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Food Service Equipment (Commercial Refrigeration) Market - Snapshot

Global food service equipment (commercial refrigeration) market is likely to be driven by innovation in processing technology and advancements in the food processing industry. The expansion in the capacities of food manufacturing together with growth of the food processing industry, the global food service equipment (commercial refrigeration) market is poised for considerable growth.

With the rising preference for functional foods and healthy food, manufacturers are anticipated to take up new equipment to cater to the evolving demand for healthy functional beverages and food items. Business organizations across the foodservice, food retail, and food processing value chains have many opportunities to increase or access their penetration of equipment products, organically or via acquisition

Changing Lifestyle of People Demand Hassle-free Cooking Options

The global food service equipment (commercial refrigeration) market is likely to observe considerable growth over the years of assessment. The burgeoning demand for high-end technologies is expected to create new avenues of growth for the market over the years of projection. 

Changing lifestyle with more participation of women in the workforce has generated more demand for various kitchen appliances for easy and quick preparation of food. The equipment that are used to carry out different food service operation range from

  • Cooking
  • Cutting
  • Baking

These equipments are essential for the production of food for a large number of customers.

Global Food Service Equipment (Commercial Refrigeration) Market: Snapshot

The global market for food service equipment, especially when it comes to commercial refrigeration, has come a long way in terms of products available and the technologies powering the variety of products in the global market. The increased use of packaged and ready-to-cook products in the food sector across the globe, rising global demand for fast food varieties, and the vast surge in the number of hotels, fine-dine restaurants, as well as fast food joints across the globe have necessitated the use of commercial refrigerators to keep finished items or raw materials fresh for longer durations.

The improved infrastructure of the electricity sector in a number of emerging economies has also encouraged the increased uptake of commercial refrigerators. However, the high costs of these products and complexities associated with their usage could hamper the growth prospects of the global food service commercial refrigeration equipment market.

According to the report, the global food service equipment (commercial refrigeration) market will exhibit an impressive 4.8% CAGR over the period between 2014 and 2020, rising to a promising revenue opportunity by 2020 from a valuation of US$31,544 mn in 2013.

Demand for Walk-in Refrigerators to Remain Highest

The report segments the market based on criteria such as product type and geography. Based on product type, the market has been segmented into refrigerated vending machines, glass door merchandisers (GDMs), beverage dispensers, ice cream machines, commercial fridges/freezers, ice cream cabinets, ice machines, walk-ins, and blast freezers. Of these, the segment of walk-in refrigerators accounted for the dominant share of revenue in the global market at the beginning of the report’s forecast period, thanks to the vast rise in the numbers of fine-dine restaurants and hotels in emerging as well as developed economies across the globe. The segment is also expected to account for the dominant share in the overall market over the report’s forecast period.

Owing to rising disposable incomes and the easy availability of products developed by local, regional, as well as international brands, the demand for ice cream cabinets has also witnessed a major uptick in the recent years, especially in emerging economies across regions such as Asia Pacific. The demand for glass door merchandisers, beverage dispensers, and ice machines has also massively increased due to the flourishing quick food service industry in emerging economies over the years.

Asia Pacific to Remain Most Promising Regional Market

From a geographical standpoint, the report segments the global food service equipment market on regional markets such as Asia Pacific, Latin America, Europe, North America, and Middle East and Africa. Of these, the market in Asia Pacific is expected to expand at an impressive pace in the next few years, thanks to the rising disposable incomes, increased consumption of outside food, and a thriving hospitality industry.

The market in North America, grabbing the dominant share of revenue in the market at the start of the report’s forecast period, is likely to continue to retain it’s leading position in the overall market. The well-established hospitality sector in the region and the high adoption rate for advanced technology products in the food service sector will continue to drive the regional market further.

Some of the leading companies operating in the global food service equipment market are Meiko, Ali Group, Duke Manufacturing Co. Inc., Manitowoc Company Inc., Hoshizaki Electric Co., Ltd., Libbey Inc., Dover Corporation, Middleby Corporation, Electrolux AB, Rational AG, Hobart Corporation, Vollrath Co., Tupperware Brands Corporation, and Fujimak Corporation.

Advancements across the Hospitality Sector to Lay a Red Carpet of Growth across the Food Service Equipment Market

The hospitality sector around the globe has witnessed tremendous advancements over the years. The rising number of participants in the food industry through hotels, catering establishments, and restaurants has led to the advent of various technologies and equipment to enhance the dine-in experience. Food service equipment is one of them. Hence, all these factors will bring profitable growth opportunities for the food service equipment market during the forecast period of 2014-2020.

  • Food service equipment is used for processing or managing food for numerous purposes. The equipment is used to perform various functions such as drying, processing, roasting, etc. They are used for preparing varied food items. The benefits attached to the equipment will bode well for the growth. Furthermore, the equipment help in easing the operations in the kitchen while cooking. This prominent advantage will add extra starts of growth.
  • The technological advancements observed across the food service equipment market will help in accelerating the growth prospects. The players in the food service equipment market are constantly engaged in research and development activities. These activities help in product innovation. Collaborations also help in strengthening the foothold of the players, eventually sowing the seeds of growth. The utilization of the Internet-of-Things (IoT) and other factors will invite immense growth opportunities.
  • The novel coronavirus outbreak has completely changed the growth projections of the food service equipment market. The growing virus transmission incidents forced many countries to adopt strict lockdown measures. These restrictions resulted in the ruining of growth prospects of the food service equipment market. Restaurants and food chains were also closed on the back of the strict restrictions. This aspect resulted in a decline in the growth of the food service equipment market.
  • Nevertheless, the easing of lockdown restrictions is proving to be a boon for the players in the food service equipment market.

Refrigeration is the process of transferring the heat from one location to another. In this case the heat is taken from the foods and other edible items and transferred out from the refrigeration units. The commercial refrigeration equipments are primarily used in the hospitality industry. The changing lifestyle and increase in number of hotels and restaurants is fuelling the market for growth. The commercial refrigeration equipments are generally segmented by the types of equipments. Continuous technological advancement in refrigeration systems is owing to the growth of this market.

The food service equipment (commercial refrigeration) market is considered to be volatile as a result of the fluctuation in the trends of various equipments and application markets across the globe. The rise in number of hotels and restaurants across the globe is owing to the growth in food service equipment (commercial refrigeration) market. In addition, the changing lifestyle of the working population is also ensuring the demand for ready to cook food. This is resulting in the rise of retail outlets and supermarkets leading to the demand for commercial refrigeration equipment. Moreover, commercial refrigeration equipment also find their application in hospitals to preserve medicines and vaccines.

Acceptance of high end technologies and the expansion of hospitality industry across various geographic locations is creating new opportunities for the food service equipment (commercial refrigeration) manufacturers globally. However, the high initial investment is acting as a restraint for the market. Regionally, North America has the highest penetration rate for food service equipment (commercial refrigeration) as they are the early adapters of latest technology.

This report covers the global food service equipment (commercial refrigeration) market along with their performance in regions such as North America, East Europe, South West Europe, North West Europe, Central Europe, Asia Pacific and Russia among others. The report provides in-depth analysis for each region along with market estimates and forecast from 2013 to 2020 in terms of revenues and volumes.

This market research study analyzes the food service equipment (commercial refrigeration) market globally, and provides estimates in terms of revenue (USD million) and volume (thousand units) from 2014 to 2020. In addition, the drivers and the restraints that are affecting the industry have been recognized. Furthermore, they have been analyzed to understand their impact over the forecast period. Moreover, it identifies the significant opportunities for market growth in the coming years.

By region, the market has been divided into North America, Latin America, East (Europe), South West (Europe), North West (Europe), Central (Europe), Asia-Pacific (APAC), Russia, China, India, Turkey & Middle East and Africa and these have been estimated in terms of revenue (USD billion) and volume (thousand units). In addition, the report segments the market based on the equipment type, which include ice machines, refrigerated vending machines, beverage dispensers, glass door merchandisers (GDMs), commercial fridges/freezers, blast freezers, ice cream machines, ice cream cabinets, and walk ins among others.

In order to have a better understanding of the food service equipment (commercial refrigeration) market, a detailed value chain has been provided. In addition, the Porter’s five forces affecting the market have been identified. Furthermore, the study also includes the market attractiveness analysis where the applications have been benchmarked based on the growth rate, scope and attractiveness in general.

The report provides company market share analysis of various industry participants. The key players have also been profiled on the basis of company overview, financial overview, business strategies, and the recent developments in the field of food service equipments (commercial refrigeration). Major market participants profiled in this report include .Ali Group, Meiko, Hobart Corporation, Manitowoc Company Inc., Hoshizaki Electric Co., Ltd. Cambro Manufacturing Company Inc. and Dover Corporation among others.

Food Service Equipment (Commercial Refrigeration) Market: By geography

  • North America
  • Latin America (LAM)
  • East (Europe)
  • South West (Europe)
  • North West (Europe)
  • Central Europe
  • Asia Pacific
  • Russia
  • China
  • India
  • Turkey & MEA (Middle East and Africa)

Food Service Equipment (Commercial Refrigeration) Market: By product type

  • Ice machines
  • Refrigerated vending machines
  • Beverage dispensers
  • Glass Door Merchandisers (GDMs)
  • Commercial fridges/freezers
  • Blast freezers
  • Ice cream machines
  • Ice cream cabinets
  • Walk ins
  • Others 

The report provides a cross-sectional analysis of all the above segments with respect to the following regions:

  • North America
  • Latin America (LAM)
  • East (Europe)
  • South West (Europe)
  • North West (Europe)
  • Central Europe
  • Asia Pacific
  • Russia
  • China
  • India
  • Turkey & MEA (Middle East and Africa)

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Food Service Equipment