The Banquet Cabinets Market refers to the industry that focuses on the production and sale of banquet cabinets, which are specialized food holding and warming equipment used in the hospitality and catering industry. Banquet cabinets are large, insulated cabinets designed to hold and transport large quantities of hot or cold food for banquet events, catering services, and other large-scale foodservice operations.
The increasing adoption of online sales channels is expected to drive the growth of the global banquet cabinets market, which is predicted to reach a valuation of US$ 878.4 Million in 2023. The market is anticipated to experience new opportunities as a result of the trend, which is anticipated to produce a projected CAGR of 3.5% between 2023 and 2033 and an estimated total valuation of about US$ 1,239.0 Million by 2033.
The rising demand for banquet cabinets in the foodservice sector is one of the key contributing factors. With the increase in events like weddings, conferences, and corporate events, there is a rising demand for banquet cabinets that can efficiently store and transport food items. The cabinets are made to maintain food’s temperature and keep it fresh, making them perfect for application in the foodservice sector.
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.
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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.
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.
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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
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More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global banquet cabinets market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the banquet cabinets market, the market is segmented on the basis of product (electric banquet cabinets, and 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, and educational institutions), across five major regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa).
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