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Rise in demand for charbroiled fast foods among consumers is the major driver of commercial cooking equipment market
PORTLAND, 5933 NE WIN SIVERS DRIVE, #205, OR 97220, UNITED STATE, September 23, 2022 /EINPresswire.com / -- According to a new report published by Allied Market Research, titled,“Charbroiler Market by Type, Application and Product Category: Global Opportunity Analysis and Industry Forecast, 2021–2030,” The global charbroiler market was valued at $633.6 million in 2020, and is projected to reach $1,489.7 million by 2030, registering a CAGR of 5.7%. North America was the highest revenue contributor, accounting in 2020, and is estimated to grow at a CAGR of 4.6%. Asia-Pacific is estimated to garner the fastest growth rate of 7.2%. North America and Europe collectively accounted for around more than half of the global share in 2020 and is expected to continue the trend throughout the forecast period. A charbroiler, also referred to as a grill, broiler, or griddle, is a commonly used cooking device consisting of a series of grates or ribs that can be heated using a variety of means and is used for a variety of cooking operations such as grilling, frying, boiling, steaming, and shallow frying in commercial kitchen.
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From the past few years, the popularity of grilled food is increasing especially among the meat-consuming population. This, in turn, increases its adoption in the food service industry. Charbroilers are popularly used for ease of food preparation in restaurants, hotels, and other commercial kitchens; improved food safety; and low labor & running costs. Rise in demand for charbroiled fast foods among consumers is the major driver of commercial cooking equipment market. In addition, technological advancements in commercial charbroilers to increase the energy efficiency and minimize carbon footprint is expected to boost the growth of the market. Moreover, surge in demand for modern and more efficient infrared-based commercial charbroilers is likely to offer immense opportunities for the growth of commercial cooking equipment market during the forecast period.
The charbroilers market is segmented on the basis of type, application, product category, and region. Based on type, the market is bifurcated into electric charbroiler, gas charbroiler, and charcoal charbroiler. Based on application the market is bifurcated into household and commercial. Based on product category the global market is studied across outdoor and indoor. The global canned tomatoes market is also studied across North America, Europe, Asia-Pacific, and LAMEA.
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Based on type electric charbroiler was the dominant segment in the global market with majority of the share in 2020. This segment was is also the fastest growing segment and is expected to dominate the charbroiler market throughout the forecast period. The growth of this segment can be attributed to the use of renewable sources of energy like solar panels that consumers are installing in their houses to reduce electricity costs. Furthermore, they generate much less smoke and cause lesser pollution. The gas charbroiler is expected to grow at a modest CAGR of 4.3% throughout the forecast.
Based on charbroiler market forecast by application, the commercial segment was the largest segment was the largest and the fastest growing segment. The growth of this segment can be attributed to the rise in the number of quick service restaurants, hotels and other food service establishments all across the globe. The household segment is expected to witness modest growth throughout the forecast period. The sale of household charbroilers increased during the lockdowns as many people were trying out new and healthy dishes and were eating a lot of home cooked meals. These charbroilers are now also slowly becoming popular in the Asian region, which can lead to further proliferation of household charbroilers.
Based on charbroiler market analysis by product category, the indoor segment was the largest segment accounting for more than half of the share in 2020. The indoor segment is also the fastest growing segment throughout the forecast period and is expected to remain dominant throughout the forecast period. The growth of this segment can be attributed to it being more applicable for use compared to outdoor segment.
Based on region, the North America was the largest regional segment in 2020 and is expected to remain dominant throughout the forecast period. U.S. was the most prominent country throughout the forecast period with majority of the share followed by China. Asia-Pacific was the fastest growing segment with a CAGR of 7.2% throughout the forecast period.
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Some of the major players profiled for in the charbroiler market include Atosa USA, Inc., Comstock-Castle Stove Co., Inc., Electrolux AB, Illinois Tool Works Inc, Middleby Corporation, Sas Bakery Equipments, The Montague Company, The Vollrath Co., LLC, W.C. Bradley Co., and Welbilt Inc
Key Findings Of The Study
On the basis of type, the electric charbroiler segment is projected to witness the highest CAGR in revenue terms, during the forecast period.
On the basis of application, the commercial segment is expected to dominate the market from 2021 to 2030.
The outdoor segment is expected to grow at a significant CAGR during the forecast period.
U.S. was the largest country, in terms of revenue generation for charbroiler market in 2020.
Asia-Pacific is anticipated to witness highest growth rate, registering a CAGR of 7.2% from 2021 to 2030.
Reason to Buy:
✅ Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the global Charbroiler Market.
✅ Highlights key business priorities in order to guide the companies to reform their business strategies and establish themselves in the wide geography.
✅ The key findings and recommendations highlight crucial progressive industry trends in the Charbroiler Market, thereby allowing players to develop effective long-term strategies in order to garner their market revenue.
✅ Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
✅ Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those restraining the growth to a certain extent.
✅ Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation, and industry verticals.
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