Published By : 03 May 2016 | Published By : QYRESEARCH
The food service equipment (commercial refrigeration) market is driven by the need to preserve food and maintain its quality. The changing lifestyle and growing number of food joints such as hotels and restaurants is fueling the market. According to a report published by a market intelligent company called Transparency Market Research, the global food service equipment market is expected to value at US$44,326 mn in 2020, increasing from US$31,544 mn in 2013, displaying a 4.8% CAGR from 2014 to 2020. The growth is attributed to the hospitality industry. Moreover, the busy lifestyles of people across the modern world is leading to a rise in the number of people eating out. Growing population of working women is in a way responsible for the growth of the global food service equipment market.
Rising Demand for Ready-to-eat Meals Boosts Food Service Equipment
The changing food habits and busy lifestyle has led to a rise in the demand for ready-to-eat meals which in turn is having a positive impact on the global food service equipment market. Advancement in cooling technologies is driving the market further. Rising demand for energy efficient refrigeration systems is promoting the growth of the global food service equipment market. Rising number of supermarkets and hyper markets is also boosting the global food service equipment market.
China Expected to be the Fastest Growing Segment for Global Food Service Equipment Market
China is expected to emerge as the fastest growing regional market displaying a 5.3% CAGR in terms of revenue. In terms of volume, China will expand at a 7.5% CAGR between 2014 and 2020. The growth of the global food service equipment market in China is expected due to the presence of major manufacturers of refrigeration equipment in the region.