IndustryARC, in its latest report, predicts that Food Service Equipment Market Size is estimated to reach $45.2 billion by 2027 and is poised to grow at a CAGR of 4.1% over the forecast period of 2022-2027. Food Service equipment is used for the preparation and storage of food products for commercial use. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
Key takeaways:
This IndustryARC report on the cobalt Food Service Equipment Market highlights the following areas –
1. Geographically, North America held a dominant market share in the year 2021, owing to the presence of key players in the region. In addition, the companies are developing innovative Food Service Equipment for various applications. A robust economy and a growing trend in full-service restaurants are driving demand for Food Service Equipment Industry in this region.
2. The technological advancements in the restaurant and catering industry are driving the growth of the Food Service Equipment Market Size. However, the rise in food safety issues is expected to hinder the growth of the target market to a certain extent.
3. A detailed analysis of strengths, weaknesses, opportunities and threats would be provided in the Food Service Equipment Market Report.
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Segmental Analysis:
1. The Storage and Handling Equipment segment is estimated to be the fastest-growing, with a CAGR of 5.2% over the forecast period of 2022-2027. Companies are inclining toward optimum food safety and regularly clean & sanitize temperature-controlled food holding equipment.
2. Quick Service Restaurants (QSR) is estimated to be the fastest-growing, with a CAGR of 6.0% over the forecast period of 2022-2027. Continuous product advancements in the food service equipment sector have been recognized as an additional stimulus, allowing time-pressed consumers to have faster access to high-quality cooked foods.
3. The Food Service Equipment Market, based on Geography, can be further segmented into North America, Europe, Asia-Pacific, South America and the Rest of the World. North America held a dominant market share of 42% in 2021.
Competitive Landscape:
The top 5 players in the Food Service Equipment industry are –
1. Dover Corporation
2. Ali S.p.A
3. Illinois Tool Works Inc.
4. Middleby Corporation
5. Welbilt, Inc.
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