Foodservice operators across the Asia Pacific, Latin America, and the Middle East, and Africa will be witnessing the entry of new participants in these regional markets. The rapid increase in the number of quick-service restaurants (QSRs) and the rising frequency of establishment of new delivery units, especially for grab-and-go food products, will hold a significant impact on the foodservice equipment market.
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Evolving food industry trends and changing dynamics of manufacturing and delivering methods in the foodservice industry are primarily shaping the market for food service equipment. Sales would multiply at a promising CAGR of over 5% during 2019 – 2029, as projected by a new Future Market Insights (FMI) report.
Leading corporations including AB Electrolux, Ali Group, Dover Corporation, Duke Manufacturing, Haier Group, SMEG S.p.A.and the Middleby Corporation are making high investments in the establishment of research institutes in different regions to come up with improvements in their offerings. They are adopting business strategies such as sales contracts, strategic alliances, acquiring technical expertise, product approvals, patents and events, joint ventures, partnership agreements, collaborations, digital marketing, mergers and acquisitions, capacity utilisations, technological advancements, etc to lead the global foodservice equipment Market with largest market share.
Key Takeaways – Foodservice Equipment Market Study
- Food tourism – a new global trend especially in millennials has played a vital role in driving interest in food experiences and has led to increasing in the number of food tour companies. This increase will continue to push demand for professional foodservice equipment for proper food handling and hygiene.
- Automatic, wireless, and aesthetic designs in foodservice equipment that fit in smaller floor spaces, and are amenable to rules set by regulatory bodies such as NSF, will gain more significance.
- The emergence of equipment with multifunctional capabilities will weigh heavy on conventional models shortly.
- To gain an edge over the competition and increase efficiency, restaurants and hotels are upgrading and replacing old foodservice equipment with convenient digital touch control foodservice equipment.
- By eliminating the usage of natural resources, key players are focused on introducing new equipment with energy efficiency capabilities, leading to improved cooking and production time.
- North America is projected to be a prominent regional market for food service equipment, owing to high demand for replacement and renovations, along with aftermarket parts and service offerings, especially in the U.S.
The demand for foodservice equipment is mainly defined by renovation activities and miniaturization of the equipment to fit in relatively small floor spaces. Product customization, with new space-saving installations in accordance with standards, rules, and codes will play an important role in the value chain of the market.
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Foodservice Equipment Market: Participant Insights
With more small-scale manufacturers having similar product offerings, the market structure would remain fragmented. Furthermore, the increasing number of players in the foodservice equipment market has been pushing manufacturers to include forward integration in terms of services and installation, by offering aftersales support. In terms of revenue, significant players such as Middleby Corporation, Welbilt, Ali Group S.r.l., ITW Food Equipment Group, AB Electrolux, Hoshizaki Electric Co., Ltd, Qingdao Haier Co., Ltd, and Rational AG together hold a significant share of the market pie, backed by well-established sales networks and long-term partnerships with consumers.
By Segmentation:
The global food service equipment market is segmented in detail to cover every aspect of the market and present complete market intelligence to the reader.
Equipment
- Food Preparation Equipment
- Slicers & Peelers
- Mixers & Grinders
- Food Blenders
- Processors
- Others
- Drink Preparation Equipment
- Drink Blenders
- Juicers
- Ice Crushers
- Others
- Cooking Equipment
- Grills
- Fryers
- Ovens
- Toasters
- Others
- Heating & Holding Equipment
- Warmers
- Merchandisers
- Sauce Dispensers
- Others
- Refrigerators & Chillers
- Baking Equipment
- Merchandisers
- Dishwashers
- Semi-integrated
- Fully-integrated
- Countertops/Benchtop & Portables
- Other F&B Service Equipment
End-Use
- Full-Service Restaurant & Bars
- Quick Service Restaurant
- Indoor and Outdoor Caterers
- Hotels & Resorts
- Club Restaurants
- Commercial Canteens
- Institutions & Offices
- Hospitals
- Transportation
- Airways
- Ships
- Railways
Sales Channel
- Physical Stores
- Online Platforms
Region
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- MENU
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Top manufacturers are strategically acquiring regional players to expand their global presence. For instance, Middleby Corporation has acquired Seattle-based Synesso, a designer and manufacturer of semi-automatic espresso machines. The company also acquired Brewtech, a market leader in professional craft brewing and beverage equipment, and Powerhouse Dynamics, Inc a leader in cloud-based IoT solutions for the foodservice industry.