Food Service Equipment Market Driven by Rapid Growth of the Hospitality Industry

Transparency Market Research has published a report on the global food service equipment (commercial refrigeration) market. As per the report, the global food service equipment (commercial refrigeration) market is expected to expand at a 4.80% CAGR during the period between 2014 and 2020. The report, titled ‘Food Service Equipment Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020’, states that the global food service equipment (commercial refrigeration) market was valued at US$31.5 bn in 2013 and is predicted to reach US$44.3 bn by 2020.

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Constant developments in refrigeration technologies and increasing availability of large refrigerators has helped the growth of the global food service equipment (commercial refrigeration) market in the recent past. Rapid growth of the hospitality industry is expected to be the major driver of the global food service equipment (commercial refrigeration) market till 2020. Busy lifestyles have led to changes in the eating habits of the majority of the global population. Changes in eating habits have led to increasing demand for ready-to-eat-food products, thus fuelling the demand for refrigeration systems. Increase in the number of food outlets, restaurants, and hotels is expected to generate more opportunities for the global food service equipment (commercial refrigeration) market during the forecast period.

The global food service equipment (commercial refrigeration) market is segmented on the basis of product type and geography. Based on geography, the global food service equipment (commercial refrigeration) market is divided into East Europe, North America, Asia Pacific, North West Europe, South West Europe, Russia, and Central Europe. In 2014, the global food service equipment (commercial refrigeration) market was dominated by North America. Growth of the North America market is driven by an increase in the activity of the hospitality industry and advancements in food refrigeration procedures. With recent developments, the leading players in the global food service equipment (commercial refrigeration) market are expected to give tough competition to the new entrants. Some of the leading players in the global food service equipment (commercial refrigeration) market are Ali Group, Hobart Corporation, Meiko, Manitowoc Company Inc., Cambro Manufacturing Company Inc., Hoshizaki Electric Co. Ltd., and Dover Corporation.

By product type, the global food service equipment market is classified into ice machines, refrigerated vending machines, beverage dispensers, glass door merchandisers (GDMs), commercial fridges/freezers, blast freezers, ice cream machines, ice cream cabinets, walk ins, and others. In 2014, the global food service equipment (commercial refrigeration) market was led by the walk ins segment; this segment registered the largest revenue, of close to US$5.3 bn, and is predicted to maintain its dominant position till 2020. In 2014, the walk ins segment registered sales of 990,790 units owing to the rising number of luxury hotels and restaurants in the hospitality sector. The beverage dispensers segment has the highest growth potential in the years to come. Advancements in cooling and refrigerating systems are expected to foster increased demand for better refrigeration systems, especially in the hospitality sector. Availability of commercial refrigerators in various sizes and with various capacities is expected to boost the global food service equipment (commercial refrigeration) market during the forecast period.