Food Service Equipment Market Size, Share & COVID-19 Impact Analysis, By Equipment Type (Cooking & Preparation Equipment, Refrigeration Equipment, Warewashing Equipment, Storage & Handling Equipment, and Others), By Sales Channel (Online, and Offline), By End-user (Full Service Restaurant, Quick Service Restaurant, Hotels & Pub Bar Clubs, and Others) and Regional Forecast, 2020-2027
The Global “Food Service Equipment Industry Share “is expected to grow steadily in the coming years. The report illustrated latest insights into market drivers, restraints, risks and opportunities in the global market. The Food Service Equipment Market report shows the credible direction of the market in the coming years along with its estimates. A precise study aims to understand the market price. By analyzing the competitive landscape, the authors of the report have made excellent efforts to help the readers understand the key business strategies that large companies employ to maintain market stability.
The global food service equipment market size was USD 33.85 billion in 2019 and is projected to reach USD 46.38 billion by 2027, exhibiting a CAGR of 4.1% during the forecast period.
The report focuses on the Food Service Equipment Market size, segment size (mainly covering product type, application, and geography), competitor landscape, recent status, and development trends. Furthermore, the report provides detailed cost analysis, supply chain. Technological innovation and advancement will further optimize the performance of the product, making it more widely used in downstream applications. Moreover, Consumer behavior analysis and market dynamics (drivers, restraints, opportunities) provides crucial information for knowing the .
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Highlights of the Report:
While making the Food Service Equipment Market Analysis report, we segmented the market on the basis of product, type, consumption, distribution channel, and region. Based on the segmentation, we made a list of companies and conducted a detailed analysis of their financial positions, product portfolios, and growth strategies. Our next step included the study of core competencies of key players and their market share to anticipate the degree of competition. The bottom-up procedure was conducted to arrive at the overall size of the market.
Industry Development:
- July 2018 Welbilt, a global food service equipment manufacturer, announced its agreement with NextGen Procurement Group that involves the procurement of advanced equipment that include refrigerators, steam, and other serving systems.
List of Key Companies Operating in Food Service Equipment Market Include:
- Welbilt(New Port Richey, Florida)
- The Middleby Corporation(Elgin, Illinois)
- Ali Group S.r.l.(Milan, Italy)
- Standex International Corporation(Salem, New Hampshire)
- Hoshizaki America, Inc.(Peachtree City, Georgia)
- FUJIMAK CORPORATION(Shinbashi, Tokyo)
- ITW FOOD EQUIPMENT GROUP(Troy, Ohio)
- Dover Corporation(Downers Grove, Illinois)
- Duke Manufacturing(St. Louis, Missouri)
- The Vollrath Company, LLC(Sheboygan, Wisconsin)
- Haier Inc.(Qingdao, China)
- Smeg S.p.A.(Guastalla, Italy)
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Increasing Number of Restaurants to Bolster Growth
According to a report by the IBISWorld, it is estimated that there are over 102, 389 restaurant chains across the U.S. in 2020. It is expected to rise exponentially in the forthcoming years. The growing urbanization and the increasing high disposable income among the working population are leading to the trend of eating food across hotels and restaurants. Additionally, changing taste preferences and the availability of different world cuisines is anticipated to drive the demand for this equipment across the globe. The increasing adoption of advanced food service machinery is further expected to bode well for the growth of the global food service machine market during the forecast period.
SEGMENTATION:
Cooking and Preparation Equipment Segment Held 28.9% Market Share in 2019
The cooking and preparation equipment segment, based on by equipment, is expected to gain momentum owing to the increasing demand for the food service equipment across general and convenience stores. The segment held 28.9% market share in 2019.
Market Segment Analysis –
- Market Sizing Estimations and Forecasts By Equipment Type (Value)
- Cooking and Preparation Equipment
- Refrigeration Equipment
- Warewashing Equipment
- Storage and Handling Equipment
- Others (Serving Equipment, etc.)
- Market Sizing Estimations and Forecasts By Sales Channel (Value)
- Online
- Offline
- Market Sizing Estimations and Forecasts By End-user (Value)
- Full Service Restaurant (FSR)
- Quick Service Restaurant (QSR)
- Hotels and Pub Bar Clubs
- Others (General and Retail Stores, etc.)
- Market Analysis, Insights and Forecast By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
Impact of COVID-19 Pandemic on Food Service Equipment Market
According to latest report from the World Health Organization (WHO), the US, Spain, Italy, France, Germany, the UK, Russia, Turkey, Brazil, Iran, and China are among the worst affected countries due to COVID-19 outbreak. The crisis is hindering the industries worldwide and the global economy is also witnessing a downturn. Due to lockdown, the production volume is decreasing for many sectors. Thus, decline in the operations of industries is restraining the development.
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- Robust research methodology
- Comprehensive reports
- Latest technological developments
- Value chain analysis
- Growth dynamics
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Press Release Distributed by The Express Wire
To view the original version on The Express Wire visit Food Service Equipment Market to See High Growth in Upcoming Year by 2028
