The global Food Service Equipment Market size was valued at $34,252.0 million in 2020, and is projected to reach $44,810.8 million by 2025, registering a CAGR of 5.7% from 2020 to 2025.
Food Service Equipment are used for preparation and storage of food products for commercial purposes. This equipment includes cooking equipment, storage & handling equipment, ware washing equipment, food & beverage preparation equipment, and serving equipment. This equipment is used in the food service industry such as restaurants, hotels, and other commercial kitchens.
Development of the hospitality industry and increase in the use of temperature-controlled storage equipment for perishable and processed food items has driven the food service equipment market demand in commercial kitchens. Moreover, rise in the food service industry, coupled with the growing demand for multi-functional, efficient, space & time saving, and reduced labor fuels the food service equipment market growth. Additionally, the food service equipment market analysis is done on the basis of regions, key players and segments.
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The key players involved are Haier, Electrolux, Illinois Tool Works, Ali, Welbilt, Dover, Middleby, Rational, Standex International, Hoshizaki, Fujimak, The Vollrath Company, Duke Manufacturing, Alto-Shaam, Boelter.
By Type, Food Service Equipment has been segmented into:
· Food Preparation Equipment
· Drink Preparation Equipment
· Cooking Equipment
· Heating And Holding Equipment
By Application, Food Service Equipment has been segmented into:
Regions and Countries Level Analysis:
· South East Asia
The growth cessation of the food service equipment market in 2020 is due to the COVID-19 outbreak. The food service equipment industry relies primarily on the hospitality sector to generate revenue. A recent declaration of a notable percentage of closures in the hospitality industry, including full-service restaurants, pubs & bars, and quick-service restaurants, has dramatically hampered the sale of food service equipment.
The food service industry is focusing on equipment with built-in automation technology. Thus, food service equipment manufacturers are launching IoT (Internet of Things) with new equipment injected and incorporating new features to remain competitive in the marketplace. Therefore, these factors contribute to the growth of the catering equipment market in terms of value sales.
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