The UK catering equipment market is set to improve on the 2% growth it demonstrated in 2013 for at least the next five years, according to a new report.
Suppliers and distributors can expect a return to “healthy” year-on-year increases as the market emerges from the gloomy conditions that first brought a drop in demand back in 2008-2009.
Market research store Research And Markets this week announced availability of the ‘Catering Equipment Market Report 2014’, which is understood to be produced by Key Note.
It comprises five sectors: cooking equipment; food-handling equipment; refrigeration equipment; food preparation equipment; and other catering equipment.
Last year, the value of the catering equipment market in the UK grew 2.1%, “continuing its recovery” from the recession.
The report says that fragile economic growth and continued weak consumer expenditure have limited “significant investment” in new equipment from foodservice buyers in recent years, but said there was enough evidence to suggest the tide is turning.
“With demand for environmentally-focused products expected to grow in the foreseeable future, combined with greater consumer expenditure on eating out as confidence returns in the wake of sustained economic growth, this report forecasts healthy year-on-year value increases in the catering equipment market over the next five years,” it said.