Food service equipment market is thriving with widespread acceptance and rising demand. The market expansion is mainly driven by the consistent growth and development of the hospitality industry. Burgeoning establishments offering food services are further paving the way for market expansion. Increased consumption of processed food, emerging food service sector, greater calls for cutting-edge kitchen equipment, and service restaurants are providing an impetus to the food service equipment market. To maintain uninterrupted operations in the kitchen, the restaurants, hotels, and catering enterprises require technologically sophisticated and energy-efficient service equipment. Furthermore, the industry is being propelled forward by an enhanced lifestyle as a result of increased consumer disposable income.
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In the coming years, rising awareness associated with food safety, and innovation in smart kitchen appliances are projected to create massive opportunities for well-established food service machinery. Therefore, smart food industries are incorporating IoT, Industry 4.0, and BigData to manufacture tech-based equipment. This equipment is poised to enhance traceability, curb the costs, bring down the wastage, improve the safety levels of food, and reduce the risks related to the food serving procedures.
Quest for Hygiene and Health Food Products & Improved Efficacy Paves the Way for Cooking & Preparation Equipment
Cooking and preparation equipment showcase higher growth prospects in terms of demand from the full and quick service restaurants and general and convenience stores. Efficient utilization of refrigeration equipment across the food and beverage industry to promote hygiene and healthy food products, and store frozen food products is expected to bode well for the segment. Besides, increased demand for maintenance of hygienic ambiance and utensils to serve safe and clean food to customers is impelling growth across the dishwasher equipment sector. Projections foretell progressive growth for the storage and handling equipment due to the surging need to store huge amounts of food items.
Presence of Well-Established Restaurant Brands Provide a Fillip to Food Service Equipment in North America; Asia Pacific an Emerging Market
Geographically, the North American food service equipment market is expected to exhibit dynamic growth over the projection timeline due to augmented demand for processed food and early acceptance of kitchen equipment. The acceptance of modern food service equipment is mainly accredited to existing sound and well-established restaurant brands in the U.S. and Canada. Additionally, ongoing activities regarding infrastructure and economic development in the region are further contributing to the proliferation of the food service equipment market and sustaining the lead.
On the contrary, the food service equipment market is anticipated to grow at a promising pace in the Asia Pacific region. The steady growth of the food and culinary tourism sector and ubiquitous westernized dining conventions are fueling the demand for food service equipment across the APAC domain. Preferable consumption of processed food products and rising demand for food service equipment are expected to boost the market growth by the end of the forecast period.
Global Food Service Equipment Market: Competitive Landscape
World over, the key players in the food service equipment market are strengthening their positions by incorporating advanced technologies and rolling out new products. Welbilt Inc., Alto-Shaam, Dover Corporation, Haier Group, and Castle Stove are some competing players in the global food service equipment market.
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