The boom in the food industry has led to the development of its related sectors as well, particularly that of the food service equipment and supplies market 2020. The industrial automation and equipment industry reports are set out by Market Research Future, which centers on market choices for expansion. The income potential of USD 45 billion is estimated, with the backing of a CAGR of 5 % by 2025.
The rise in the volume of food delivery and preparation has drastically raised the amount of equipment required for the process, thus increasing the volume of foodservice equipment & supplies demand. Also, the increase in multi-function food appliances by food service equipment manufacturers is expected to further motivate the food service equipment and supplies market in the forecast period.
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The segmental assessment of the food service equipment and supplies market has been conducted on the basis of application, product, and region. Based on the product, the food service equipment and supplies market has been segmented into food holding & serving equipment, storage & handling equipment, ware washing equipment, cooking equipment, and others. The segment of cooking equipment is expected to develop at a considerable rate throughout the forecast period owing to the mounting demand for cooking and beverage preparation equipment from the commercial and residential sectors. On the basis of the applications, the food service equipment and supplies market consists of hotels & clubs, quick service restaurants, full-service restaurants, caterers, and others. The segment of quick-service restaurants is anticipated to develop at a considerable rate in the forecast period. Based on the regions, the food service equipment and supplies market comprises of North America, Europe, Asia-Pacific, and RoW.
Detailed Regional Analysis
The regional scrutiny of the food service equipment and supplies market includes regions such as North America, Europe, Asia-Pacific, and RoW. The regional market in the Asia-Pacific region is anticipated to develop at a speedy pace in the food service equipment and supplies market owing to rising food service centers, expanding number of nuclear families, and altering lifestyles in countries such as China and India, among other emerging nations. The region of North American is projected to record a reasonable growth in the forecast period. The extensive adoption of technologically progressive products and the growing implementation of these products are the factors that are enhancing the market development in the region. The regional market in the European region is anticipated to develop at a remarkable rate in the forecast period. The prosperous tourism industry and an extensive range of options for dining out are anticipated to drive the market development in the European region. While the rapid urbanization is anticipated to lift the development of food service equipment and supplies market in the Middle East & Africa region during the forecast period.
The contenders in the market existing in harmony with each other, and barriers to entry in the market are predicted to become less challenging in the future. The instabilities in the currency are anticipated to even out and consequently generate a promising influence on the market. The enhancement in the functioning and quality of products is estimated to open up new avenues for progress in the forecast period. The alternation in consumer trends is predicted to create a surge in a variety of products that will be offered in the market. The combined effect is formed in the middle of supply and demand forces in the market is anticipated to encourage additional development of the market. The assistance provided by government bodies and trade bodies is forecasted to create better prospects for progress in the market globally. The market is projected to create a favorable growth backdrop for companies operating in the market. The diversification of production strategies is estimated to create a positive effect on the global market. The access to funding is expected to encourage further development of the market in the upcoming period.
The renowned contenders in the food service equipment and supplies market are Duke Manufacturing Co. Inc. (US), Tupperware Hobart Corporation (US), Meiko (Germany), Ali Group SpA (Italy), Manitowoc Company Inc. (US), Brands Corporation (US), Hoshizaki Electric Co., Ltd (Japan), Fujimak Corporation (Japan), Dover Corporation (US), and Electrolux AB (Sweden).