Press Release / Business / Global Food Service Equipment Market is Estimated to Reach $63 Billion by 2024

Global Food Service Equipment Market is Estimated to Reach $63 Billion by 2024

Global foodservice equipment market report published by Accurize Market Research forecast that the global market is expected to reach $63 billion by 2024; growing at a CAGR of 5.5% from 2017 to 2025. By geography, the Asia Pacific and North America are expected to grow at a CAGR of XX% and XX%, respectively, during the forecast period.

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Rising digitalization and development of advanced products with internet connectivity to drive the growth of the market

Growing digitalization and development of advanced products with internet connectivity fuels the demand for the global foodservice equipment market. Moreover, increasing hotels, restaurants, food joints and increasing awareness of energy consumption also boosts the growth of the market.

Market Segmentation

The global foodservice equipment market has been bifurcated on the basis of type, wash ware equipment and geography. By type is further segmented into kitchen purpose, refrigerator, storage, ware washing, food holding & serving and others. Furthermore, wash ware equipment is segmented into booster heaters, dishwashers, disposers, utensil washer, and others.

By geography, the market is segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW). The U.S., Mexico, and Canada are covered under North America wherein Europe covers the United Kingdom, Germany, Russia, and others. Asia-Pacific covers China, India, Japan, and others. Rest of the world (RoW) covers South America, the Middle East, and Africa.

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“Kitchen purposes and refrigeration accounted for the largest market share in the type segment ", says Accurize

By type segment, kitchen purposes and refrigeration accounted for 28.9% and 21.3% of market share respectively, in the year 2017. Furthermore, by washware equipment segment, dishwashers and disposers accounted for 35.5% and 19.6% shares respectively, in the year 2017.

“North America dominated the global market with the highest market share over the forecast period", says Accurize

In 2017, North America accounted for the largest share of the market with 38.6% followed by Europe with 24.6%. The Asia Pacific is the fastest-growing region in the global foodservice equipment market and is expected to continue this trend owing to rapid growth in urbanization and growing trend for consumption of ready to eat and processed food.

Top players in the market

The key market players include Hoshizaki Electric Co. Ltd., Libbey Inc., Tupperware Brands Corporation, Dover Corporation, Welbilt Inc., Ali S.p.A, Middleby Corporation, Ali Group, and Cambro Manufacturing Company, Inc. among others.