Sarasota, FL -- (SBWire) -- 03/30/2019 --Zion Market Research has published a new report titled "Food Service Equipment Market by Product (Kitchen Purposes, Refrigeration, Storage, Ware Washing, Food Holding and Serving, and Others) and by End-User (Full-Service Restaurants & Hotels, Quick-Service Restaurants & Pubs, Caterings, and Supermarkets & Chain Stores): Europe Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2024". According to the report, the demand for food service equipment market in Europe was approximately USD 9,456 million in 2018 and is expected to generate around USD 11,552 million by 2024, at a CAGR of around 3.4% between 2019 and 2024.
The food service equipment market is likely to grow majorly over the estimated timeframe due to the development made in the hospitality industry resulting in the rising number of hotels and restaurants globally. Moreover, the increased demand for refrigerated food products, changing lifestyles of people, growing import-export of various foods and beverages, and altering food consumption trends are projected to contribute toward the food service equipment market growth over the forecast time period. According to the National Restaurant Association (NRA), the revenue of the restaurant industry was approximately USD 798 billion in 2017, i.e., up by 4.3% from 2016. Moreover, large food changes are also majorly contributing to the food service equipment market in Europe.
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On the basis of product, the food service equipment market is segmented into refrigeration, kitchen purposes, storage, food holding and serving, ware washing, and others. Kitchen purposes segment dominated the market in 2018 and is anticipated to continue its supremacy in the upcoming years as well. This growth can be attributed to the increasing requirement for modern kitchen amenities and consumer's shift toward a modular kitchen. Moreover, kitchen purposes equipment includes the basic tools that are used by hotels and restaurants, which are mandatory in setting-up any type of kitchen. Innovations in the food equipment industry are helping the kitchens in hotels and restaurants become more effective and manageable globally.
Based on end-user, the food service equipment market is segmented into quick-service restaurants and pubs, full-service restaurants and hotels, supermarkets and chain stores, and caterings. Quick-service restaurants and pubs dominated the market in 2018 and are anticipated to grow at the fastest rate over the forecast time period, owing to the increasing working women population, rapid urbanization, changing consumer preferences toward fast food, and rising disposable income. Quick service restaurants in Europe are coming up with new concepts and innovative ideas that are inspiring several international cuisines and old ones to encourage the growth of the quick-service restaurant segment.
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The country-wise segment of this market includes for France, UK, Germany, Poland, Russia, Spain, Italy, and Rest of Europe. The Europe food service equipment market is majorly dominated by France. France held the major market share in 2018 and is expected to continue its dominance in the upcoming years as well. This growth can be attributed to the presence of a large number of fast food giants, such as Subway, McDonald's, Burger King, and KFC, among others, and various types of restaurants across the country.
Some major players operating in the food service equipment market are Electrolux, Libbey Inc., Tupperware Brands Corporation, Duke Manufacturing Co. Inc., Cambro Manufacturing Company, Inc., Hoshizaki Electric Co., Ltd., Dover Corporation, Rational AG, Manitowoc Foodservice Inc., Middleby Corporation, Ali Group, Coreco, Liebherr, Infrico, Bizerba, Micro Matic, Sirman, and Hobart Corporation, among others.
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This report segments the food service equipment market into:
Europe Food Service Equipment Market: Product Analysis
Kitchen Purposes
Refrigeration
Storage
Ware Washing
Food Holding and Serving
Others
Europe Food Service Equipment Market: End-User Analysis
Full-Service Restaurants and Hotels
Quick-Service Restaurants and Pubs
Caterings
Supermarkets and Chain Stores
Europe Food Service Equipment Market: Country-Wise Segment Analysis
North America
The U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa
Europe Food Service Equipment Market Record-Breaking Blast to USD 11,552 Million by 2024
Food Service Equipment Market by Product (Kitchen Purposes, Refrigeration, Storage, Ware Washing, Food Holding and Serving, and Others) and by End-User (Full-Service Restaurants & Hotels, Quick-Service Restaurants & Pubs, Caterings, and Supermarkets & Chain Stores): Europe Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2024