Asia Pacific food service equipment market is expected to flourish at a significant CAGR of 6.8% during the forecast period. Factors such as availability of low cost and diverse food service equipment are anticipated to impel the growth of the Asia Pacific food service equipment market.
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Asia Pacific food service equipment market is segmented into product such as food preparation equipment, drink preparation equipment, cooking equipment, refrigerators & chillers and wash ware. Among these segments, cooking equipment segment is expected to occupy top position in overall food service equipment market during the forecast period.
Growing number of restaurants in Asia Pacific are expected to drive the growth of the cooking equipment market. Moreover, wide range and development of advanced cooking equipment is expected to trigger the growth of the cooking equipment market over the forecast period.
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Further, evolving trend of increasing consumer spending on eating out is strengthening the restaurant market which further is anticipated to drive the growth of the Asia Pacific food service equipment market. Moreover, the Asia Pacific food service equipment market is expected to garner noteworthy revenue by the end of 2021.
China dominated the overall Asia Pacific food service equipment market in 2015. Factors such as increasing disposable income, rising demand for foreign foodstuffs and urbanization are some of the factors which are bolstering the growth of the food service equipment market in China.
Moreover, expansion of fast food restaurants such as Burger King, KFC and others in China is expected to drive the growth of China food service equipment market during the forecast period. On August 8, 2017, McDonalds announced that the company will be expanding its presence in China by increasing their number of restaurants to 4500 by the end of 2022.
This factor is envisioned to bolster the growth of the Asia Pacific food service equipment market.
Growth of Food Industry
Growth in global trade and adoption of western cultures has also impacted the eating patterns of the people and driving the growth of the fast food industries in the region. Moreover, the number of fast food restaurants has significantly grown in China, reaching to about 4260 locations in China.
Further, number of fast food and other restaurants is anticipated to increase in Asia Pacific which is anticipated to provide robust growth to the food service equipment market during the forecast period.
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Advancements in Food Service Equipment
Technological advancement in food service equipment such as high efficiency is fuelling the growth of the food service equipment market. Moreover, advancement in technology is also lowering the price of food service equipment which further is expected to boost the demand for food service equipment.
However, high availability of low quality food service equipment by local vendors and high capital requirement are some of the factors which are anticipated to inhibit the growth of the Asia Pacific food service equipment market.
The report titled “Food Service Equipment Market: Asia Pacific Demand Analysis & Opportunity Outlook 2021” delivers detailed overview of the Asia Pacific food service equipment market in terms of market segmentation by product, by end user and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the Asia Pacific food service equipment market which includes company profiling of AB Electrolux, Hobart Corporation, Manitowac Company Inc., Fujimak Corporation, Duke Manufacturing Co. Inc., Rational AG, Sia Haut, Town Food Service Equipment Co.
Inc., New Asia FSE Inc. and Franke Foodservice Systems. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments.
On the whole, the report depicts detailed overview of the Asia Pacific food service equipment market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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