Global foodservice equipment market to reach US$ 43 bn by 2024: Report

Foodservice equipment industry is witnessing surge in market consolidation over the last few years. Expansion of product portfolio to meet diverse end-use requirement and rising demand for customized foodservice equipment are recent trends in global foodservice equipment market.
Change in eating habits of people, with rise in preference for quick service restaurants have contributed to rising demand for food service equipment. Moreover, energy-efficient food service equipment is poised to gain traction among end user.
Global revenues will witness another year of stable growth for 2016, increasing by 4.4 per cent in 2016 to reach US$ 28.9 billion in revenues.
The foodservice equipment market in North America (US and Canada) will continue its upward momentum in 2016, driven by declining unemployment rates and prevailing low crude oil prices. Growing popularity of quick-service restaurants will also create growth opportunities in the region.
Low crude oil prices will also influence demand in Europe and Asia Pacific, with these key regions growing at 3.6 per cent and 7.1 per cent respectively in 2016. Gains from lower shipping costs, combined with higher sales, on account of steadily improving employment rate, will continue to positively influence the market in these two markets.
By product type, cooking and baking equipment will continue to be the leading segments in terms of revenue, whereas food preparation equipment will witness robust growth rate of 6.1 per cent in 2016.
Full-service restaurants will remain the largest end-users, with total demand expected to reach US$ 19.1 bn in 2016. Mushrooming of quick-service restaurants will have a favourable impact as far as overall demand is concerned, whereas caterers and hotels and club restaurants will provide additional support to sustain favourable growth for another year.