Theintegration of automated technologies will accelerate the growth of food service equipment market.
The global food service equipment market was valued at US$35.40 Bn in 2020 and expected to reach US$46.38 Bn by 2027 and is expanding at a CAGR of 4.1% during the forecast period
Most of the food and beverage companies are entering the segment of ghost kitchen owing to the rising rents and shrinking margin levels where cutting off the excess space for dining can provide a growth opportunity. The concept of ghost kitchen has transformed the phase of the hospitality and restaurant industry. Also, factors such as less food delivery time, low risk in launching new concepts, growing online food service industry, among others, are propelling the demand for ghost kitchens Which, in turn, proliferating the market for food service equipment.
The Global Food Service Equipment Market Segmentation:
The Global Food Service Equipment Market is segmented on the basis of Product Type, End-User, and by Region.
By Product Type
By End User
By Region
The increasing popularity of quick service restaurants among consumers is the key factor to support the growth of food service equipment market to a great extent. Changing lifestyle and rising disposable income has greatly influenced the growth of quick-service restaurants in developing countries like India, Brazil, Thailand, and others. For instance, nearly 74% of the India's food industry is captured by quick-service restaurants and casual dining restaurants. Furthermore, the growing popularity of quick-service restaurant chains such as KFC, Subway, McDonald's, and others is projected to fuel the demand for food service equipment market
From the revelation of equipment for preparing and storing food, like cooking ovens, ranges, and electrical refrigerators, to the accessibility of custom foodservice machines to cook various cooking styles, the scope of technologically advanced and innovative products to have entered the market throughout the years is additionally expected to support the market development in the long term. Moreover, fast innovative headways accomplished with the assistance of nonstop Research and Development (R&D) activities have helped appliance producers to bring to the table innovation driven efficiencies to their customers.
The market for food service equipment is expected to bounce back by the end of 2021 despite a slow recovery. The demand might also surge for full automated machines to enhance convenience and sophistication that requires minimal contact level for the downpour. The revival of trading activities can also promote the effectiveness of the supply chain across the geographies. The vendors are also forced to innovate new, safer, and hygienic food service equipment during the forecast period where the automated technologies are only the future.
In terms of region, Asia-Pacific accounted for the highest market share and is projected to keep up its dominance within the market during the forecast period owing to the rapid urbanization, rising disposable income, changing lifestyle and others. Furthermore, restaurants are including multiple cuisines in their menus due to an increasing number of consumers experimenting with new foods and developing a taste for various cuisines. Additionally, the increasing consumption of processed foods is projected to make an attractive demand for these appliances within the region.
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