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Food Service Equipment Market to Exhibit at 4.1% CAGR by 2027; Ali Group Launches Innovative Fryer to Strengthen its Product Portfolio

September 10, 2020 | Machinery & Equipment

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.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/food-service-equipment-market-102006


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.


Industry Development:



  • July 2020 – Hydro Systems, a leading warewashing equipment brand, announced the launch of its new integrated rinse pumps, EvoRinse and EvoWash. According to the company, the new equipment consists of a solid detergent dissolver that is ideal for commercial, as well as non-commercial purposes across several food service restaurants.


List of the Companies Profiled in the Global Market:



  • Welbilt (New Port Richey, Florida)

  • The Middleby Corporation (Elgin, Illinois)

  • Ali Group S.r.l. (Milan, Italy)

  • Standex International Corporation (Salem, New Hampshire)

  • Hoshizaki America, Inc. (Peachtree City, Georgia)

  • FUJIMAK CORPORATION (Shinbashi, Tokyo)

  • ITW FOOD EQUIPMENT GROUP (Troy, Ohio)

  • Dover Corporation (Downers Grove, Illinois)

  • Duke Manufacturing (‎St. Louis, Missouri‎)

  • The Vollrath Company, LLC (Sheboygan, Wisconsin)

  • Haier Inc. (Qingdao, China)

  • Smeg S.p.A. (Guastalla, Italy)


Further Report Findings:



  • Asia Pacific is anticipated to remain dominant and hold the highest position in the global food service machine equipment market during the forecast period. This dominance is attributable to the increasing demand for frozen food products that would propel the demand for this equipment in countries such as India, China, and Japan. The region earned a revenue of USD 8.80 billion in 2019.

  • The region of North America is expected to showcase a considerable growth in the forthcoming years. This is ascribable to the increasing adoption of advanced food service machines in countries such as the U.S. The rising number of food joints is further expected to favor market growth between 2020 and 2027.

  • The cooking & preparation equipment segment, based on equipment type, held a market share of 28.9% in 2019 and is likely to gain momentum owing to the increasing demand for food products at general and convenience stores across the globe.


Table of Segmentation:











































 ATTRIBUTE



  DETAILS



Study Period



  2016-2027



Base Year



  2019



Forecast Period



  2020-2027



Historical Period



   2016-2018



Unit



  Value (USD billion)



Segmentation



By Equipment Type



  • Cooking & Preparation Equipment

  • Refrigeration Equipment

  • Warewashing Equipment

  • Storage & Handling Equipment

  • Others (Serving Equipment, etc.)



By Sales Channel



  • Online

  • Offline



By End-user



  • Full Service Restaurant (FSR)

  • Quick Service Restaurant (QSR)

  • Hotels & Pub Bar Clubs

  • Others (General & Retail Stores, etc.)



By Region



  • North America (U.S. and Canada)

  • Europe (U.K., Germany, France, Italy and Rest of Europe)

  • Asia Pacific (Japan, China, India, Southeast Asia and Rest of Asia Pacific)

  • Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)

  • Latin America (Brazil, Mexico, and Rest of Latin America)


Food Service Equipment Market
  • PDF
  • 2019
  • 2016-2018
  • 140

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