The global food holding equipment market is expected to grow at a CAGR of 4.1% in the evaluation period (2023 to 2033). The food holding equipment market is projected to reach a valuation of US$ 5,679.2 Million by the end of 2033 from US$ 3,800 Million in 2023.
The effectiveness of a commercial kitchen depends on a wide range of factors, but maintaining cutting-edge food equipment is crucial. Both full-service and quick-service restaurants use commercial holding equipment to keep food at the right serving temperature and maintain its freshness. Restaurant business has increased steadily over the past 20 years, which has given market leaders in commercial food holding equipment new opportunities.
In the next ten years, it is anticipated that an expanding restaurant sector and an increase in the number of supermarkets and delis will drive growth in the global food holding equipment market. During the assessment period, digital innovations are anticipated to be a significant revenue and customer retention driver.
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Apart from that, customer loyalty programs launched by restaurants would allow them to enhance and personalize their interactions with customers. They can easily gain access to the information by utilizing point-of-sale orders, as well as online and mobile ordering. Integration of this crucial data would further help cafes & restaurants to generate customized rewards based on their ordering habits in addition to promotions and discounts.
Key Takeaways from the Food Holding Equipment Market Study:
- During the historical period from 2018 to 2022, the global food holding equipment market witnessed steady growth at a CAGR of 2%.
- The U.S. food holding equipment market is estimated to be worth US$ 681.0 Million and account for nearly 56% of the North America market during the evaluation period.
- The U.K. is expected to be valued at nearly US$ 491.0 Million and account for 34% of the Europe food holding equipment market share in the forecast period.
- China is set to be worth over US$ 313,5 Million and account for 33% of the Asia Pacific food holding equipment market share in the assessment period.
- The food holding equipment market is expected to rise at a CAGR 1% in the forecast period.
“Rising number of independent quick service restaurants in both developed and developing countries is expected to push the global food holding equipment market during the assessment period. Besides, growing trend of delivering sophisticated facilities, dining out, and less spending of time by consumers on cooking at home are anticipated to augur well for the global market,” says a lead analyst at Future Market Insights.
Competitive Landscape: Food Holding Equipment Market
Some of the key players in the global food holding equipment market are Dover Corporation, Welbilt Inc. (Manitowoc Foodservice, Inc.), Illinois Tool Works Inc., Hatco Corporation, and Victor Manufacturing Ltd.
North America currently holds the largest market share, and this region is expected to continue to expand during the projection period. This can mainly be attributed to the region’s growing population and rising disposable income levels. Furthermore, the North America food holding equipment market is expected to increase in the next ten years due to the presence of a favorable legal and regulatory environment.
Get Valuable Insights into Food Holding Equipment Market
FMI, in its new offering, provides an unbiased analysis of the food holding equipment market presenting historical demand data (2018-2022) and forecast statistics for the period from (2023-2033). The study divulges compelling insights on the demand for food holding equipment market based on (holding cabinets, proofing cabinets, refrigerators & chillers), end user (full-service restaurants, quick service restaurants, hotels, airports, railways, hospitals, schools, supermarkets & delis), and regions.
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Food Holding Equipment Market Outlook by Category
By Product Type:
- Holding Cabinets
- Proofing Cabinets
- Refrigerators & Chillers
By End User:
- Full-Service Restaurants
- Quick Service Restaurants
- Hotels
- Airports
- Railways
- Hospitals
- Schools
- Supermarkets & Delis
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- MEA
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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