According to a recent report published by FMI, the global food holding equipment market is expected to grow at a CAGR of 4.1% in the evaluation period (2023-2033). The food holding equipment market is projected to reach a valuation of US$ 5,679.2 Million by the end of 2033 from US$ 3,800 Million in 2023.
A commercial kitchen’s performance is based on a large number of variables, but keeping advanced food equipment is paramount. Commercial holding equipment is used in full-service and quick-service restaurants to keep food at the ideal serving temperature and preserve its freshness. Over the past two decades, the restaurant industry has continually grown, thereby creating new opportunities for leading players in the commercial food holding equipment market.
Expanding restaurant industry and rising number of supermarkets & delis around the world are projected to boost the global food holding equipment market in the next ten years. Digital innovations are expected to be a significant revenue and consumer retention driver in the assessment period.
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Apart from that, customer loyalty programs launched by restaurants would allow them to enhance and personalize their interactions with customers. They can easily gain access to the information by utilizing point-of-sale orders, as well as online and mobile ordering. Integration of this crucial data would further help cafes & restaurants to generate customized rewards based on their ordering habits in addition to promotions and discounts.
Key Takeaways from the Food Holding Equipment Market Study:
- During the historical period from 2018 to 2022, the global food holding equipment market witnessed steady growth at a CAGR of 2%.
- The U.S. food holding equipment market is estimated to be worth US$ 681.0 Million and account for nearly 56% of the North America market during the evaluation period.
- The U.K. is expected to be valued at nearly US$ 491.0 Million and account for 34% of the Europe food holding equipment market share in the forecast period.
- China is set to be worth over US$ 313,5 Million and account for 33% of the Asia Pacific food holding equipment market share in the assessment period.
- The food holding equipment market is expected to rise at a CAGR 1% in the forecast period.
“Rising number of independent quick service restaurants in both developed and developing countries is expected to push the global food holding equipment market during the assessment period. Besides, growing trend of delivering sophisticated facilities, dining out, and less spending of time by consumers on cooking at home are anticipated to augur well for the global market,” says a lead analyst at Future Market Insights.
Competitive Landscape: Food Holding Equipment Market
Some of the key players in the global food holding equipment market are Dover Corporation, Welbilt Inc. (Manitowoc Foodservice, Inc.), Illinois Tool Works Inc., Hatco Corporation, and Victor Manufacturing Ltd.
North America currently holds the largest market share, and this region is expected to continue to expand during the projection period. This can mainly be attributed to the region’s growing population and rising disposable income levels. Furthermore, the North America food holding equipment market is expected to increase in the next ten years due to the presence of a favorable legal and regulatory environment.
Get Valuable Insights into Food Holding Equipment Market
FMI, in its new offering, provides an unbiased analysis of the food holding equipment market presenting historical demand data (2018-2022) and forecast statistics for the period from (2023-2033). The study divulges compelling insights on the demand for food holding equipment market based on (holding cabinets, proofing cabinets, refrigerators & chillers), end user (full-service restaurants, quick service restaurants, hotels, airports, railways, hospitals, schools, supermarkets & delis), and regions.
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Food Holding Equipment Market Outlook by Category
By Product Type:
- Holding Cabinets
- Proofing Cabinets
- Refrigerators & Chillers
By End User:
- Full-Service Restaurants
- Quick Service Restaurants
- Hotels
- Airports
- Railways
- Hospitals
- Schools
- Supermarkets & Delis
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- MEA
About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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