Food Service Equipment Market Size Worth $50.01 Billion By 2028 Grand View Research, Inc.
SAN FRANCISCO, Feb. 23, 2021 /PRNewswire/ -- The global food service equipment market size is estimated to reach USD 50.01 billion by 2028, according to a new report by Grand View Research, Inc. It is projected to expand at an estimated CAGR of 5.5% from 2021 to 2028. The increasing trade activities in the food and beverage industry, upsurge in travel and tourism activities, changing food consumption habits, and rise in disposable incomes are some of the key factors driving the growth of this market.
Key suggestions from the report:
- In terms of geography, Asia Pacific is estimated to emerge as the fastest-growing regional market with a CAGR of close to 7.0% from 2021 to 2028
- In terms of product, the kitchen purpose equipment segment dominated the market with a revenue share of over 35.0% of the overall market in 2020
- Expanding at a CAGR around 5.0% from 2021 to 2028, the Full Service Restaurant (FSR) end-user segment is estimated to dominate the market over the forecast period.
Read 171 page research report with ToC on "Food Service Equipment Market Size, Share & Trends Analysis Report By Product (Kitchen Purpose Equipment, Refrigeration Equipment, Food Holding & Storing Equipment), By End-user, By Region, And Segment Forecasts, 2021 - 2028" at: https://www.grandviewresearch.com/industry-analysis/food-service-equipment-market
Equipment manufacturers are focusing on mergers and acquisitions to introduce state-of-the-art product offerings for attaining a competitive edge in the market. For instance, in 2019, SMEG S.p.A collaborated with Dolce & Gabbana S.r.l. for special styling of Fab28 SMEG refrigerator, which was encouraged by old Sicilian art. This collaboration was aimed at developing products in captivating designs consumers would like to incorporate in their modular, open commercial kitchen spaces. Furthermore, the pressing need to conserve energy has compelled manufacturers to focus on the development of energy-efficient appliances for commercial kitchens. Appliances are being integrated with bidirectional internet of things (IoT) connectivity. These connected appliances can automatically alert kitchen staff to increase the preparation uptime. Additionally, the increasing number of restaurants across the globe is also driving the market. As per the National Restaurant Association, the U.S region itself accounts for more than 1 million restaurants of different kinds and sizes.