The global Food Service Equipment Market was valued at USD 38.73 billion in 2015 and is anticipated to experience a prominent revenue growth over the forecast period. Food service equipment is used to handle or process food, which starts right from peeling to grinding and cooling to roasting and is mainly used for commercial purposes. Several equipment’s are used in the food service industry to prepare food, drinks, heating purposes, cooking equipment, chillers and refrigerators.
The preference of consumers is shifting steadily from a full-service restaurant to quick-service restaurants, which is eventually a rapid change in the lifestyles. Hence, the international and the domestic firms are planning to make major investments in quick service restaurants, which will upsurge the sales of food service equipment and will also escalate the expenditure on food and related items. Additionally, there is an expansion in the number of quick service restaurants, which is creating lucrative opportunities for the food service equipment. The major companies have witnessed an explosion in the popularity of low-fat foods due to which all the manufacturers are enlarging and have started developing new technologies.
Some of the prominent key players operating in the food service equipment market are Manitowoc Foodservice Inc, Fujimak Corporation, Duke Manufacturing Co. Inc., Middleby Corporation, Electrolux, Hoshizaki Electric Co., Ltd., Tupperware Brands Corporation, Vollrath Co., Cambro Manufacturing Company, Inc., Libbey Inc., Rational AG, Ali S.p.A, Hobart Corporation and Dover Corporation. The leading key players have now started investing heavily in the food service equipment due to the demand of the consumers. They are also incorporating mergers and acquisitions, partnerships and joint ventures to enhance the growth of the market efficiently.
In 2015, Marsal & Sons Inc. and Marel’s U.K.-based high-speed slicing business unit was acquired by Middleby Corporation expanded its stretch in some of the developed countries. In the same year, it also assimilated AG Arange Master Group plc, which is a renowned manufacturer of residential food service equipment.
Regionally, there is a lucrative opportunity in the Asia Pacific for foodservice equipment manufacturers, owing to the rise in the food expenditure that is increasing rapidly in this region. Along with this, Latin America, Eastern Europe and MEA are also looking forward to coming up with the finest prospects in the food service equipment. Other than this, all the regions are creating different strategies to offer innovative products with hi-tech functionalities and are helping the food service equipment market to foresee massive growth.
Food Service Equipment Product Outlook (Revenue, USD Billion, 2013 - 2024)
• Kitchen purposes
• Ware washing
• Food holding and serving
Food Service Equipment Washware Equipment Outlook (Revenue, USD Billion, 2013 - 2024)
• Booster Heaters
• Dish Washers
• Utensil Washer
Food Service Equipment Regional Outlook (Revenue, USD Billion, 2013 - 2024)
• North America
• Asia Pacific
Research Support Specialist, USA