As per the published report, the global Food Service Equipment Market size is expected to arrive at USD 50.01 billion by 2028. It is estimated to develop by 5.5% CAGR from 2021 to 2028.
Altering habits of food consumption, increase in travel & tourism actions, growth in disposable incomes, plus the rising business proceedings in the food & beverage manufacturing sector, are the various input factors, inspiring the enlargement of this market for food service equipment. The manufacturing companies of food service equipment are concentrating on the mergers & acquisitions, to launch high-tech product assistance, for achieving a reasonable advantage.
For example, SMEG S.p.A worked together with Dolce & Gabbana S.r.l., in 2019, for exceptional technique of Fab28 SMEG refrigerator. This was promoted by an ancient Sicilian art. This teamwork was intended for building the products in attractive designs, customers would love to fit it in the, open places of the business kitchen.
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The eruption of COVID-19 pandemic and the following lockdowns, forced by the various governments, all over the world, at the beginning of 2020, to reduce its public distribution, had a significant depressing influence on the market. A variety of businesses, similar to hospitality, food & beverage as well as travel & tourism, have been rigorously influenced by the provisional shutdown of industrialized divisions, transport, along with logistic process. Relaxations declared by the number of governments, during the middle of 2020, caused the steady rise in the takeaway plus the business of online delivery, from the hotels and restaurants. It resulted in a recuperation of the food & beverage manufacturing business.
Additionally, the urgent necessity to save energy, has forced the manufacturing companies to concentrate on the improvement of the energy effective appliances, for the business kitchens. The machines are being incorporated, by means of two-directional connectivity of internet of things (IoT).
These linked electrical devices are able to automatically notify the workforce of the kitchen to augment the preparation time. Besides, the rising number of restaurants, all over the world, is furthermore inspiring the enlargement of the food service equipment market.
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Further key findings from the report suggest:
• The Full Service Restaurant (FSR) sector is projected to increase by approximately 5.0% CAGR, for the period of the forecast, and is expected to lead the market
• By nearly 7.0% CAGR, Asia Pacific is expected to appear as the speedily increasing local market, during the period of the forecast
• In 2020, by means of a more than 35.0% revenue share, the kitchen purpose equipment sector, ruled the market, in terms of the product
Million Insights segmented the global food service equipment market based on End User, Product, and Region.
Food Service Equipment Product Outlook (Revenue, USD Billion, 2016 – 2028)
• Kitchen Purpose Equipment
• Cooking Equipment
• Food & Beverage Preparation Equipment
• Refrigeration Equipment
• Ware Washing Equipment
• Food Holding & Storing Equipment
• Others
Food Service Equipment End-user Outlook (Revenue, USD Billion, 2016 – 2028)
• Full Service Restaurant (FSR)
• Quick Service Restaurant (QSR)
• Institutional
• Others
Food Service Equipment Regional Outlook (Revenue, USD Billion, 2016 – 2028)
• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• Asia Pacific
• China
• India
• Japan
• Latin America
• Brazil
• Mexico
• Middle East & Africa (MEA)
Companies
Various companies for food service equipment market are:
• SMEG S.p.A.
• Duke Manufacturing
• Ali Group S.r.l. a Socio UNICCO
• The Middle by Corporation
• Haier Group
• Dover Corporation
• AB Electrolux
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