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Food Service Equipment Market to Reach $44.81 Bn, Globally, by 2027 at 5.7% CAGR: Allied Market Research
Growth in food service industry and increase in preference for quick-service restaurants drive the growth of the global food service equipment market. However, high capital requirement restrains the market growth. On the other hand, regulatory benefits and rise in demand for energy-efficient and cost-effective products present new opportunities in the coming years.
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Based on end use, the full-service restaurant & hotel segment held the highest market share in 2019, accounting for nearly three-fourths of the total share of the global food service equipment market, and is expected to maintain its dominant share during the forecast period. This is due to inclination of consumers toward new cuisines at a reasonable cost, ongoing trends of luxury dining and tourism, and upsurge in shopping centers at business hubs across the globe. However, the quick service restaurant & pub segment is expected to witness the highest CAGR of 7.7% from 2021 to 2027. Experimental food items, limited edition menu, and unique food combinations are the major factors driving the growth of the segment.
Based on product type, the cooking equipment segment contributed to the highest market share in 2019, accounting for nearly one-thirds of the total share of the global food service equipment market, and is projected to maintain its leadership status by 2027. Usage of food service equipment helps reduce labor cost, improve food safety, and minimize operational cost which propel the growth of the segment. However, the storage and handling equipment segment is expected to grow at the highest CAGR of 6.8% during the forecast period. Demand for frozen food and growth in fast food chains proliferate the segment growth.
The global food service equipment market across North America , contributed to the highest share in terms of revenue, holding more than one-third of the total share in 2019. Availability of affordable, high-quality, and safe equipment and rise in cost of skilled labor drive the market growth in this province. On the other hand, Asia-Pacific is estimated to manifest the fastest CAGR of 7.7% from 2021 to 2027. This is attributed to the presence of numerous hotels and restaurants in the region.
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