Food Service Equipment Market Mushroomed By Acceptance Of High End Technologies And Expansion Of Hospitality Industry
The major driver for the global food service equipment (commercial
refrigeration) market is the increasing presence of the hospitality
industry. With the growing availability of urban infrastructure in
developed regions and the rising disposable income of consumers, the
hospitality industry is experiencing steady growth all over the
world. The increasingly hectic lifestyle of urban consumers is also
forcing them to eat out regularly, which is another factor driving
the demand for commercial refrigeration services.
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“The advancement in refrigeration technologies over the last few
years has also helped the global commercial refrigeration market
immensely,” according to TMR’s lead analyst. The
cost-effectiveness of food service equipment has become increasingly
important for the hospitality industry due to its direct impact on
the company’s profit margins, driving the demand for advanced
commercial refrigeration products.
High Capital Requirement Deters Small Players from Installing
Advanced Food Service Equipment
The prohibitively high capital investment required to install
top-notch food service equipment has restrained the growth of the
global market. While large international players can afford to
install advanced commercial refrigeration services, new players have
to make do with older technology. This is a key restraint on the
global food service equipment market, but is likely to be ameliorated
over the forecast period.
Walk Ins to Remain Dominant Product Type
By product type, walk ins held the largest share in the revenue of
the global food service equipment market in 2014. Walk ins are
preferred by vendors due to the higher convenience they provide to
customers and accounted for close to one million commercial
refrigeration units in 2013. Even though walk ins are expected to
remain the leading segment of the global commercial refrigeration
equipment market till 2020, the beverage dispensers segment is likely
to exhibit the highest growth rate of all product segments. Other
major product types in the global commercial refrigeration market
include ice machines, glass door merchandisers, refrigerated vending
machines, commercial fridges/freezers. Ice cream cabinets, and blast
freezers.
Advanced Technological Scenario Drives Demand for Food Service
Equipment in North America
Regionally, North America was the largest market for food service
equipment in 2013. The early establishment of the market in North
America is a major driver for the regional market. North America’s
position as the premier technological hub has also helped keep the
regional commercial refrigeration industry at the cutting edge of
technological innovation.
According to Transparency Market Research, the global food service
equipment market was valued at US$31.5 bn in 2013. Exhibiting a
steady 4.80% CAGR between 2014 and 2020, the valuation of the market
is likely to rise to US$44.3 bn. This information is taken from a
market study titled ‘Food Service Equipment (Commercial
Refrigeration) Market - Global Industry Analysis, Size, Share,
Growth, Trends and Forecast 2014 – 2020.’
The major players in the global food service equipment market,
according to Transparency Market Research, are Meiko, Ali Group,
Fujimak Corporation, Hobart Corporation, Hoshizaki Electric Co. Ltd.,
Manitowoc Company Inc., Rational AG, Dover Corporation, Libbey Inc.,
Electrolux AB, Vollrath Co., Tupperware Brands Corporation, Duke
Manufacturing Co. Inc., Cambro Manufacturing Company, Inc., Middleby
Corporation, Alto Shaam Inc., and Dispensing Dynamics International
inc.
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