Food Service Equipment Market To Gain Owing To Growth In Hotel Industry Till 2024: Grand View Research, Inc.

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According to report published by Grand View Research, The global food service equipment market is expected to reach USD 56.0 billion by 2024. Factors such as changing lifestyle, increased demand for refrigerated food products, increased import-export activity in the food & beverage sector, and a shift in food consumption trends are contributing to market growth.

According to a report by Grand View Research, Inc.; the global food service equipment market is estimated to value USD 56.0 billion by 2024. Growing necessity for grab-and-go yet hygienic food is anticipated to propel demand for energy efficient food service equipment based on advanced technology. Such equipment isexpected to meet hygiene standards set by government regulators and support kitchen operators to expedite their operations.

Growing demand for refrigerated food products owing to changing lifestyle is estimated to propel the market over the forecast period (2017 to 2024). Increasing import export of food and beverages owing to high food consumption can further impel the market. High demand for Wi-Fi and internet enabled kitchen equipment is likely to stimulate growth of the market in the coming years. Stringent government regulations regarding hygiene inside kitchens of restaurants and cafes can drive the market in near future. Growing requirement for smart kitchen equipped with connected devices is expected to catapult market growth during the forecast period.

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North America food service equipment market, by product, 2013 - 2024 (USD Billion)

Increasing adoption of take-out food and beverages are predicted to amplify demand for technologically advanced equipment. To cater to rising demand, most manufacturing companies are focusing on R&D investments to offer energy-efficient and fast food service equipment for consumers. This factor can positively influence the global food service equipment market over the forecast period.

The recently unveiled countertop model of the Coca-Cola Freestyle beverage machine by the Coca-Cola Company is a prime example of innovation. The machine can dispense more than 50 types of beverages of different soft drink brands. It is based on patented micro dosing technology and can be connected to a variety of available networks. The company’s supporting application can allow consumers to create their own bespoke soft drink and share them via social media. Such marketing assets can offer direct communication with consumers and deliver ever-changing content to them at the point of purchase.

Complexities associated with the installation and usage of equipment coupled with high capital investment can hinder growth of the market for food service equipment. However, growing adoption of fast food among consumers is likely to create lucrative opportunities for the market in near future. In addition, geographical expansion of food service operators can further influence demand for advanced kitchen equipment.

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Global food service equipment market, by washware equipment, 2015 (%)

The worldwide food service equipment market can be segregated on the basis of product, washware, and region. Based on product, the market can be divided into kitchen, purpose, refrigeration, storage, and ware washing. In 2015, kitchen food service accounted for 28% of total revenue share owing to rising demand for modern kitchen amenities.

Based on washware, the market can be segmented into dishwashers, booster heaters, disposers, utensil washer, and others. In 2015, dishwashers segment accounted for 34% in overall market share. It is expected to grow at around CAGR of 3.9% in the coming years.

Regional segmentation includes North America, Europe, Asia Pacific, and Rest of the World (RoW). In the coming years, North America is expected to grow at CAGR of around 3.8% during the forecast period. In 2015, the region accounted for 38% of market share owing to rising demand for packaged and ready-to-eat food. In addition, high adoption of latest technology and high product innovation is likely to impel demand in near future.

Asia pacific is anticipated to be the fastest growing region in the global food service equipment market over the forecast period. Economic boom in the countries such as India, Japan, and China can propel the regional growth. Rising standard of living in developing countries is likely to expand business opportunities for restaurants and hotels. In addition, demand for processed food owing to rising population in India and China can further drive the market in near future.

In Europe, the market is anticipated to witness remarkable growth during the forecast period owing to increasing number of consumers dining at restaurants and cafes. In addition, stringent government regulations regarding F-gas and refrigerant leakages can propel demand for food service equipment meeting EPA standards.

Some of the leading companies offering high-end products in the global food service equipment market are Dover Corporation, Middleby Corporation, Ali Group, ITW, and Manitowoc Company Inc. The companies are likely to be involved in acquisitions and collaborations to strengthen their presence in the market.

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About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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