SAN FRANCISCO, May 11, 2016 /PRNewswire/ --
The global food service equipment market is expected to reach USD 56.0 billion by 2024, according to a new report by Grand View Research, Inc. Increasing use of cost-effective and energy-efficient products to reduce the energy consumption is expected to offer lucrative opportunities to the market over the forecast period.
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Food service equipment plays a key role in the hospitality sector. Increasing demand from restaurants, hotels and food chains is contributing to the industry growth. Moreover, regulations and standards set by the food regulatory authorities are enabling manufacturers to develop equipment compliant with these standards.
Increasing sanitation, hygiene and less time-consuming requirements are attributing to the adoption of these equipment among households. Also, the upgraded products not only reduce the energy expenses but also are eco-friendly.
Changing consumer lifestyle and rising disposable income are the major factors driving market growth. The increase in labor cost in developing countries is attracting the demand for washware equipment among households. Changing food habits of the working class population has led to increase in demand for ready to eat and processes food. This has resulted in the expansion of hypermarkets and retail outlets leading to rise in demand for refrigeration and storage equipment.
Moreover, continuous advancements in cooling technologies and increased restriction on the use of CFCs has accentuated the demand for frequent upgradation in products. Increasing awareness to save water and electricity has also contributed to growing demand for low-energy consuming products.
Browse full research report with TOC on "Food Service Equipment Market Analysis By Product (Kitchen Purpose, Refrigeration, Storage, Ware Washing, Food Holding And Serving), By Washware Equipment (Booster Heaters, Dish Washers, Disposers, Utensil Washer) And Segment Forecasts To 2024" at: http://www.grandviewresearch.com/industry-analysis/food-service-equipment-market
Further key findings from the report suggest:
Grand View Research has segmented the food service equipment market on the basis of equipment, and region:
Browse related reports by Grand View Research:
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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