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Global Commercial Food Service Equipment Market Set to Reach USD 68.72 Billion by 2029 with Emerging Trends and Industry Forecast
Global Commercial Food Service Equipment Market
Dublin, Feb. 22, 2024 (GLOBE NEWSWIRE) -- The "Global Commercial Food Service Equipment Market (2023 Edition): Analysis By Equipment (Kitchen Purpose, Food Holding and Storing, Ware Washing, Others), By Sales Channel (Online, Offline), End-User, By Region, By Country: Market Insights and Forecast (2019-2029)" report has been added to ResearchAndMarkets.com's offering.
The Global Commercial Food Service Equipment Market is expected to generate USD 68.72 billion by the end of 2029, up from USD 36.24 billion in 2022. During the forecast period, 2024-2029, Global Commercial Food Service Equipment is expected to expand at a CAGR of 8.18%. The industry's evolution toward smart, sustainable, and versatile equipment reflects the ongoing efforts to meet the diverse needs of foodservice establishments while adhering to regulatory standards.
The substantive growth of the market is influenced by factors such as consumer preference shifts towards healthier and more expedient dining alternatives, urbanization, and the ensuing expansion of eatery culture. Technological innovation in food service equipment is discerned as a pivotal catalyst for market expansion, producing more resilient and cost-effective solutions that cater to today's dynamic food service requirements. The market is experiencing a pronounced demand for customizable and flexible equipment options, driven by the diverse needs of quick-service and full-service restaurants, as well as other food service providers.
Further, the emphasis on hygiene and food safety regulations has intensified the demand for commercial food service equipment, which ensures adherence to stringent health standards. With a focus on operational efficiency, the report highlights how advancements in this domain are shaping purchasing decisions and operational scalability in the food service industry.
Within the scope of the report, analysis encompasses several core segments of the market, ranging from types of equipment such as kitchen purpose, food holding and storing, ware washing, among others, to the bifurcation of sales channels into online and offline platforms. The expansive evaluation also covers various end-users including institutional kitchens, full service and quick service restaurants, and a multitude of other food service enterprises.
In conclusion, the report provides a holistic overview of the industry, featuring key drivers, challenges, and trends that are likely to impact the market over the coming years. The analysis delves into competitive strategic developments, new product innovations, and potential investment opportunities, with a focus on prominent players like Electrolux AB, Haier Group, Ali Group, and several others making their mark in the global commercial food service equipment landscape.
Key Attributes:
Report Attribute | Details |
No. of Pages | 260 |
Forecast Period | 2024 - 2029 |
Estimated Market Value (USD) in 2024 | $46.37 Billion |
Forecasted Market Value (USD) by 2029 | $68.72 Billion |
Compound Annual Growth Rate | 8.1% |
Regions Covered | Global |
Companies Mentioned
Electrolux AB
Haier Group
Ali Group
Dover Corporation
Duke Manufacturing
Blue Star Limited
Fujimak Corporation
Hoshizaki Corporation
LG Electronics
Illinois Tool Works
For more information about this report visit https://www.researchandmarkets.com/r/hd6x33
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