San Francisco, July 13, 2016 (GLOBE NEWSWIRE) -- The global food service equipment market is expected to reach USD 56.0 billion by 2024, according to a new report by Grand View Research, Inc. Increasing use of cost-effective and energy-efficient products to reduce the energy consumption is expected to offer lucrative opportunities to the market over the forecast period.
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Food service equipment plays a key role in the hospitality sector. Increasing demand from restaurants, hotels and food chains is contributing to the industry growth. Moreover, regulations and standards set by the food regulatory authorities are enabling manufacturers to develop equipment compliant with these standards.
Increasing sanitation, hygiene and less time-consuming requirements are attributing to the adoption of these equipment among households. Also, the upgraded products not only reduce the energy expenses but also are eco-friendly.
Changing consumer lifestyle and rising disposable income are the major factors driving market growth. The increase in labor cost in developing countries is attracting the demand for washware equipment among households. Changing food habits of the working class population has led to increase in demand for ready to eat and processes food. This has resulted in the expansion of hypermarkets and retail outlets leading to rise in demand for refrigeration and storage equipment.
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Moreover, continuous advancements in cooling technologies and increased restriction on the use of CFCs has accentuated the demand for frequent upgradation in products. Increasing awareness to save water and electricity has also contributed to growing demand for low-energy consuming products.
Further key findings from the report suggest:
- Kitchen service equipment is estimated to reach over 28% by 2024 and growing at a CAGR of over 4.0% from 2016 to 2024. Rising trend of nuclear families is expected to boost the demand for these products. Moreover, the shift from conventional to smart appliances is anticipated to contribute to the segment growth.
- Refrigeration segment is expected to grow at a CAGR of over 4.2% from 2016 to 2024. This growth can be attributed to continuous improvements in energy consumption standards for these devices and rising need for processed food in developing countries.
- The North America food service equipment industry is expected to remain the largest market owing to the widespread adoption of technologically advanced devices. The regional industry is projected to account for over 38% by 2024, growing at a CAGR of over 3.5% from 2016 to 2024.
- Food service equipment vendors are evolving new business models to meet customer demands by offering cost-effective, energy-efficient and technologically advanced products.
- Key players in the food service equipment market include Ali Group, ITW, Dover Corporation, Middleby Corporation and Manitowoc Company Inc. Competition for food service equipment providers is particularly intense and increasingly focused on pricing.
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