Market Overview
Equipment such as cooking, washing, storage and handling equipment are used in foodservice industry for preparation and storage of food products for commercial purposes. Owing to the significant growth in the hospitality industry and increased use temperature-optimized storage equipment for perishable food has increased the overall demand for foodservice equipment worldwide.
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Furthermore, increased per capita spending of consumers on food has inclined them towards online food delivery and restaurant dine in. For instance, Japan has the highest per capita spending on food of US$ 4,417.5 followed by followed by Australia, Canada, and France with per person spending of US$ 3,003.6, US$ 2986.9, and US$ 2983.4, respectively. Additionally, an increasing R&D investment in the foodservice equipment industry is contributing to the emergence of innovative appliances with improved treatment efficacy and effectiveness. The overall demand is being propelled by a paradigm change away from traditional equipment and toward AI powered smart equipment.
Global Foodservice Equipment Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Equipment type, the market is primarily bifurcated into
- Cooking & Preparation Equipment
- Refrigeration Equipment
- Ware washing Equipment
- Storage & Handling Equipment
Cooking & Preparation Equipment segment dominated the by type of the global Foodservice Equipment market and will row at CAGR to reach US$ billion by the year 2027.
By Sales Channel, the market is primarily segmented into
- Online
- Offline
Amongst sales channel type, online accounted for the largest share in 2020 and is expected to grow at CAGR during the forecast period 2021-2027.
Foodservice Equipment Market Geographical Segmentation Includes:
- North America (United States, Canada)
- Europe (Germany, United Kingdom, Italy, France, Spain, and Rest of Europe)
- Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific)
- Rest of the World
Based on the estimation, the North America region dominated the Foodservice Equipment market with almost US$ billion revenue in 2020. At the same time, the Asia-Pacific region is expected to grow remarkably with a CAGR of over the forecast period on account of the change in lifestyles of consumers in countries such as China & India and increasing foodservice center in these countries.
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Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Foodservice Equipment market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
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