials, product & services, new developments and business strategies
About Variant Market Research
Variant Market Research offers syndicated and customized reports to fulfill clients' objectives. We also provide customized data pack proposing market sizing in an Excel/PDF/PowerPoint or Word format as per the requirement of clients. We cover several industry domains, namely Semiconductor & Electronics, Consumer Electronics, Information and Communication Technology, Automotive, Consumer Goods, Food & Beverages, Pharmaceuticals, Medical Devices, Chemicals, Industrial, Mining Equipment, Automation, Manufacturing, Construction, Energy & Power, Defense & Aerospace and Banking, Financial services and Insurance (BFSI). Our expertise are data triangulation, competitor benchmarking, parent market benchmarking, estimating market size and forecast of the market from 2016 to 2024.
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