Food Service Equipment (Commercial Refrigeration) Market – Snapshot
Global food service equipment (commercial refrigeration) market is likely to be driven by innovation in processing technology and advancements in the food processing industry. The expansion in the capacities of food manufacturing together with growth of the food processing industry, the global food service equipment (commercial refrigeration) market is poised for considerable growth.
With the rising preference for functional foods and healthy food, manufacturers are anticipated to take up new equipment to cater to the evolving demand for healthy functional beverages and food items. Business organizations across the foodservice, food retail, and food processing value chains have many opportunities to increase or access their penetration of equipment products, organically or via acquisition
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Changing Lifestyle of People Demand Hassle-free Cooking Options
The global food service equipment (commercial refrigeration) market is likely to observe considerable growth over the years of assessment. The burgeoning demand for high-end technologies is expected to create new avenues of growth for the market over the years of projection.
Changing lifestyle with more participation of women in the workforce has generated more demand for various kitchen appliances for easy and quick preparation of food. The equipment that are used to carry out different food service operation range from
- Cooking
- Cutting
- Baking
These equipments are essential for the production of food for a large number of customers.
Global Food Service Equipment (Commercial Refrigeration) Market: Snapshot
The global market for food service equipment, especially when it comes to commercial refrigeration, has come a long way in terms of products available and the technologies powering the variety of products in the global market. The increased use of packaged and ready-to-cook products in the food sector across the globe, rising global demand for fast food varieties, and the vast surge in the number of hotels, fine-dine restaurants, as well as fast food joints across the globe have necessitated the use of commercial refrigerators to keep finished items or raw materials fresh for longer durations.
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The improved infrastructure of the electricity sector in a number of emerging economies has also encouraged the increased uptake of commercial refrigerators. However, the high costs of these products and complexities associated with their usage could hamper the growth prospects of the global food service commercial refrigeration equipment market.
According to the report, the global food service equipment (commercial refrigeration) market will exhibit an impressive 4.8% CAGR over the period between 2014 and 2024, rising to a promising revenue opportunity by 2024 from a valuation of US$31,544 mn in 2013.
Demand for Walk-in Refrigerators to Remain Highest
The report segments the market based on criteria such as product type and geography. Based on product type, the market has been segmented into refrigerated vending machines, glass door merchandisers (GDMs), beverage dispensers, ice cream machines, commercial fridges/freezers, ice cream cabinets, ice machines, walk-ins, and blast freezers. Of these, the segment of walk-in refrigerators accounted for the dominant share of revenue in the global market at the beginning of the report’s forecast period, thanks to the vast rise in the numbers of fine-dine restaurants and hotels in emerging as well as developed economies across the globe. The segment is also expected to account for the dominant share in the overall market over the report’s forecast period.
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Owing to rising disposable incomes and the easy availability of products developed by local, regional, as well as international brands, the demand for ice cream cabinets has also witnessed a major uptick in the recent years, especially in emerging economies across regions such as Asia Pacific. The demand for glass door merchandisers, beverage dispensers, and ice machines has also massively increased due to the flourishing quick food service industry in emerging economies over the years.
Asia Pacific to Remain Most Promising Regional Market
From a geographical standpoint, the report segments the global food service equipment market on regional markets such as Asia Pacific, Latin America, Europe, North America, and Middle East and Africa. Of these, the market in Asia Pacific is expected to expand at an impressive pace in the next few years, thanks to the rising disposable incomes, increased consumption of outside food, and a thriving hospitality industry.
The market in North America, grabbing the dominant share of revenue in the market at the start of the report’s forecast period, is likely to continue to retain it’s leading position in the overall market. The well-established hospitality sector in the region and the high adoption rate for advanced technology products in the food service sector will continue to drive the regional market further.
Advancements across the Hospitality Sector to Lay a Red Carpet of Growth across the Food Service Equipment Market
The hospitality sector around the globe has witnessed tremendous advancements over the years. The rising number of participants in the food industry through hotels, catering establishments, and restaurants has led to the advent of various technologies and equipment to enhance the dine-in experience. Food service equipment is one of them. Hence, all these factors will bring profitable growth opportunities for the food service equipment market during the forecast period of 2014-2020.
- Food service equipment is used for processing or managing food for numerous purposes. The equipment is used to perform various functions such as drying, processing, roasting, etc. They are used for preparing varied food items. The benefits attached to the equipment will bode well for the growth. Furthermore, the equipment help in easing the operations in the kitchen while cooking. This prominent advantage will add extra starts of growth.
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