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 Â 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.
According to the statistics by the Organization for Economic Co-operation and Development (OECD), the United States recorded to be the largest exporters of international trade in services amongst all the OECD nations with a value worth USD 827 billion in the year 2018.
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Global Food Service Equipment Market is forecasted to reach $63 billion by 2024; growing at a CAGR of 5.6% from 2016 to 2024. Food service equipment is majorly designed for the commercial food and beverage sector which includes, restaurants, hotels, cafes and others. There are increasing number of diners and also prefer clean & hygienic environment and nutritious food. The food industry has to keep evolving and develop as per customer’s preferences. This has led to the adaption of advanced technologies in the foodservice equipment market. The penetration of quick service restaurants in various cities have compelled the restaurant owners to incorporate the advanced and innovative equipment to meet he ever growing demand for food. Additionally, the ever-expanding menu diversity has led to design the equipment that can make smaller-batch food in short time. Introduction of food trucks and display cooking have also led to customize the designs of the equipment according to the needs of the owners.
Increasing number of restaurants, hotels and food joints and expansion of digitalization are the factors supporting the growth of the food service equipment market. Rising awareness of energy consumption and development of advanced equipment with internet connectivity also fuels the growth of the market. Though, high cost of maintenance and equipment may restrain the growth of the market. Nevertheless, emerging restaurants and hotels in emerging economies can provide growth opportunities in the forecast period.
The food service equipment market is categorized based on the washware equipment, type and geography. Washware equipment is segmented into disposers, dish washers, booster heaters, utensil washer and others. Furthermore, by type is further segmented into storage, kitchen purpose, ware washing, refrigerator, food holding & serving and others.
By geography the market is segmented into North America, Europe, Asia-Pacific and rest of the world (RoW). The U.S., Mexico and Canada are covered under North America wherein Europe covers United Kingdom, Germany, Russia and others. Asia-Pacific covers China, India, Japan, and others. Rest of the world (RoW) covers South America, Middle East and Africa.
Key market players include Dover Corporation, Welbilt Inc., Middleby Corporation, Tupperware Brands Corporation, Hoshizaki Electric Co. Ltd., Libbey Inc., Ali Group and Cambro Manufacturing Company, Inc., among others.
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The key takeaways from the report:
The report will provide detailed analysis of Food Service Equipment Market with respect to major segments such as washware and type equipment
The report will include the qualitative and quantitative analysis with market estimation over 2015-2024 and compound annual growth rate (CAGR) between 2016 and 2024. Comprehensive analysis of market dynamics including factors and opportunities is included in the report. An exhaustive regional analysis of Food Service Equipment Market will be provided in the report.
Profile of the key players in the Food Service Equipment Market will be provided, which include key financials, product & services, new developments and business strategies.
Scope of Food Service Equipment Market
Washware Equipment Segments
Disposers
dish washers
booster heaters
utensil washer
others
Type Segments
storage
kitchen purpose
ware washing
refrigerator
food holding & serving
others
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Geography Segments
North America
US
Canada
Mexico
Europe
Germany
Russia
United Kingdom
Others
Asia-Pacific
China
India
Japan
Others
RoW
South America
Middle East
Africa
About Kenneth Research
Kenneth Research is a reselling agency providing market research solutions in different verticals such as Automotive and Transportation, Chemicals and Materials, Healthcare, Food & Beverage and Consumer Packaged Goods, Semiconductors, Electronics & ICT, Packaging, and Others. Our portfolio includes set of market research insights such as market sizing and market forecasting, market share analysis and key positioning of the players (manufacturers, deals and distributors, etc), understanding the competitive landscape and their business at a ground level and many more. Our research experts deliver the offerings efficiently and effectively within a stipulated time. The market study provided by Kenneth Research helps the Industry veterans/investors to think and to act wisely in their overall strategy formulation
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