The food service equipment market of China is expected to reach USD 4,181 Million by 2023 from USD 2,854 Million and would be the biggest market in near future. However, the Hong Kong market of food service equipment is predicted to be the fastest growing market in coming years.Cooking Equipment segment is expected to be the most profitable market in China & Hong Kong during the forecast period owing to growing need of energy efficient cooking equipment in restaurants. Restaurants and hotels are now more focused on customers need and services in order to increase profitability. Adoption of energy efficient and time saving food service equipment in quick service restaurants enables to operate efficiently to provide quality services to the customers. By Product segment, Refrigerators and food cooking equipments hold the >65% revenue of the overall food service equipment market.
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Rising hospitality infrastructure along with the rapid urbanization has led to establishment of new restaurant in China and Hong Kong market. This will further create a huge demand of food service equipments in the region.
Owing to the increasing penetration of international restaurants and food chains across the globe, key players of the market are establishing their food stores in robust economies such as China & Hong Kong. Increasing investment by foreign restaurant brand in China and Hong Kong will further showcase a green growth of food service equipment market in China and Hong Kong.
Manufacturing of newly designed equipment equipped with latest & user-friendly interfaces and introduction of cost-effective food service equipment such as hand held blenders are some of the major growth driving factors for the food service equipment market.
High cost and regular maintenance associated with the equipments along with the presence of stringent regulation from food regulatory authorities are major challenges for food service equipment market.
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Key Players
Hobart Corporation
Manitowac Company Inc.
Fujimak Corporation
Duke Manufacturing Co. Inc.
Rational AG
Scope and Context
Overview of the Parent Market
Analyst View
Segmentation
By Equipment Type Market Size & Y-O-Y Growth Analysis
By Application Market Size & Y-O-Y Growth Analysis
By Component Market Size & Y-O-Y Growth Analysis
Market Dynamics
Supply & Demand Risk
Competitive Landscape
Porter’s Five Force Model
Geographical Economic Activity
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