New Analysis from Global Industry Analysts Reveals Steady Growth for Food Service Equipment, with the Market to Reach $38.6 Billion Worldwide by 2026
SAN FRANCISCO, March 22, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Food Service Equipment - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
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Edition: 10; Released: February 2022
Executive Pool: 7182
Companies: 739 - Players covered include Ali Group S.r.l.; Alto-Shaam Inc.; Cambro Manufacturing Co. Inc.; Comstock-Castle Stove Co., Inc.; Dover Corporation; Duke Manufacturing Co.; Electrolux Professional, Inc.; Fujimak Corporation; Hoshizaki Corporation; Hubert Company, LLC; Illinois Tool Works Inc.; Middleby Corporation; Smeg S.p.A.; The Vollrath Company, LLC; Welbilt Corporation and Others.
Coverage: All major geographies and key segments
Segments: Product (Cooking Equipment, Storage & Handling Equipment, Warewashing Equipment, Food & Beverage Preparation Equipment, Other Products); End-Use (Full-Service Restaurants & Hotels, Quick-Service Restaurants & Pubs, Other End-Uses)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.
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ABSTRACT-
Global Food Service Equipment Market to Reach $38.6 Billion by 2026
Food service equipment denotes a plethora of equipment that are used in food service outlets to cater to their guests, and ranges from kitchen equipment as well as customer facing equipment, and serving equipment including tableware such as cutlery, crockery, glassware, and linen. While kitchen equipment serves to improve the efficiency of the kitchen, customer facing equipment enhances the ambience of the restaurant. Cooking is the primary function of a food service outlet, and hence cooking equipment accounts for the largest share of food service equipment. On the other hand, increased focus on proper storage of ingredients as well as the development of cold chain supplies, proper storage is gaining increasing focus. Moreover, regulatory mandates for food safety are also increasing investments in storage equipment. Rapid urbanization and changing consumer preferences are driving the proliferation of food service businesses, thus driving the market for food service equipment. In addition to the demand for equipment from new establishments, replacement demand also accounts for a significant share of the food service equipment market.
Amid the COVID-19 crisis, the global market for Food Service Equipment estimated at US$30.4 Billion in the year 2022, is projected to reach a revised size of US$38.6 Billion by 2026, growing at a CAGR of 5.4% over the analysis period. Cooking Equipment, one of the segments analyzed in the report, is projected to record a 5.7% CAGR and reach US$13.1 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Storage & Handling Equipment segment is readjusted to a revised 6% CAGR for the next 7-year period.
The U.S. Market is Estimated at $9.1 Billion in 2022, While China is Forecast to Reach $6.2 Billion by 2026
The Food Service Equipment market in the U.S. is estimated at US$9.1 Billion in the year 2022. China, the world`s second largest economy, is forecast to reach a projected market size of US$6.2 Billion by the year 2026 trailing a CAGR of 7.4% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.8% and 5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.2% CAGR. By region, North America accounts for the largest share of the food service equipment market. The US alone is home to more than 100,000 restaurant chains, most of which have adopted modern kitchens or are mandated by regulation to adopt modern food service equipment. Moreover, the US is one of the largest markets for processed food and has stringent food service regulations, necessitating adoption of modern equipment. The increasing economic power, coupled with rapid urbanization in emerging markets is driving the food service industry, which in turn is propelling the food service equipment market. Asia-Pacific (including China) region is expected to offer the highest growth opportunities for food service equipment owing to the large population and growing economic clout of China and India.
Warewashing Equipment Segment to Reach US$6.6 Billion by the year 2026
In the global Warewashing Equipment segment, USA, Canada, Japan, China and Europe will drive the 4.9% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$4 Billion will reach a projected size of US$5.5 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. More
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About Global Industry Analysts, Inc. & StrategyR™
Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.
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