In a recent published report, Kenneth Research has updated the market report for Food Service Equipment Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Food Service Equipment Market products.
The Global Food Service Equipment Market is anticipated to reach USD 62 billion by 2026 according to a new research published by Polaris Market Research. In 2017, the cooking and food & beverage preparation equipment segments dominated the global market, in terms of revenue. North America is expected to be the leading contributor to the global market revenue during the forecast period.The significant increase in food establishments, and the growing hospitality industry are the major factors driving the growth of the Food Service Equipment market. The changing lifestyles and increasing disposable incomes are leading to higher instances of dining at restaurants and living at hotels and resorts. The growing demand for affordable and energy efficient equipment supports the growth of the market.
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Hotels and restaurants are increasingly adopting technologically advanced food service equipment for performing kitchen activities efficiently and offering enhanced services to consumers. Restaurant businesses prefer compact and space efficient equipment, which encourages market players to launch new products in the global market. Increasing spending on the hospitality sector, and tourism activities encourage restaurant owners to improve their infrastructure and offer enhanced services. Moreover, the Food Service Equipment market is also driven by increasing need to use food service equipment that consume less energy and provide faster kitchen services. Growing concerns regarding environment and increasing adoption of energy efficient food service equipment are expected to offer numerous growth opportunities in the future. However, high costs associated with food service equipment, and high installation prices restrict the growth of the Food Service Equipment market.
The North America Food Service Equipment market generated the highest revenue in the market in 2017, and is expected to lead the global market during the forecast period. The high living standards along with high disposable income in the region drive the market growth. Other factors supporting market growth in North America include growth in tourism industry, increasing awareness regarding energy efficient equipment, and growing adoption of smart technologies. The Asia-Pacific Food Service Equipment market is expected to grow at a significant rate during the forecast period owing to the increasing population and improving living standards.
The different end-users of food service equipment include hotels and clubs, full service restaurants, quick service restaurants, and others. In 2017, hotels and clubs accounted for the highest market share owing to increasing need to offer enhanced services to consumers. Hotels and clubs are increasingly adopting technologically advanced food service equipment to meet high storage demands and to offer fresh & high quality food. Food establishments are also inclined towards using energy efficient service equipment owing to growing environmental concerns.
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The leading companies profiled in the Food Service Equipment market report include Dover Corporation, Haier Electronics Group Co., Ltd., Duke Manufacturing Co. Inc., Illinois Tool Works (ITW) Inc., Fujimak Corporation, Duke Manufacturing Co. Inc., Ali Group, Hoshizaki Corporation, Middleby Corporation, Manitowoc Company Inc, and AB Electrolux among others. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
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