Global Food Service Equipment Market is Expected to Reach $53.25 Billion by 2028: Increasing Demand for Quick Service Restaurants Drives Growth – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Global Food Service Equipment Market Size, Share, Growth Analysis, By End-user, By Sales Channel , By Product – Industry Forecast 2022-2028” report has been added to ResearchAndMarkets.com’s offering.
The global food service equipment market size was valued at USD 34.49 billion in 2021 and it is expected to reach a value of USD 53.25 billion by 2028, at a CAGR of 6.4% over the forecast period (2022-2028).
Companies Mentioned
- Meiko
- Duke Manufacturing Co. Inc.
- Hoshizaki Electric Co., Ltd
- Fujimak Corporation
- Tupperware Hobart Corporation
- Dover Corporation
- Brands Corporation
- Electrolux AB
- Ali Group SpA
- Manitowoc Company Inc.
The global food service equipment market is expected to grow due to the increasing demand for quick service restaurants and the rise in the number of food service establishments. Technological advancements and the introduction of energy-efficient equipment are also contributing to the growth of the market. North America and Europe are the largest markets, with Asia-Pacific being the fastest-growing region.
Segments covered in this report
Global Food Service Equipment Market is classified based on product, end user, sales channel, and region. Segmentation based on product includes kitchen purpose equipment, refrigeration equipment, ware washing equipment, food holding & storing equipment.
Based on end user, the market is segmented into Full Service Restaurant (FSR), Quick Service Restaurant (QSR), Institutional, Others. Based on sales channel, the market is segmented into online and offline. The region-wise segmentation of the global food service equipment market includes North America, Europe, Asia Pacific, and LAMEA.
Driver
Manufacturers of equipment are focused on delivering cost-effective services to enhance the quality of food. In the current market, it is essential to monitor and provide quality services for all equipment. To enable smart and interconnected operations, the equipment is designed with features like remote maintenance and self-diagnosis, which helps in recognizing the functioning of food service machinery.
The use of such equipment ensures consumer food safety as it aids in maintaining hygiene, accurate temperature, and sterilization of utensils used in food preparation. Companies operating in the industry are constantly innovating products based on AI and IoT to enhance the user experience while using the equipment.
Restraint
Ensuring food safety is the foremost objective of every food equipment manufacturer, requiring proficient workers who are proficient in operating conventional and automated machines. The adoption of automated food service machines involves additional expenses and a need for skilled labor and automated infrastructure, elevating the overall setup and maintenance costs, which hinder the expansion of the market.
Trend
The Global Food Service Equipment Market is experiencing significant growth due to several key factors. One of the major drivers is the increasing demand for advanced refrigeration technology. Additionally, the growth and expansion of the hospitality industry, particularly in developing economies, the rise in the number of quick service restaurants (QSRs), and the continuous growth of the global population are important factors contributing to the market’s growth.
Furthermore, the market is expected to grow due to the improved distribution channels, the manufacturers’ focus on providing innovative and quality food service equipment, the surge in the use of environmentally friendly and efficient appliances, and changing consumer preferences.
For more information about this report visit https://www.researchandmarkets.com/r/u3282x
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