Foodservice Continues to Spread Internationally

The global foodservice equipment market is predicted reach $43,379 million by 2022, according to a new report by Allied Market Research, “Foodservice Equipment Market: Global Opportunity Analysis and Industry Forecast, 2014-2022.”

The cooking equipment segment is expected to dominate this market throughout this period. North America accounted for more than one-third share of the global foodservice equipment market in 2015. 

Increase in tourism, growth in restaurant & hotel industry, enhancements in urban infrastructure in developing & developed nations, and rising disposable income worldwide have catalyzed the market growth. The rise in number of application areas for foodservice equipment, coupled with increasing per capita income & spending power is expected to boost the market.

Advancement in refrigeration technology, cost-effectiveness, safety, efficiency & automation in kitchen equipment results in steady growth of the foodservice equipment market, globally. In addition, growing health consciousness among consumers and demand for fresh fruits are anticipated to further drive the market. However, high initial capital investment to install kitchen equipment has restrained the market growth.

Factors such as increasing demand for fresh food and decrease in cooking time have contributed towards the growth of cooking equipment. This segment accounted for about 32% of the overall foodservice equipment market in 2015 owing to rising demand for advanced and modular kitchen equipment. In addition, storage & handling segment is the fastest growing segment, owing to growing demand for refrigeration and advanced cooling & food warming techniques in commercial kitchens.

Asia-Pacific is projected to be the fastest growing region throughout the analysis period. China, being dominant in the Asia-Pacific, especially in cooking and storage & handling equipment, contributes two-sevenths for the Asia-Pacific foodservice equipment market. This is a result of blooming tourism industry and vast dining out options for consumers. Furthermore, improving economical and infrastructural in the emerging markets (India and Australia) have accelerated the market growth. Technological advancements for cost-effective equipment in these nations offer a lucrative opportunity for the foodservice equipment market growth.

 

Source: http://www.cstoredecisions.com/2016/10/10/global-foodservice-equipment-market-growing/

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