1
Full service
restaurants are
expected to grow
foodservice
equipment demand.
THE 50 BILLION BONANZA
RESEARCH FIRM FUTURE MARKET INSIGHTS PREDICTS THAT THE FOODSERVICE
EQUIPMENT MARKET WILL SURPASS REVENUES OF US$49BN (£36BN) BY 2027.I
n the next 10 years, the global
foodservice equipment market
is predicted to grow at a steady
CAGR of 4.7%, according to
research firm, Future Market Insights.
The company has just published a
report called ‘Foodservice Equipment
Market: Global Industry Analysis
(2012–2016) and Opportunity
Assessment (2017–2027)’, which
states that the 2017 value of the
market is US$30bn (£22bn), but
by 2027 this could top US$49.1bn
(£36.2bn). This reflects the continuing
steady growth of the past couple
of years, with the global market
valued at US$28.7bn in 2015 and
US$29.8bn in 2016.
The latest revisions of the market
size and forecasts have taken
into account the impact of
various macroeconomic
indicators and other
industry-based demand-
driving factors, as
well as the recent
developments of key
market participants. Future
Market Insights believes
the leading players include Dover
Corp, AB Electrolux, Middleby Corp,
Rational, Hoshizaki, Libbey, Hobart,
Ali Group, Cambro Manufacturing
Company, Smeg, Araven, Hatco, Alto-
Shaam, Haier Group, MKN, Al-Halabi
Refrigeration & Steel, Huurre Group
and Nilma.
The research group believes that
a rising number of restaurants,
hotels, and fast-food outlets will
remain a primary driver to the global
foodservice equipment market.
Developing regions are expected
to raise significant demand for
foodservice equipment, with Asia
Pacific as the most lucrative market.
Based on product type, Future
Market Insights expects the cooking
equipment segment to continue
to lead the market during the
assessment period with a high market
valuation, and is poised to register a1significant CAGR during this period.
On the basis of end users, full-
service restaurants are expected to
remain the largest consumer
of foodservice equipment,
followed by quick-service
restaurants. Demand
from the full-service
restaurants segment is
said to have exceeded
US$21bn (£15.5bn) in 2017,
whereas that from the rapidly
growing quick-service restaurants
was expected to cross US$5bn
(£3.7bn) by the end of last year.
By region, Asia Pacific
excluding Japan (APEJ)
is the largest market,
and is expected to reach
a high value of around
US$17bn (£12.5bn) with a
massive increase registering
a CAGR of 7.1% throughout
the assessment period to 2027. This
growth in APEJ can be attributed to
slashing crude oil prices and shipping
costs, resulting in a sprint in sales.
The research firm says increasing
market demand for processing,
handling, and storage of food
products will continue to fuel the
market for innovative foodservice
equipment. In addition to cooking
and baking equipment, the demand
for refrigerators and other freezingequipment is also projected to
propel due to an ever-growing need
for food storage.
Evolving consumer lifestyle,
including the consumption of
packaged and ready-to-eat foods will
be another strong factor pushing
the global market growth. Growing
popularity of processed or preserved
foods is expected to boost the
demand for foodservice equipment.
Increasing activities in food and
beverages such as import and export
are identified to be a major factor
escalating the demand.
A shift from refrigerators,
freezers, and other storage
equipment to advanced
technology, energy-
efficient equipment
should remain a key driver
bolstering the demand for
foodservice equipment. Plus
a rising inclination toward open
kitchens will further support the
market growth.
Apart from hotels and restaurants,
a growing number of takeaway food
outlets, nursing homes and hospitals,
hostels, religious trusts, and charity/
welfare institutions are also predicted
to raise substantial demand for
advanced foodservice equipment in
order to process and serve significant
amounts of food within a timeline.The
Asia Pacific
market (excluding
Japan) could be
generating
US$17bn
(£12.5bn)
by 2027The global
foodservice
equipment market is
predicted to be worth
US$49.1bn
(£36.2bn)
by 2027TH E FI NAL WORD / REPORT
42 C AT E R I N G INSIGHT /^ FEBRUARY^2018 /^ http://www.cateringinsight.com