catering equipment market
The demand for catering equipment is expected to increase due to the growth of the catering industry, as well as the increase in demand for multi-functional equipment.
PORTLAND, 5933 NE WIN SIVERS DRIVE, #205, OR 97220, USA, Jan. 20, 2022 /EINPresswire.com/ — According to a new report released by Allied Market Research, titled “Food Service Equipment Market by Product Type and End Use : Industry Opportunity Analysis and Forecast, 2021-2027”, Global Foodservice Equipment Market Size was valued at $34,252.0 Million in 2019 and is projected to reach $44,810.8 Million by 2027, registering a CAGR of 5.7% from 2021 to 2027. Foodservice equipment offers the ease of food preparation, in addition to food safety in commercial kitchens. Products such as refrigerators and freezers, showcases, cutlery and bakery ovens are offered by leading companies, ensuring superior quality and low maintenance cost. Additionally, such equipment is required to provide food and beverage services by commercial kitchens including restaurants, hotels, and quick service restaurants. This in turn fueled the demand for the catering equipment market in terms of sales value.
The COVID-19 outbreak has severely hampered the growth of the catering equipment market. This is attributed to the fact that the catering equipment industry mainly depends on the hospitality sector for its revenue generation. The recent declaration of the closure of a significant proportion of the hospitality industry, including full-service restaurants, pubs and bars and quick-service restaurants, has significantly hampered the sale of catering equipment.
The development of the hospitality industry is expected to drive the growth of the catering equipment market. Additionally, the increase in business travel, increase in urban population, and increase in the number of food establishments such as hotels and restaurants are fueling the growth of the hospitality industry, thus driving the growth of the catering equipment market. Changing eating habits and hectic lifestyles of consumers have led to an increase in the demand for ready meals. Rapid changes in supporting factors such as disposable income, consumer preferences, increasing population of working women and digitalization have led to an increase in the number of quick service restaurants, pop & shop and other types of restaurants .
Furthermore, changing food consumption trends and the growing need to reduce food waste have led to the development of innovative kitchen equipment. These factors are expected to drive the growth of the catering equipment market over the forecast period for catering equipment.
Moreover, continuous developments in cooling technologies and favorable government regulations to promote the production of environment-friendly refrigerators and ovens are expected to open up new avenues for catering equipment manufacturers. However, higher installation costs are expected to limit their adoption, especially in developing regions. Additionally, the increase in demand for visually appealing catering equipment among restaurants and hotels is fueling the growth of the catering equipment market.
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Additionally, new equipment with brighter colors, sleek designs, and glossy touch screens are some of the trends in the catering equipment market. Another trend in catering equipment is multifunctional equipment. Due to space constraints, many restaurateurs tend to use equipment that could provide multiple functions and save kitchen space.
Additionally, catering equipment such as speed ovens that offer multiple cooking methods to prepare a variety of foods are trending. For example, TurboChef’s Fanless Dual Batch Impact Oven features two independently controlled high-speed ovens with oscillating racks, which reduces cooking time and makes it easier to prepare more food. Additionally, each oven can be controlled with a Wi-Fi connected split-screen touch controller. Thus, making these IOTs, multi-functional equipments popular in the catering industry.
In addition, the demand for catering equipment such as automated cooking and beverage systems, contactless pickup and delivery equipment, cloud-based IoT solution and other equipment to meet the changing market. The restaurant environment is increasing significantly, which, in turn, is expected to drive the market growth.
Segments of the global catering equipment market are categorized by product type, end use, and region. By product type, it is categorized into cooking equipment, storage and handling equipment, warewashing equipment, and serving equipment. By end use, it is divided into full-service restaurants and hotels, quick-service restaurants, and catering. Regionally, the market is analyzed in North America (United States, Canada, and Mexico), Europe (Germany, France, United Kingdom, Italy, Spain, and Rest of Europe), Asia-Pacific (China , India, Australia, Japan, and rest of Asia-Pacific) and LAMEA (Brazil, UAE, South Africa and rest of LAMEA).
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Main results of the study
By product type, the cooking equipment segment accounted for the highest catering equipment market share in 2019, growing at a CAGR of 5.3% from 2021 to 2027.
By end-use, the full-service restaurant and hotel segment occupied maximum market share in 2019 and is expected to dominate the market during the forecast period.
Regionally, North America accounted for the highest share in 2019 and is expected to grow at a CAGR of 4.0% over the forecast period.
Key players operating in the global Foodservice Equipment Market are focusing on leading strategies including product launch, collaboration, acquisition, business expansion, and partnership to overcome the competition and maintain and improve their market share in the world. Some of the major Global Foodservice Equipment industry players analyzed in this report include Duke Manufacturing Co. Inc., Electrolux, Dover Corporation, Illinois Tool Works (ITW), Inc., Ali Group Srl a Socio Unico, Welbilt, Inc. . , Middleby Corporation, Alto-Shaam, Inc., Comstock-Castle Stove Co., Inc. and Cambro Manufacturing Co. Inc.
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Allied Market Research (AMR) is a full-service market research and business consulting division of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global corporations as well as medium and small businesses with unparalleled quality “Market Research Reports” and “Business Intelligence Solutions”. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.
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