The global food service equipment market is expected to reach
USD 56.0 billion by 2024, according to a new report by Grand View Research,
Inc. Increasing use of cost-effective and energy-efficient products to reduce
the energy consumption is expected to offer lucrative opportunities to the
market over the forecast period.
Food service equipment plays a
key role in the hospitality sector. Increasing demand from restaurants, hotels
and food chains is contributing to the industry growth. Moreover, regulations
and standards set by the food regulatory authorities are enabling manufacturers
to develop equipment compliant with these standards.
Increasing sanitation, hygiene
and less time-consuming requirements are attributing to the adoption of these
equipment among households. Also, the upgraded products not only reduce the
energy expenses but also are eco-friendly.
Changing consumer lifestyle and
rising disposable income are the major factors driving market growth. The
increase in labor cost in developing countries is attracting the demand for
washware equipment among households. Changing food habits of the working class
population has led to increase in demand for ready to eat and processes food.
This has resulted in the expansion of hypermarkets and retail outlets leading
to rise in demand for refrigeration and storage equipment.
Moreover, continuous
advancements in cooling technologies and increased restriction on the use of
CFCs has accentuated the demand for frequent upgradation in products.
Increasing awareness to save water and electricity has also contributed to
growing demand for low-energy consuming products.
Request to Sample of This Report @ http://www.grandviewresearch.com/industry-analysis/food-service-equipment-market
Further key findings
from the report suggest:
·
Kitchen service
equipment is estimated to reach over 28% by 2024 and growing at a CAGR of over
4.0% from 2016 to 2024. Rising trend of nuclear families is expected to boost
the demand for these products. Moreover, the shift from conventional to smart
appliances is anticipated to contribute to the segment growth.
·
Refrigeration
segment is expected to grow at a CAGR of over 4.2% from 2016 to 2024. This
growth can be attributed to continuous improvements in energy consumption
standards for these devices and rising need for processed food in developing
countries.
·
The North America
food service equipment industry is expected to remain the largest market owing
to the widespread adoption of technologically advanced devices. The regional
industry is projected to account for over 38% by 2024, growing at a CAGR of
over 3.5% from 2016 to 2024.
·
Food service
equipment vendors are evolving new business models to meet customer demands by
offering cost-effective, energy-efficient and technologically advanced
products.
·
Key players in
the food service equipment market include Ali Group, ITW, Dover Corporation,
Middleby Corporation and Manitowoc Company Inc. Competition for food service
equipment providers is particularly intense and increasingly focused on
pricing.
To Get Sample Copy of Report visit
@ http://www.grandviewresearch.com/industry-analysis/food-service-equipment-market/request
About Grand View
Research
Grand View Research, Inc. is a U.S. based market research and
consulting company, registered in the State of California and headquartered in
San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
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View Research
Contact:
Sherry James
Corporate Sales Specialist, U.S.A.
Grand View Research, Inc.
United States
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
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