Food Service Equipment Market to Grow at 8.9% CAGR by 2030
Increased demand of temperature-controlled storage for food along with the surge in number of restaurants are key factors driving the food service equipment market growth.
The Food Service Equipment Market is expected to grow at a CAGR of 8.9% from 2021-2030, according to a new research report by Next Move Strategy Consulting.
Food service equipment are used for the preparation or storage of food in restaurants and other commercial establishments. This equipment are increasingly getting popular in commercial kitchens due to the need for preparing and storing bulk amount of food on a daily basis. Also, the rising number of pubs, restaurants and cloud kitchens are among the other factors expected to drive the market growth. Additionally, changing food habits as well as various developments taking place in the hospitality industry are also contributing towards the growth of the market. However, high cost of these equipment is expected to restrict the market growth within the forecast period to some extent.
On the basis of type, the market is segmented into cooking equipment, storage and handling equipment, ware washing equipment, food and beverage preparation equipment and serving equipment. On the basis of end user, the market is segmented into full-service restaurants and hotels, quick service restaurants and pubs and catering. Based on geography the market is segmented into North America, Europe, Asia Pacific and RoW.
Geographically, North America is anticipated to hold the lion share of the market due to the early adoption of advance kitchen equipment along with the growing demand for processed food. Also, other factors such as developed infrastructure and technological advancements over time will further add revenue to the market in this region. However, Asia-Pacific region is anticipated to show rapid market growth within the forecast period owing to the factors such as surge in demand of changing lifestyle and food habits are expected to contribute towards the market growth.
Browse through the full report “Food Service Equipment Market by Product Type (Cooking Equipment, Storage & Handling Equipment, Ware Washing Equipment, Food & Beverage Preparation Equipment and Serving Equipment) and End Use (Full-Service Restaurants & Hotels, Quick Service Restaurants & Pubs, and Catering): Global Opportunity Analysis and Industry Forecast, 2020–2030”.
According to the report, some the key players in the market are Cambro Manufacturing Co. Inc., Alto-Shaam, Inc., Duke Manufacturing Co. Inc., Castle Stove, Electrolux, Dover Corporation, Ali S.p.A, Illinois Tool Works Inc., Welbilt, Inc. and Middleby Corporation among others.
Key Insights from the Food Service Equipment Market Report:
Current and emerging trends along with opportunities are extensively analysed in food service equipment market report.
The forecast of the food service equipment market comes along with additional information associated with opportunities, restrains and key drivers in the market.
The report food service equipment market – is segmented by product type, end user and geography.
About Next Move Strategy Consulting
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