The fast-paced growth observed in the food service sector has boosted the demand for related industries significantly as well. Market reports related to the industrial automation and equipment industry have been presented by Market Research Future which makes reports on other industry verticals that aims to analyze the current market scenarios better. The market is anticipated to develop at a 5.16 % CAGR in the forecast period.
The increased number of food service providers that are operating on a large and small scale are increasingly demanding food service equipment that match their product offerings. The raised demand levels for new and efficient food service equipment that shorten the delivery lead times are gaining considerable popularity in the market. The boost in global tourism and hospitality is expected to create new growth prospects in the forecast period.
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The segmentation of the food service equipment market globally is carried out on the basis of product, end user and region. On the basis of product, the food service equipment market is segmented into storage & handling equipment, warewashing equipment, cooking equipment, food holding & serving equipment and others. Based on end-users, the food service equipment market is segmented into quick service restaurants, caterers, full service restaurants, hotels & clubs and others. The regions considered in the food service equipment market are Asia Pacific, North America, Europe and rest of the world.
Detailed Regional Analysis
The region-based assessment of the food service equipment market consists of region such as Asia Pacific, North America, Europe and rest of the world. The North American region accounted for the principal share of the food service equipment market in 2016. The presence of factors such as the extensive adoption of technologically advanced products and increased penetration of products have enhanced the development of the food service equipment market in the region. The North American region is trailed by the Asia Pacific region, which is anticipated to be the among the fastest growing regions through the forecast period. The prosperous tourism industry and a broad variety of dining out options for customers is anticipated to drive the food service equipment market’s growth in the region.
The market shows potential for demonstrating a greater comparative or differential value. The market trends hint at favorable development of the products that can bring in novelty to the product range and address the customer need better. The presence of a productive entity is expected to generate more sales or superior margins compared to its market rivals. The advent of new technology has boosted the growth potential of the market. Substantial cutbacks in administrative finances are bringing further development to the market. The creation of a strong value chain is moreover motivating the expansion of the market. The market competitors find themselves in a favorable position with the ability to manage the pace of change.
Ali Group S.p.A (Italy), Manitowoc Company Inc. (U.S.), Hobart Corporation (U.S.), Hoshizaki Electric Co., Ltd. (Japan), Dover Corporation (U.S.), Meiko (Germany), Fujimak Corporation (Japan), Duke Manufacturing Co. Inc. (U.S.), Tupperware Brands Corporation (U.S.) and Electrolux AB (Sweden) are the eminent contenders operating in the food service equipment market globally.
Feb 2019 Electrolux has initiated the first steps aimed towards divesting the Professional Products division from its business and trading it as a distinct publicly-listed entity. As per the new plans sketched by the manufacturer, the professional division which is in charge for all its commercial foodservice equipment sales would trade on the Stockholm Nasdaq, allowing the remaining company to focus on household appliances.
Feb 2019 Standex has sold its smaller interest in Italian combi oven maker Giorik. The move is aimed at making it simpler to acquire a buyer for its cooking solutions division. It states that offloading its stake in Giorik to the firm’s primary owner was essential to permit the eventual buyer of cooking solutions maximum flexibility and to have a supply contract with the partner in place. The firm is on track with their cooking solutions divestiture from its food service equipment group segment.
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LIST OF TABLES
TABLE 1 GLOBAL FOOD SERVICE EQUIPMENT MARKET, BY PRODUCT
TABLE 2 GLOBAL FOOD SERVICE EQUIPMENT MARKET, BY END-USER
TABLE 3 GLOBAL FOOD SERVICE EQUIPMENT MARKET, BY REGION
TABLE 4 ASIA-PACIFIC FOOD SERVICE EQUIPMENT MARKET, BY PRODUCT
TABLE 5 ASIA-PACIFIC FOOD SERVICE EQUIPMENT MARKET, BY END-USER
LIST OF FIGURES
FIGURE 1 RESEARCH TYPE
FIGURE 2 GLOBAL FOOD SERVICE EQUIPMENT MARKET: BY PRODUCT
FIGURE 3 GLOBAL FOOD SERVICE EQUIPMENT MARKET: BY END-USER
FIGURE 4 GLOBAL FOOD SERVICE EQUIPMENT MARKET: BY REGION
FIGURE 5 ASIA-PACIFIC FOOD SERVICE EQUIPMENT MARKET, BY PRODUCT
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