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According to a new report released by Grand View Research, changing food consumption habits, rising demand for take-out food and expanding hospitality sector are some of the major factors driving the market. .
The Global catering equipment market the size is estimated at reach USD 50.01 billion by 2028, according to a new report by Grand View Research, Inc. It is planned to expand at an estimated rate CAGR of 5.5% from 2021 to 2028. Rising business activities in the food and beverage industry, upsurge in travel and tourism activities, changing food consumption habits and increasing disposable incomes are some of the major growth factors of this market.
Equipment manufacturers are focusing on mergers and acquisitions to introduce cutting-edge product offerings to gain a competitive edge in the market. For example, in 2019 SMEG SpA collaborated with Dolce & Gabbana Srl for the special styling of the Fab28 SMEG refrigerator, which was encouraged by ancient Sicilian art. This collaboration aimed to develop products with captivating designs that consumers would like to integrate into their modular and open commercial kitchens. Additionally, the pressing need to save energy has forced manufacturers to focus on developing energy-efficient appliances for commercial kitchens. Devices are integrated with two-way Internet of Things (IoT) connectivity. These connected devices can automatically alert kitchen staff to increase prep time. Moreover, the increasing number of restaurants across the world is also driving the market. According to the National Restaurant Association, the United States region itself has more than one million restaurants of various types and sizes.
The COVID-19 outbreak and subsequent lockdowns imposed by governments around the world to minimize its community spread in early 2020 had a significant negative impact on the catering equipment market. Various industries such as food and beverage, travel and tourism, and hospitality have been severely affected by the temporary shutdown of manufacturing units, transportation and logistics operations. Relaxations announced by several governments in mid-2020 have led to a gradual increase in online delivery and take-out activity in restaurants and hotels, leading to some recovery in the food and beverage industry.
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Highlights of the Foodservice Equipment Market Report
• In terms of geography, Asia-Pacific is estimated to emerge as the fastest growing regional market with a CAGR of nearly 7.0% from 2021 to 2028
• In terms of product, the kitchen equipment segment led the market with a revenue share of over 35.0% of the overall market in 2020
• Expanding at a CAGR of approximately 5.0% from 2021 to 2028, the full-service restaurant (FSR) end-user segment is estimated to dominate the market during the forecast period
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Segmentation of the catering equipment market
Grand View Research has segmented the global catering equipment market based on product, end-user, and region:
Foodservice Equipment Product Outlook (Revenue, USD Billion, 2016 – 2028)
• Kitchen equipment
• Kitchen equipment
• Food and beverage preparation equipment
• Refrigeration equipment
• Dishwashing equipment
• Food preservation and storage equipment
Foodservice Equipment End User Outlook (Revenue, USD Billion, 2016 – 2028)
• Full Service Restaurant (FSR)
• Quick Service Restaurant (QSR)
Catering Equipment Regional Outlook (Revenue, USD Billion, 2016 – 2028)
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
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Browse more related report:
QSR Foodservice Equipment Market Size, Share and Trend Analysis Report by Equipment Type (Cooking, Dishwashing, F&B Prep, Refrigeration, Serving, Storage & Material Handling) and Segment Forecast, 2020-2027
About Grand View Research
Grand View Research is a market research and consulting firm registered in the State of California and headquartered in San Francisco. The company offers syndicated research reports, custom research reports, and consulting services. With Grand View Research, you have the ability to understand market trends, insights, and business statistics from a strategic perspective. With a deep understanding of many business environments, Grand View Research offers business and market intelligence research and conducts over 300 multi-country market studies.
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