In the next 10 years, the global foodservice equipment market is predicted to grow at a steady CAGR of 4.7%, according to research firm, Future Market Insights.
The company has just published a report called ‘Foodservice Equipment Market: Global Industry Analysis (2012–2016) and Opportunity Assessment (2017–2027)’, which states that the 2017 value of the market is US$30bn (£22bn), but by 2027 this could top US$49.1bn (£36.2bn). This reflects the continuing steady growth of the past couple of years, with the global market valued at US$28.7bn in 2015 and US$29.8bn in 2016.
The latest revisions of the market size and forecasts have taken into account the impact of various macroeconomic indicators and other industry-based demand-driving factors, as well as the recent developments of key market participants. Future Market Insights believes the leading players include Dover Corp, AB Electrolux, Middleby Corp, Rational, Hoshizaki, Libbey, Hobart, Ali Group, Cambro Manufacturing Company, Smeg, Araven, Hatco, Alto-Shaam, Haier Group, MKN, Al-Halabi Refrigeration & Steel, Huurre Group and Nilma.
The research group believes that a rising number of restaurants, hotels, and fast-food outlets will remain a primary driver to the global foodservice equipment market. Developing regions are expected to raise significant demand for foodservice equipment, with Asia Pacific as the most lucrative market.
Based on product type, Future Market Insights expects the cooking equipment segment to continue to lead the market during the assessment period with a high market valuation, and is poised to register a significant CAGR during this period.
On the basis of end users, full-service restaurants are expected to remain the largest consumer of foodservice equipment, followed by quick-service restaurants. Demand from the full-service restaurants segment is said to have exceeded US$21bn (£15.5bn) in 2017, whereas that from the rapidly growing quick-service restaurants was expected to cross US$5bn (£3.7bn) by the end of last year.
By region, Asia Pacific excluding Japan (APEJ) is the largest market, and is expected to reach a high value of around US$17bn (£12.5bn) with a massive increase registering a CAGR of 7.1% throughout the assessment period to 2027. This growth in APEJ can be attributed to slashing crude oil prices and shipping costs, resulting in a sprint in sales.
The research firm says increasing market demand for processing, handling, and storage of food products will continue to fuel the market for innovative foodservice equipment. In addition to cooking and baking equipment, the demand for refrigerators and other freezing equipment is also projected to propel due to an ever-growing need for food storage.
Evolving consumer lifestyle, including the consumption of packaged and ready-to-eat foods will be another strong factor pushing the global market growth. Growing popularity of processed or preserved foods is expected to boost the demand for foodservice equipment. Increasing activities in food and beverages such as import and export are identified to be a major factor escalating the demand.
A shift from refrigerators, freezers, and other storage equipment to advanced technology, energy-efficient equipment should remain a key driver bolstering the demand for foodservice equipment. Plus a rising inclination toward open kitchens will further support the market growth.
Apart from hotels and restaurants, a growing number of takeaway food outlets, nursing homes and hospitals, hostels, religious trusts, and charity/welfare institutions are also predicted to raise substantial demand for advanced foodservice equipment in order to process and serve significant amounts of food within a timeline.