As of 2023, the global banquet carts market is estimated to be valued at US$ 800 million. Projections provided by Future Market Insights reveal a robust Compound Annual Growth Rate (CAGR) of 8.5% expected from 2023 to 2033, ultimately leading to an anticipated market value of US$ 1,800 million by the year 2033.
The increasing preference among food retailers for the integration of banquet carts on a global scale, combined with rising disposable incomes and elevated living standards, has spurred the adoption of modern techniques across small-scale and retail sectors. Furthermore, heightened awareness of food safety considerations and the growing number of bakeries and supermarkets are significant contributors to the expected expansion of the banquet carts market during the forecast period from 2023 to 2033.
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Customers are more prone to quick service restaurants and fast food outlets where people have enforced themselves with strict food quality leading to the safety regulations that ought to be followed by the employees as in recent times consumers are well aware of the quality of food services that leads the food making it unhealthy in terms of nutritional content.
Growing demand for customized banquet carts can be tailored to specific applications and industries where manufacturers can take advantage of the opportunity by offering a wide range of customization options, such as different sizes, configurations, and materials.
Key Takeaways:
Sales of global banquet carts market expanded at a CAGR of 7.8% from 2018 to 2022
- The Asia Pacific market for global banquet carts is likely to grow at a CAGR of 7.1%
- The North American market for global banquet carts market is likely to expand at a CAGR of 7.8%.
- Heated banquet carts are expected to generate maximum demand for the global banquet carts market.
- Hospitals are expected to register maximum sales of global banquet carts
‘Banquet carts and heated cabinets demand is expected to sustain owing to rising demand across quick service and fast-food retail giants,’ says a Future Market Insights analyst.
Competitive Landscape:
Some of the prominent players in the global market are-
- Alto-Shaam, Inc.
- Bartscher GmbH
- Cres Cor
- Dinex International
- FWE/Food Warming Equipment Company, Inc.
- Lakeside Manufacturing, Inc.
- Leighton Buzzard
- Metro
- Moffat Limited
- Vulcan Industries, Inc.
Some of the important developments of the key players in the market are:
- In May 2023, Vulcan Industries displays Tube Cleaning Systems at ACREX India 2023 Incepted in 2011 as a start-up company, Mumbai-based Vulcan Industries delivers solutions for mining, power generation, and solar power sectors. The company has ventured into the HVAC industry with the launch of Automatic Tube Cleaning Systems and Condenser Tube Cleaning Balls which are critical for improving the efficiency and reliability of chillers.
- In February 2023, Kaneco, one of Ireland’s leading commercial kitchen specialists, will showcase Alto-Shaam’s complete kitchen equipment solutions including its latest innovation in the multi-cook category, Converge Multi-Cook Ovens at CATEX 2023.
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Key Segments:
By Product:
- Heated banquet carts
- Non-heated Banquet Carts
By Application:
- Hotels
- Restaurants
- Hospitals
- Schools
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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