According to a new FMI research 2023 to 2033, the global food holding equipment market is predicted to rise at a CAGR of 4.1% over the assessment period. The food holding equipment market is predicted to be valued US$ 5,679.2 million by the end of 2033, up from US$ 3,800 million in 2023.
A commercial kitchen’s effectiveness is impacted by a multitude of factors, but maintaining cutting-edge culinary equipment is vital. Commercial holding equipment is used in full-service and quick-service restaurants to maintain food at the optimal serving temperature and freshness. Over the last two decades, the restaurant business has risen significantly, offering new prospects for major companies in the commercial food holding equipment market.
In the next ten years, the global food holding equipment market is expected to grow due to an expanding restaurant industry and an increase in the number of supermarkets and delis. During the assessment period, digital innovations are expected to be a significant revenue and consumer retention driver.
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Aside from that, restaurant customer loyalty programmes would allow them to improve and personalise their interactions with customers. They can quickly obtain information by using point-of-sale orders, as well as online and mobile ordering. The incorporation of this critical data would also assist cafes and restaurants in generating customised 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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