Asia Pacific is the fastest growing region in the global foodservice equipment market, and is expected to continue this trend owing to rapid growth in urbanization and growing trend for consumption of ready to eat and processed food. North America accounted the largest share of the market with 38.6% followed by Europe with 24.6%, in the year 2016.
Global Food Service Equipment Market Report, published by Variant Market Research, forecast that the global market was valued at $41 billion in 2016 and expected to reach $63 billion by 2024; growing at a CAGR of 5.6% from 2016 to 2024. In geographical segments, Asia Pacific and rest of the world (RoW) are anticipated to grow at a CAGR of 7.7% and 6.4%, respectively, over the forecast period 2016 - 2024.
The global food service equipment market is majorly driven by increasing consumer disposable income, growing diffusion of digitalization, demand for IoT devices, increasing worries towards health and food safety. Though, high investments on equipment’s may hinder the growth of the market.
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The food service equipment market has been bifurcated into washware equipment, type, and geography. Type comprises refrigerator, kitchen purpose, storage, food holding & serving, ware washing, and other types.
Moreover, washware equipment consists booster heaters, utensil washer, dish washers, disposers, and other washware equipment’s. Among type segments, kitchen purposes and refrigeration accounted for 28.9% and 21.3% of market share respectively, in the year 2016.
By washware equipment segment, dish washers and disposers accounted 35.5% and 19.6% shares respectively, in 2016.
North America, Europe, Asia-Pacific and Rest of the World (RoW) are the major regions covered in the report. Asia Pacific is the fastest growing region in the global food service equipment market, and is expected to continue this trend driven by speedy growth in urbanization and growing trend for consumption of ready to eat and processed food.
North America accounted the highest share of the market with 38.6% followed by Europe with 24.6%, in the year 2016.
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The major key companies in the market comprise Dover Corporation, Tupperware Brands Corporation, Welbilt Inc., Ali S.p.A, Hoshizaki Electric Co. Ltd., Middleby Corporation, Middleby Corporation, Libbey Inc., Ali Group and Cambro Manufacturing Company, Inc., among others.
In 2017, Welbilt, Inc. and Halton Group Americas have entered into strategic alliance to facilitate the integration of Halton ventilation solutions into wide range of Welbilt’s equipment to better meet the needs of their customers.
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Scope of Food Service Equipment Market
- Kitchen Purpose
- Ware Washing
- Food Holding & Serving
Wash ware Equipment Segments
- Booster Heaters
- Dish Washers
- Utensil Washer
- North America
- United Kingdom
- South America
- Middle East
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