Global Food Service Equipment Market Report, published by Variant Market Research, forecast that the global market is expected to reach $63 billion by 2024 from $41 billion in 2016; growing at a CAGR of 5.6% from 2016 to 2024. By geography, Asia Pacific and rest of the world (RoW) are expected to grow at a CAGR of 7.7% and 6.4%, respectively, during the forecast period.
High penetration of digitalization and development of advanced products with internet connectivity is expected to support the growth of the food service equipment market. Moreover, increase in number of hotels, restaurants, food joints and increasing awareness of energy consumption is also expected to fuel the growth of the market.
By type, kitchen purposes and refrigeration accounted for 28.9% and 21.3% of market share respectively, in the year 2016. Furthermore, in washware equipment segment, dish washers and disposers accounted 35.5% and 19.6% shares respectively, in 2016.
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. North America accounted the largest share of the market with 38.6% followed by Europe with 24.6%, in the year 2016.
Key market players include Tupperware Brands Corporation, Dover Corporation, Welbilt Inc., Ali S.p.A, Middleby Corporation, Hoshizaki Electric Co. Ltd., Middleby Corporation, Libbey Inc., Ali Group and Cambro Manufacturing Company, Inc. In 2017, Welbilt, Inc. and Halton Group Americas have entered into strategic alliance to facilitate the integration of Halton ventilation solutions into wide range of Welbilt’s equipment to better meet the needs of their customers.