VALLEY COTTAGE, N.Y. – A new Future Market Insights (FMI) study states that foodservice equipment is gaining traction due to factors such as increasing number of restaurants, rapid urbanization, and robust development of online food service and tourism industries. The foodservice equipment market size is expected to surpass US$ 60 Bn by 2029, expanding at a CAGR of 5.2% during the forecast period 2019-2029. Furthermore, the market is positively impacted by the grab-and-go food trend. Rapidly increasing trend of takeaway food in the developed and developing marketplace is expected to strengthen the sales of foodservice equipment.
Energy-Efficient Equipment: An Emerging Trend
According to FMI’s analyst, rising demand for energy-efficient equipment in the global platform is expected to drive innovation in the foodservice equipment market through to 2029. As global focus on green appliances and reduction of carbon footprint in commercial kitchens intensifies, manufacturers are focusing on drawing customers’ attention by introducing new energy-efficient foodservice equipment. Furthermore, introduction of new energy-efficient freezers and refrigerators, amid mounting awareness regarding dwindling non-renewable energy resources, will help manufacturers increase their profit margins.
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Cooking Equipment Accounts for 31% of the Market Share
Cooking equipment continues to account for the largest market share, owing to rapid development of infrastructure in hospitality and restaurant-chain business. As foodservice establishments are putting greater emphasis on purchasing certified cooking equipment in order to maintain food quality and safety, manufacturers are specifically focused on this category. In addition, the demand for food preparation equipment is anticipated to rise on a rapid pace and mark a market share of 15% by 2029.
North America Remains at the Forefront
FMI projects that, North America will continue to dominate the foodservice equipment market by capturing one-third of the total revenue share. An increase in demand for processed food and early adoption of advanced cooking equipment are anticipated to drive the market growth. Rising demand for ready-to-eat & fast food and changing consumer lifestyles have substantially increased the number of restaurants and hotels, thereby creating profitable growth opportunities for market players in the region. Additionally, Europe and East Asia continue to offer greater opportunities, due to rapid expansion of foodservice industry in these regions along with a growing standard of living of the populace.
Preview Analysis of 2019 Analysis and Review of Foodservice Equipment Market by Equipment – Food Preparation Equipment, Drink Preparation Equipment, Cooking Equipment, Heating & Holding Equipment, Refrigerators & Chillers, Baking Equipment, Merchandisers, Dishwashers, and Other F&B Service Equipment for 2019 – 2029:https://www.futuremarketinsights.com/reports/foodservice-equipment-market
Market Gains Upheld by Full Services Restaurants
Adoption of foodservice equipment in full services restaurants accounts for more than 60% of the total revenue share. Significant growth of full services restaurants, in the view of consumers inclining towards trying new cuisines at an affordable cost, is expected to influence the market growth. Furthermore, application in quick service restaurants is anticipated to grow at a CAGR of 6% through to 2029. As increasing number of the working population and rapid urbanization are catapulting the quick service restaurant space, market players should be looking at a period of sustained demand
“Sales of foodservice equipment through online platforms will continue to influence growth strategies and it is expected to increment at a CAGR of 5.3 through to 2029. Availability of a wide range of products at reasonable prices, rapid penetration of e-commerce, and end users’ preference towards ordering products online are boosting the sales of the foodservice equipment,” says FMI analyst.
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