Market players are focusing on capacity expansion to attain an extra edge among their competitors.
DUBAI, UAE / ACCESSWIRE / February 16, 2021 / FMI states in its recent study on the foodservice-equipment-market that the market will record a CAGR of over 5% through 2029. Demand for Foodservice equipment is anticipated to continue surging as Substantial investments are made by manufacturers to develop advanced equipment with visual appeal and multi-functional cooking features in line with the open kitchen concept.
"Foodservice operators are shifting towards the open kitchen concept to capitalize on the trend of clean menus with natural ingredients. Customers want to know the origin of the food that they consume and be a part of the whole experience" says the FMI analyst.
Foodservice equipment Market - Important Highlights
- Flourishing food and tourism industry is anticipated to boost demand for food service equipment during the forecast years
- According to end-use, full-service restaurant & bars are expected to hold the dominant position in the market
- North America is expected to dominate the market of foodservice equipment, owing to the rising awareness of health & food safety in the region.
- Cooking equipment to remain the most sought-after category in the foodservice equipment market.
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Foodservice Equipment Market - Drivers
- A recent global trend in food tourism, especially for millennials, has played a vital role in driving interest in food experiences and has contributed to a rise in the number of food tour companies. This rise would help to fuel demand for skilled foodservice facilities for safe handling and hygiene of food.
- The comfort provided by this equipment, along with decreased prices, is projected to fuel demand for technologically advanced foodservice equipment.
- The rapid growth in the number of Fast Service Restaurants and the growing frequency of the development of new distribution units, especially for food grab and go goods, would have a major effect on the demand for foodservice equipment.
Foodservice Equipment Market - Restraints
- Limited scopes across the industry and reluctance of people to order food due to the onset of a pandemic
- Foodservice facilities are costly and can harm the market by hindering its growth opportunities
COVID-19 Impact on Foodservice Equipment Market
The Foodservice Equipment market growth is anticipated to be hampered owing to the unprecedented COVID-19 pandemic with the shutdown of several restaurants. When the economies to halt and the supply chains disrupted, it also prevented manufacturing activities. Stringent rules of social distancing to stop the virus from spreading have resulted in reduced manufacturing activities. The Foodservice equipment market is anticipated to set on a path of regaining as economies steadily stabilize.
Competitive Landscape
The Foodservice Equipment market players are leaning towards the expansion of the production facilities To broaden their global reach, top producers are strategically acquiring regional players.
Middleby Corporation, for instance, has purchased Synesso, a designer and maker of semi-automatic espresso machines based in Seattle. Brewtech, a global leader of advanced craft brewing and beer supplies, and Powerhouse Dynamics, Inc., a leader of cloud IoT applications for the foodservice industry, were both acquired by the business.
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About the Study
The study offers readers a comprehensive assessment of the Foodservice equipment market. Global, regional, and national-level analysis of the latest trends influencing the market is covered in this FMI report. The study provides insights based on product type (Food Preparation Equipment, Drink Preparation Equipment, Heating & Holding Equipment, Baking Equipment, etc), end-use (Full Service Restaurant & Bars, Quick Service Restaurant, Indoor, and Outdoor Caterers, Hotels & Resorts, Club Restaurants, Commercial Canteens, etc)across key regions (North America, Latin America, Europe, China, Asia Pacific, Middle East & Africa).
Table Of Content
1. Executive Summary
1.1. Global Market Overview
1.2. Global Market Segmental Overview
1.3. Demand Side Trends
1.4. Supply Side Trends
1.5. Technology Roadmap
1.6. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
4. Key Success Factors
4.1. Product Adoption / Usage Analysis
5. Foodservice Equipment Global Standards and Regulations
Download Complete TOC Of this Report @ https://www.futuremarketinsights.com/toc/rep-gb-1578
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