The global banquet cabinets market size is anticipated to reach a valuation of US$ 878.4 Million in 2023, driven by the increasing adoption of online sales channels. The trend is expected to create new opportunities for the market, leading to a projected CAGR of 3.5% between 2023 and 2033, and reaching a total valuation of approximately US$ 1,239.0 Million by 2033.
One of the major factors is the growing demand for banquet cabinets in the foodservice industry. There is a growing demand for banquet cabinets that can store and transport food items effectively, with the rise in the number of events, such as weddings, conferences, and corporate events. The cabinets are designed to keep food fresh and maintain its temperature, which makes them ideal for use in the foodservice industry.
A key factor fueling the market growth is the increasing focus on food safety and hygiene. Banquet cabinets are designed to ensure that food items are stored in a safe and hygienic manner. They are equipped with features such as air filtration systems and temperature control mechanisms that help to maintain the quality of the food items. There is a rising demand for banquet cabinets in the foodservice industry, with the growing awareness about food safety and hygiene.
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Integration of smart technologies such as IoT is another major factor that is expected to further escalate the market growth. The IoT technology allows for real-time monitoring of the temperature and humidity levels in the cabinets, enabling better control and management of the stored food items. The use of smart technologies can also help in reducing energy consumption and costs, which is another major factor escalating the growth of the Banquet Cabinets Market.
The increasing demand for energy-efficient banquet cabinets is also anticipated to propel market growth. There is an increasing focus on sustainability and energy efficiency in the foodservice industry, which has led to a rising demand for banquet cabinets that can help in reducing energy consumption and costs.
The growing trend of outdoor catering events and food trucks is augmenting the demand for mobile banquet cabinets that can be easily transported and set up at different locations. The mobile cabinets are designed to be compact, lightweight, and easy to move around, making them ideal for use in outdoor catering events and food trucks.
Key Takeaways:
- Global banquet cabinets market was valued at US$ 848.7 Million by 2022 end.
- From 2018 to 2022, the market demand expanded at a CAGR of 2.7%.
- North America is expected to hold a dominant CAGR of 3.4% during the forecast period.
- By Product, the electric segment is expected to constitute a CAGR of 3.3% in 2033.
- On the basis of End-Use Industry, the hotels and restaurants segment is expected to dominate the market with a CAGR of 3.2% in 2033.
- From 2023 to 2033, banquet cabinets market is expected to flourish at a CAGR of 3.5%.
- By 2033, the market value of banquet cabinets is expected to reach US$ 1,239.0 Million.
Growing popularity of outdoor events and catering, across the globe is a major factor that is expected to propel the growth of the banquet cabinets market in the near future, remarks an FMI analyst.
Competitive Landscape:
Prominent players in the banquet cabinets market are Hoshizaki Electric Co. Ltd., Alto-Shaam, Carter-Hoffmann, Hatco Corporation, Henny Penny, Hobart Corporation, KitchenAid Commercial, Rational AG, Traulsen, Carter-Hoffmann, True Manufacturing Co., Inc., Duke Manufacturing, and Vulcan Food Equipment Group, among others.
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Recent Developments:
- In 2022, Hatco Corporation launched a new line of banquet cabinets with improved insulation and energy-efficient features, along with better temperature and humidity control for optimum food quality and safety.
- In 2021, Alto-Shaam, another leading player, announced the launch of its new Banquet Cart, which features improved mobility, durability, and energy efficiency, as well as advanced controls for precise temperature and humidity management.
- In the same year, Carter-Hoffmann introduced a new line of banquet cabinets that feature a unique thermal curtain design for improved energy efficiency and temperature control.
Key Segments Covered:
By Product:
- Electric Banquet Cabinets
- Non-electric Banquet Cabinets
By Capacity:
- Less than 50 Trays
- 50-100 Trays
- More than 100 Trays
By End-Use Industry:
- Hotels and Restaurants
- Event Management Companies
- Catering Services
- Hospitals and Healthcare Facilities
- Educational Institutions
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa