According to a new market report published by Transparency Market Research titled ‘Warewashing Professional Equipment Market – Global Industry Analysis’, this sector is currently globally valued at US$5.3bn (£4.2bn).
The research firm forecasted that the sector is expected to grow at a CAGR of 3.5% from 2019 to 2027. Rising disposable income, development of innovative products, and increasing penetration of Internet of Things devices are also expected to boost the global market of warewashing professional equipment in the near future.
Europe holds a major share of the market, followed by North America. Awareness about overall safety, sanitation, and hygiene among consumers and foodservice centre owners has propelled the demand for warewashing professional equipment in these regions.
In Asia Pacific, the market is likely to expand at a notable rate during the forecast period, due to growth of the catering industry and strong product innovation among warewashing professional equipment manufacturers in the region.
Transparency Market Research believes that driving factors include a rise in the number of hotels, restaurants, and cafes. Additionally, stringent laws and regulations enacted by governments regarding cleanliness and hygiene are key factors boosting the attractiveness of warewashing professional equipment among consumers.
Modern warewashing professional equipment contains upgraded technology integrated with Internet of Things products, which offers several features that make washing more convenient. The research company says that expansion of the market in emerging economies, due to rising income and changing consumer preference toward e-commerce, is driving the business expansion of warewashing manufacturers, which in turn is boosting the market.
However, the firm identified key challenges which could restrain the sector within the forecast period. These factors include the high cost of warewashing professional equipment, high maintenance costs, and a surge in the cost of warewashing chemicals.
In terms of product type, hood type dishwashers are mostly preferred by hotels, restaurants, and cafes owing to their convenience and cost-effectiveness. This segment has a major share in the warewashing professional equipment market.
Looking at the distribution channel, the offline segment held a relatively larger share in warewashing professional equipment market, as compared to that of the online segment, according to Transparency Market Research.
However, it believes that online retail stores are likely to be the highly preferred segment during the forecast period, due to a rise in preference for online shopping in recent years.
While the report’s analysis of end users further sub-segmented the catering industry into sectors such as the hotel industry, restaurants, bars, and others (home care, hospitals, etc.), it is the catering industry segment that holds a major share of the warewashing professional equipment market due to a rise in the number of hotels and restaurants.