Mounting Demand for Commercial Food Warming & Holding Equipment in Developing Regions
The success of a commercial kitchen depends on a range of factors of which, holding and warming food equipment are critical. Full service and quick service restaurants make use of commercial warming & holding equipment to keep food at the optimum serving temperature and retain its freshness. The restaurant sector has consistently expanded over the past couple of decades – opening up new avenues for participants in the commercial food warming & holding equipment market. Due to the expanding restaurant sector and the number of supermarkets and delis worldwide, the commercial food warming & holding equipment market is projected to witness considerable growth during the forecast period (2019-2027) and attain a value of ~US$ 7 Bn by the end of 2027. Some of the other factors that are expected to contribute toward this growth include growing evolving consumer lifestyle, ascending demand from developing economies, and rapid technological advancements.
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Hot Handling Techniques to Prevent Bacterial Growth Create Substantial Demand for Warming Equipment
Various end users of commercial food warming & holding equipment are increasingly focusing on improving the safety of large quantities of cooked food. Warming equipment have emerged as one of the most effective solutions to ensure protection from harmful bacteria and pathogens. Pathogens are likely to multiply in numbers between 5 ºC and 63 ºC and thus, the demand for warming equipment is poised to grow at a consistent rate during the forecast period. The warming equipment product segment is projected to account for ~30% of the total food warming and holding equipment market share, in terms of value in 2019, lagging slightly behind the holding equipment product segment, which is likely to hold a share of 34%. The Food Safety Regulations 1995 and similar other regulations have been laid down to ensure safety of consumers. Food service participants are continually putting efforts to ensure that the cooked food is free from harmful bacteria and remains at the desired temperature level through the use of holding and warming equipment.
Technological Innovations and Launch of Novel Products in Commercial Food Warming & Holding Equipment Market
Hot holding equipment have garnered significant popularity over the past few years, owing to fluctuating consumer preferences. Although hot holding is not a new concept, advancements in temperature control and humidity precision have led to the development of improved holding equipment. Presently, the demand for convenience food is witnessing growth, which, in turn, has propelled the need for energy-efficient holding equipment. In addition, evolving consumer lifestyle patterns are driving innovations in the commercial food warming & holding equipment market. Players operating in the global commercial food warming & holding equipment market landscape are leveraging advancements in technology to launch new products and gain competitive advantage. For instance, in September 2018, Unox launched a new hot refrigerator that was specially designed to preserve dishes at the desired serving temperature for weeks. In their quest toward achieving resource and energy efficiency, several companies in the commercial food warming & holding equipment market are focusing on research and development activities.
Stringent Regulations and Consumer Preferences Shape Greener Future
Over the past decade, improving energy efficiency across the global industrial sector has received immense importance. A similar trend can be observed within the global commercial food warming & holding equipment market wherein stringent regulations are shaping the course for a greener future. The U.S. Environmental Protection Agency (EPA) has defined the expected efficiency levels pertaining to hot food holding equipment on its ENERGY STAR website. Operators within the commercial food warming & holding equipment market that adhere to these requirements can display the ENERGY STAR label on their equipment. As per the insights on their website, by complying with these regulations, end users could potentially save as much as 30% on their electricity bills. Modern day consumers are highly in favor of energy-efficient warming and holding equipment, owing to the rising awareness related to green technologies. As consumer continue to adopt greener alternatives, old generation warming and holding equipment are likely to be replaced with newer products, especially in developing regions of South America and Asia Pacific.
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Commercial Food Warming & Holding Equipment: Market Overview
- The global commercial food warming & holding equipment market is expected to register a CAGR of ~4% from 2019 to 2027, in terms of volume. In terms of value, the global market is anticipated to expand at a CAGR of 4.5% during the forecast period. The commercial food warming & holding equipment market is projected to be driven by the growing demand for commercial food warming & holding equipment from the retail industry. Commercial food warming & holding equipment manufacturers are adopting advanced technologies to increase business. For instance, in May 2019, Merco, a Welbilt brand for commercial holding equipment, launched holding cabinets with the automatic tray tracking technology. This is expected to boost the commercial food warming & holding equipment market in the near future.
- The global commercial food warming & holding equipment market is expected to reach ~US$ 20.2 Bn by 2027 from ~US$ 14.2 Bn in 2019. The total volume sales of the commercial food warming & holding equipment market is expected to reach 5,032 thousand units in 2019 and 7,312 thousand units by 2027, at a CAGR of 4.4% over the forecast period. Rise in urbanization and disposable income continues to drive the demand for commercial food warming & holding equipment from end users, thereby driving the commercial food warming & holding equipment market.
- The commercial food warming & holding equipment market in North America is anticipated to expand at a rapid pace during the forecast period, followed by Europe
- North America remains the leading market for commercial food warming & holding equipment, with revenues in 2019 estimated at ~US$ 6.1 Bn. Emergence of food halls in urban settings, and presence of a large number of manufacturers of commercial food warming & holding equipment are fueling the growth of the commercial food warming & holding equipment market in the region.
- Asia Pacific is projected to lead the global commercial food warming & holding equipment market during the forecast period. This is primarily due to the rising per capita income, coupled with the growing emphasis on infrastructure development, which is resulting in the emergence of urban centers. This is expected to boost the growth of the food service outlets in the near future. As a result, the emergence of international food service chains, along with regional food service chains in countries such as India and that of ASEAN is expected to create significant demand for commercial food warming & holding equipment during the forecast period.