On 11th March 2020, the World Health Organization (WHO) declared the COVID-19 a pandemic officially. Due to which many countries such as China, India, Italy, Germany, Spain, France, and such other countries having a large number of COVID-19 patients went under lockdown conditions. Along with this, in the United Nations Conference on Trade & Development, it was said that the impact of COVID-19 would hamper the global economy up to USD 2 Trillion in 2020. The report also considers the impact of COVID-19 on global Food Service Equipment Market in the upcoming years.
According to a new report published by Fast.MR titled, “Food Service Equipment Market by Product and End-Use : Global Opportunity Analysis and Industry Forecast, 2016–2027,” the global food service equipment market was estimated at around USD 31.7 billion in 2019 and is expected to grow with the CAGR of 4.7% during forecast period 2020-2027. Increasing penetration of quick service restaurants in developing countries promoting marker growth for food service equipments.
The developing countries such as India, Thailand, Vietnam, and others have witnessed rising popularity for quick service restaurants over the last one decade. Changing lifestyle coupled with rising disposable income in these aforementioned countries has positively augmenting demand for quick service restaurants. Thus, rising number of quick service restaurants is expected to drive the demand for food service equipments over the forecast period.
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However, outbreak of coronavirus is likely to severely hamper the market growth over the short term period. The lockdowns imposed by the governments around the globe is likely to affect the food service industry. Many global experts believe that even post pandemic situation, the restaurant industry is likely to witness slow growth as customers might avoid social gatherings such as restaurants, eateries, and hotels.
North America region is likely to remain a key regional market for food service equipment market over the forecast period. The region has significant number of restaurants with growing demand for fast food and culinary dishes. In addition, the region is also has strong consumer purchasing power which is likely to play a key role in driving business volumes for the restaurants in the region.
Key vendors of the industry are Vollrath Co., SMEG, Manitowoc Company, Middle by Corporation, Hobart Corporation, Hoshizaki Electric Co. Ltd, Haier Group Corporation, Funeral Corporation, Duke Manufacturing Co. Inc., Dover Corporation, Ali Group, and Electrolux Corporation.
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