Global Food Service Equipment Market was valued US$ 37 Bn in 2021 and is expected to reach US$ 59.55 Bn by 2029, at a CAGR of around 6.13 % during a forecast period.
Food Service Equipment Market Overview:
The Food Service Equipment market research gives a detailed view of the competition, including the market share and company profiles of the major competitors in the global industry. The scope of the research includes a comprehensive examination of the Food Service Equipment Market, as well as the reasons for variations in the industry's growth in various locations.
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Market Scope:
Following the completion of market engineering, which included calculations for market statistics, estimations of market size, market forecasts, market breakdown, and data triangulation, significant primary research was done to acquire information and verify and validate important numbers. To undertake market estimating and forecasting for the overall market segments and sub-segments described in this research, top-down and bottom-up techniques, as well as many data triangulation methodologies, were often employed throughout the market engineering process. Extensive qualitative and quantitative analysis is performed on all facts obtained over the whole market engineering process in order to provide essential information throughout the report.
Food Service Equipment Market Segment:
Full-service restaurants are anticipated to generate the most revenue during the forecast period, according to the end-user. However, it is expected that the market for rapid service would grow at the greatest CAGR of 6.13% between 2021 and 2029. Fast food is cooked in modern quick service restaurants using highly processed processes in large quantities using standardised cooking techniques. It is anticipated that this factor will increase demand for cooking equipment in the fast food industry.
Food Service Equipment Market Key players:
• Standex International Corporation
• Hoshizaki America, Inc.
• FUJIMAK CORPORATION
• ITW FOOD EQUIPMENT
• The Vollrath Company, LLC
• Haier Inc.
• Smeg S.p.A.
• AB Electrolux
• Comstock-Castle Stove Co., Inc.
• Manitowoc Foodservice
• Parth Kitchen Equipments
• Berjaya Steel Product Sdn. Bhd
• Shreemanek
• Bharti Refrigeration Works
• MJD Industries Inc
Primary and secondary research is used to identify market leaders, while primary and secondary research is utilized to determine market revenue. Primary research included in-depth interviews with key opinion leaders and industry specialists such as experienced front-line personnel, CEOs, and marketing executives. Secondary research included a review of the leading manufacturers' annual and financial reports, whereas primary research included in-depth interviews with key opinion leaders and industry specialists such as experienced front-line personnel, CEOs, and marketing executives. Secondary sources are utilized to compute percentage splits, market shares, growth rates, and global market breakdowns, which are then checked using primary data.
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Regional Analysis:
Individual market influencing components and changes in market regulations affecting the present and future market trends are also included in the regional overview of the Food Service Equipment market analysis. Current and future trends are researched in order to assess the entire market potential and identify profitable patterns in order to get a stronger foothold. The geographical market assessment is based on the present environment and expected developments.
COVID-19 Impact Analysis on Food Service Equipment Market:
End-user industries where Food Service Equipment are utilised saw a dip in growth from January 2020 to May 2020 in a number of countries, including China, Italy, Germany, the United Kingdom, the United States, Spain, France, and India, due to a pause in operations. This resulted in a significant decrease in the revenues of businesses working in these industries and, as a result, in demand for Food Service Equipment manufacturers, influencing the development of the Food Service Equipment market in 2020. End-user business demand for Food Service Equipment has declined significantly as a result of lockdowns and an increase in COVID-19 events worldwide.
Key Questions Answered in the Food Service Equipment Market Report are:
- In 2021, which segment held the highest proportion of the Food Service Equipment market?
- What is the Food Service Equipment market's competitive landscape?
- What are the primary drivers assisting Food Service Equipment market growth?
- Which region has the most market share in the Food Service Equipment market?
- What will be the Food Service Equipment market's CAGR throughout the projected period (2022-2027)?
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