(MENAFN- America News Hour) Kenneth Research has added a report on Asia-Pacific Food Service Equipment Market that involves the analysis of the product demand, ongoing industry trends and innovations in the market on the basis of various factors and by using different analytical tools for the forecast period 2021-2023 that is anticipated to help industry players to attain their business targets.
Asia-Pacific Food Service Equipment Market Overview
Food service equipment is gaining traction among quick service and full service restaurants. This equipments are used for various processes such as grinding, peeling, cooling, roasting, etc. for commercial purposes in hospitality sector. Rapid growth in urbanization is leading to busy schedule of working population across the globe, thus shifting and changing the consumers taste towards quick-service and quality food leading to positive growth in food service equipment market. Asia-Pacific food service equipment market is expected to witness a significant growth in near future owing to rising hospitality sectors across the region.
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'The Final Report will cover the impact analysis of COVID-19 on this industry.'
The growing trend for consumption of ready to eat and processed food among the population is creating a huge pressure on restaurants and hotels to provide quality services. In, addition to this, the adoption of energy-efficient foodservice equipment is carried out in the hospitality sector in order to serve better quality of food to consumers. The less time-consuming process characteristics and an increase in shelf-life of equipment are predicted to gain traction for foodservice equipment across the region.
Moreover, restaurants and hotels are focusing towards new technology. These equipments will help the restaurant to operate efficiently and to serve better to their customers. Enhancement in services and quality of restaurants is anticipated to provide the ample opportunities to the vendors associated with this industry to increases their profitability and market share in future.
Market size and forecast
Asia-Pacific food service equipment market is predicted to expand significantly at a CAGR of 6.8% over the forecast period i.e. 2016-2023. The market of food service equipment established a strong column in this region in the past few years and it is expected to behold the positive growth in near future.
Geographically, China is expected to dominate the overall market by registering a CAGR of 6.4% during the forecast period i.e. 2016-2023. The China food service equipment market accounted for USD 2.5 Billion in 2015 and it is expected to garner USD 4.3 Billion by 2023. Rapid growth in tourism sector and increasing number of quick service restaurants are the major key elements behind the growth of food service equipment market of China. Likewise, India, Thailand and Malaysia food service equipment market is projected to get a boost during the forecast period i.e. 2016-2023. Rapid urbanization in these countries along with rising disposable income is anticipated to fuel the growth of the market in these countries.
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'The Final Report will cover the impact analysis of COVID-19 on this industry.'
Key Players
The key vendors of food service equipment market are as follows:
AB Electrolux
Company Overview
Key Product Offerings
Business Strategy
SWOT Analysis
Financials
Hobart Corporation
Manitowac Company Inc.
Fujimak Corporation
Duke Manufacturing Co.Inc.
Rational AG
Sia Haut
Town Food Service Equipment Co. Inc.
New Asia FSE Inc.
Franke Foodservice Systems
and Other Key Players
Market Segmentation
Our in-depth analysis segmented the Asia-Pacific food service equipment market in the following segments:
By Product:
Food Preparation Equipment
Slicers & Peelers
Mixers & Grinders
Food Blenders
Processors
Others
Drink Preparation Equipment
Drink Blenders
Juicers
Ice Crushers
Others
Cooking Equipment
Grills
Fryers
Ovens
Toasters
Refrigerators & Chillers
Blast freezers
Ice machines
Soft Serve Ice cream machines
Ice cream cabinets
Glass Door Merchandisers
Others
Wash ware
Booster Heaters
Dish Washers
Disposers
Utensils Washers
Others
By End-User
Full Service Restaurants
Quick Service Restaurants
Caterers
Hotels & Club Restaurants
By Region
North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
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'The Final Report will cover the impact analysis of COVID-19 on this industry.'
Growth Drivers and challenges
The market of food preparation equipment is rising on the back of availability of low cost equipment in the market. Low shelf life of food preparation equipment requires periodic replacement which is directly contributing to increase the revenue of the companies every year. Wide-scale availability of food preparation equipment and diversity in these equipments are providing ease to restaurants and hotels to choose according to their requirements.
On the other hand, refrigerators and chillers is the most attractive market in Asia-Pacific region on account of longer life span and availability of energy efficient refrigerators and chillers. Restaurants are shifting towards energy efficient food service equipment to maintain the operating cost and to increase the profit. Likewise, remodeling of restaurants and rapid adoption of advanced food service equipment in order to operate various food preparation processes with less time consuming methods are some of the major factors which are driving the growth of food service equipment market.
Additionally, increasing penetration of quick service restaurants on account of growing demand for fast food in Asia-Pacific region is swelling the demand for food service equipment market. On the other hand, rising concern towards health and hygiene are the significant factors which are creating pressure on the restaurants to adopt food service equipment for better sanitation. These equipments help the restaurants to maintain cleanliness and quality of food.
The market of food service equipment is majorly driven by the increasing tourism in the Asia-Pacific region. Rise in tourism is increasing the number of footfalls in restaurants and hotels, thus creating more demand for food service equipments by hotel chains in the region. Rapid growth in urbanization and infrastructural development are attracting tourists from around the world. The restaurants are adding up the variety of dishes and drinks in their food menu to attract tourists. Reduction in work force and increasing adoption of advanced food service equipment is enabling the process for providing better quality food to the customers.
However, high cost of food service equipment which results in increase in the cost for ready to cook and processed food is the major restraining factor for this industry. Availability of sub-standardized food service equipments in the market is also hampering the growth of food service equipment market. Moreover, presence of stringent regulations from food regulatory authorities, high capital investment and complexities related with the installation of equipment are some of the factors which is curbing the growth for food service equipment market in Asia-Pacific region.
'The Final Report will cover the impact analysis of COVID-19 on this industry.'
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Reasons to Buy this Report:
1) Obtain the most up to date information available on all Asia-Pacific Food Service Equipment Market.
2) Identify growth segments and opportunities in the industry.
3) Facilitate decision making on the basis of strong historic and forecast of Asia-Pacific Food Service Equipment Market.
4) Assess your competitor's refining portfolio and its evolution.
Business Questions answered by the report
- How will the market drivers, restraints, and opportunities affect the market dynamics?
- What will be the market size in terms of value and volume, and market statistics with detailed classification?
- Which segment dominates the market or region and one will be the fastest growing and why?
- A comprehensive survey of the competitive landscape and the market participant players
- Analysis of strategy adopted by the key player and their impact on other players.
Customization Scope for the Client
Client satisfaction is our first and last priority. And that's why Kenneth Research offers customization according to Company's specific needs. The following customization options are available for the report:
Additional Company Information
- Additional company detail analysis.
- Additional country analysis.
- Detailed segment analysis.
- Impact Analysis of COVID-19 on Companies of Global Market
For any special requirements about this report, please let us know and we can provide custom reports.
'The Final Report will cover the impact analysis of COVID-19 on this industry.'
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