The global commercial countertop soup warmer market was valued at $289.64m (£221.28m) in 2016, according to the latest Commercial Soup Warmer Market Report published by US-based research firm, 360 Research Reports.
The firm believes this figure was reached owing to the increase in demand for countertop models with improved features and innovative technologies. For instance, Roband Australia provides countertop soup warmers with cauldron-shaped design and glass-filled nylon outer casing so that the heat transfer is reduced and burn injuries to the operators are minimised.
Plus The Vollrath Company provides induction dethermalisers with the sensors that give instruction to the operator to stir the liquid. These commercial soup warmers with improved sensors and controls are relatively higher priced than their standard counterparts. This increased demand for better sensor and control equipped soup warmers is expected to propel the growth of the commercial soup warmer market during the forecast period.
Analysts at 360 Research Reports predicted this market will grow at a CAGR of 6.62% during the period 2017-2021. One of the main drivers for this is that foodservice establishments are focusing on improving the quality of their menus and expanding them. However, a challenge could be that there is a prevailing market for second-hand soup warmers.
One of the main trends the research firm uncovered was a growing preference for soup warmers with better design and durability.
Furthermore, the Commercial Soup Warmer Market Report focuses on global major leading industry players. Key vendors operating in this market space include Admiral Craft Equipment, APW Wyott, Star Manufacturing International, The Vollrath Company, Atosa Catering Equipment, Avantco Equipment, CookTek, Globe Food Equipment, Nemco Food Equipment, and Sunnex Products.
The research analyses market potential for each geographical region based on the growth rate, macroeconomic parameters, consumer buying patterns, demand and present scenarios in the commercial soup warmer industry. The regions were divided into North America (United States, Canada and Mexico); Europe (Germany, France, UK, Russia and Italy); Asia-Pacific (China, Japan, Korea, India and Southeast Asia); South America (Brazil, Argentina, Colombia); and the Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa).
In terms of geography, the Americas accounted for the maximum market share during 2016 and will continue to dominate the market for the next few years. This dominance of the Americas in the global market is largely supported by the end users that have started expanding their menu offerings by introducing healthy options such as soups and stews. Also, various Asian soup restaurant brands, especially Chinese and Japanese restaurant brands, are looking to expand their operations in the Americas. This will further augment growth in the market.