Food Service Equipment Market Size Worth $50.01 Billion By 2028: Grand View Research, Inc.
SAN FRANCISCO, Feb. 23, 2021 /PRNewswire/ -- The global food service equipment market size is estimated to reach USD 50.01 billion by 2028, according to a new report by Grand View Research, Inc. It is projected to expand at an estimated CAGR of 5.5% from 2021 to 2028. The increasing trade activities in the food and beverage industry, upsurge in travel and tourism activities, changing food consumption habits, and rise in disposable incomes are some of the key factors driving the growth of this market.
Key suggestions from the report:
Read 171 page research report with ToC on "Food Service Equipment Market Size, Share & Trends Analysis Report By Product (Kitchen Purpose Equipment, Refrigeration Equipment, Food Holding & Storing Equipment), By End-user, By Region, And Segment Forecasts, 2021 - 2028" at: https://www.grandviewresearch.com/industry-analysis/food-service-equipment-market
Equipment manufacturers are focusing on mergers and acquisitions to introduce state-of-the-art product offerings for attaining a competitive edge in the market. For instance, in 2019, SMEG S.p.A collaborated with Dolce & Gabbana S.r.l. for special styling of Fab28 SMEG refrigerator, which was encouraged by old Sicilian art. This collaboration was aimed at developing products in captivating designs consumers would like to incorporate in their modular, open commercial kitchen spaces. Furthermore, the pressing need to conserve energy has compelled manufacturers to focus on the development of energy-efficient appliances for commercial kitchens. Appliances are being integrated with bidirectional internet of things (IoT) connectivity. These connected appliances can automatically alert kitchen staff to increase the preparation uptime. Additionally, the increasing number of restaurants across the globe is also driving the market. As per th National Restaurant Association, the U.S region itself accounts for more than 1 million restaurants of different kinds and sizes.
The COVID-19 breakout and the subsequent lockdowns imposed by governments worldwide to minimize its communal spread at the beginning of 2020 had a substantial negative impact on the market for food service equipment. Various industries such as food and beverage, travel and tourism, and hospitality have been severely impacted by the temporary shutdown of manufacturing units, transportation, and logistic operations. Relaxations announced by several governments in the mid of 2020 led to the gradual increase in the online delivery business and takeaway from restaurants and hotels, resulting in some recovery of the food and beverage industry.
Grand View Research has segmented the global food service equipment market on the basis of product, end-user, and region:
List of Key Players of Food Service Equipment Market
Find more research reports on Electronic Devices Industry, by Grand View Research:
Gain access to Grand View Compass, our BI enabled intuitive market research database of 10,000+ reports
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
IDEA Showcase Startup Pitch Event & Reception