Food Service Equipment Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019-2029

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Food Service Equipment Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019-2029

Status : January, 2023 | Food and Beverages

Report Digest

Global Food Services Equipment Market – Overview

Increasing popularity of Internet of Things (IoT) is driving the requirement for devices with improved internet connectivity. Customer-driven technology is now gaining the attention in the restaurant business as apps and mobile ordering systems are present to ease their work. Advanced instruments offer various features, such as sensors and controls, efficiency, pre-programmable features, and interactive cooking, which is responsible for the growth of the global food service equipment market. In addition to various developments in the food service equipment market, there has been an increase in the number of hotels, nursing homes, hospitals, fast food joints, and restaurants. This is expected to boost the product demand over the forecast period.

Global Food Services Equipment Market – Notable Developments

Some of the notable developments in the global food services equipment market are given below:

  • In September 2016, AB Electrolux launched two product ranges, namely, the mastery range and new laundry range which includes innovative kitchen products and washing machines and dryers.
  • In February 2016, Falcon Foodservice Equipment, a subsidiary of Ali Group introduced the F900 Series which comprises of professional catering equipment.

Some of the key companies in the global food services equipment market are AB Electrolux; Ali Group; ITW; Middleby Corporation; Dover Corporation; and Manitowoc Company Inc. These players are involving in R&D activities to develop products compliant with new energy standards and regulations mandated by the government authorities.

Global Food Services Equipment Market – Drivers and Restraints

There are multiple factors that are projected to drive the overall development of the global food services equipment market. Factors such as changing lifestyle, increased demand for refrigerated products, increased import and export activity in food and beverage sector, and evolving food consumption trends are contributing to the growth. The need for technologically advanced products, Wi-Fi and Internet-enabled devices, and multi-function appliances is increasing amongst people. High traction for smart kitchen and connected equipment is expected to boost the demand.

Various government regulations and standards have made it mandatory for manufacturers to meet the Environmental Protection Agency (EPA) standards. The enhanced digitization and accelerated adoption of technologically advanced products are creating a shift in consumer lifestyle. This transition is creating requirements for kitchen equipment, which is encouraging several manufacturers to discover novel ways to meet the customer demand.

Global Food Services Equipment Market – Geographical Outlook

Based on the regional segmentation, the global food services equipment market is divided into five main regions. These regions are North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Of these, currently, the global market has been dominated by the regional segment of North America. The region is projected to remain dominant over the course of the forecast period ranging from 2019 to 2027. The growth of the regional market is primarily attributed to the high product penetration and increasing requirement to adopt new age technologies. Increasing working population and demand for the fast food are also helping to drive the development of the regional market. In recent years the overall number of hotels and restaurants has risen considerably because of the changing and evolving lifestyles of people and their requirement for ready to eat or on the go food products. The region accounted for over a quarter of the global food services equipment market in recent years. 

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5-Point Growth Formula

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The 5-point growth formula includes the following points:

  • Current and Future Threats
  • Accurate Trend Analysis
  • Regional Assessment
  • Industrial Analogy
  • COVID-19 Impact

Current and Future Threats

Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.

Accurate Trend Analysis

Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.

Regional Assessment

Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.

Industrial Analogy

The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.

COVID-19 Impact

The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.

The reports offer answers to the top 7 questions that revolve around the growth of the market

  • What are the diverse growth parameters influencing the market?
  • Which regions will contribute largely to the growth of the market
  • What are the recent innovations and technological advancements in the market?
  • What are the emerging trends across the market?
  • How has COVID-19 affected the market?
  • What will be the post-pandemic scenario of the market?
  • What are the major threats that will dent the growth prospects of the market?