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The global food service equipment market size is expected to reach USD 46.38 billion by 2027 on account of the increasing adoption of automated technologies to develop advanced equipment of food service by the manufacturers across the globe. This information is published by Fortune Business in its latest report, titled, “Food Service Equipment Market Size, Share & COVID-19 Impact Analysis, By Equipment Type (Cooking & Preparation Equipment, Refrigeration Equipment, Warewashing Equipment, Storage & Handling Equipment, and Others), By Sales Channel (Online, and Offline), By End-user (Full Service Restaurant, Quick Service Restaurant, Hotels & Pub Bar Clubs, and Others) and Regional Forecast, 2020-2027.” The report further observes that the market stood at USD 33.85 billion in 2019 and is projected to exhibit a CAGR of 4.1% between 2020 and 2027.
Ali Group Unveils Innovative Fryer Equipped with HACCP Alarms
In July 2020, Ali Group announced the launch of its new innovative fryer, EVO, an addition to its Silko brand series. According to the company, the product efficiently manages cooking temperature, along with HACCP alarms, to set up cleaning cycles that can preheat and maintain the oil temperature. Additionally, the product contains a specific function called Oil care that enables the consumer to check live oil status based on its use. Multiple benefits of the EVO fryer is expected to propel huge demand for optimum quality food service equipment amongst the consumers.
Prominent companies such as Ali Group that focus on product innovations to expand their product portfolios are anticipated to boost the growth of the global food service equipment market in the forthcoming years.
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Increasing Adoption of Automated Equipment to Promote Growth
Today, the massive advancement in technology and the increasing demand for quality food service equipment are driving the companies to focus on R&D activities to develop novel products. The introduction of advanced technologies such as artificial intelligence (AI), machine learning, and the internet of things (IoT) in the food service machinery is enhancing the user experience largely. The automated features such as self-diagnosis and remote maintenance equipped in the products that aid in maintaining hygiene and accurate temperature are expected to bode well for the growth of the global food service machine market during the forecast period.
Welbilt and Standex Focus on Product Innovation to Consolidate Their Positions
The global food service equipment market comprises of several prominent players such as Standex International Corporation, Wellbit, and the Middleby Corporation, among others. These companies are focusing on introducing advanced and innovative food service equipment to strengthen their positions and gain an edge over their rivals in the fiercely competitive global marketplace. The other key players are adopting strategies such as merger and acquisition, collaboration, and partnership that are anticipated to favor market growth.
List of the Companies Profiled in the Global Market:
Further Report Findings:
Table of Segmentation:
Value (USD billion)
By Equipment Type
By Sales Channel