NEWARK, Del: According to a Future Market Insights (FMI) report, the global chip warmers market is poised to achieve a substantial valuation of approximately US$ 3.4 Billion in the year 2023. This market is expected to capitalize on the prevailing health-conscious trend, ushering in fresh prospects that are projected to drive a Compound Annual Growth Rate (CAGR) of 4.0% between 2023 and 2033. As a result, the chip warmers market is anticipated to attain a remarkable total valuation of approximately US$ 5.1 Billion by the year 2033.
Among the primary catalysts fueling the growth trajectory of the chip warmers market is the burgeoning emphasis on food safety and adherence to stringent hygiene regulations. Regulatory bodies worldwide have imposed exacting guidelines and regulations concerning the handling, storage, and temperature maintenance of food products. This has, in turn, prompted food service establishments to invest significantly in dependable and efficient equipment.
Chip warmers have emerged as indispensable assets in this context, playing a pivotal role in sustaining the optimal temperature and quality of chips. By ensuring compliance with rigorous food safety standards, they mitigate potential health risks and elevate the overall quality of food services.
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In today’s fast-paced lifestyle, consumers often opt for convenient snacking options that can be enjoyed while on the move. Chip warmers cater to this demand by providing a way to keep chips and other snacks warm and crispy, making them an ideal choice for consumers looking for quick and portable snack options.
The growing trend of customization and flavor innovation in the food industry is another factor that is expected to have a significant impact on market growth. Chip warmers allow food service establishments to offer a variety of flavored chips and snacks, keeping them warm and fresh. The trend appeals to consumers seeking unique and personalized snacking experiences.
Another factor contributing to the market growth is the expansion of the hospitality and tourism industry, including hotels, resorts, theme parks, and entertainment venues, which creates a significant demand for chip warmers. The establishments often have snack bars, cafes, or restaurants where chip warmers are essential for maintaining the quality and taste of snacks, ensuring a positive guest experience.
Increasing focus on sustainability and energy efficiency is a significant driver for the chip warmers market. Manufacturers are developing chip warmers that are eco-friendly and energy-efficient, with a growing emphasis on sustainability and energy efficiency. Energy-efficient chip warmers help reduce operational costs and minimize environmental impact, making them attractive to businesses looking for sustainable equipment solutions.
Key Takeaways from Chip Warmers Market Report:
- The global chip warmers market was valued at US$ 3.3 Billion by 2022 end.
- From 2018 to 2022, the market demand expanded at a CAGR of 2.4%.
- North America is expected to hold a dominant CAGR of 3.9% during the forecast period.
- From 2023 to 2033, the chip warmers market is expected to flourish at a CAGR of 4.0%.
- By 2033, the market value of chip warmers is expected to reach US$ 5.1 Billion.
- By Product Type, the countertop segment is expected to constitute a CAGR of 3.9% in 2033.
- On the basis of Application, the commercial segment is expected to dominate the market with a CAGR of 3.8% in 2033.
Expansion of retail and convenience store chains, across the globe is a major factor that is expected to propel the growth of the chip warmers market in the near future, remarks an FMI analyst.
Competitive Landscape:
Prominent players in the chip warmers market are Hatco Corporation, Nemco Food Equipment, Star Manufacturing International Inc., Vulcan Industries Inc., APW Wyott, Avantco, FEM (Foodservice Equipment Marketing Ltd.), Vollrath Company, LLC, Duke Manufacturing Co. Inc., Hatco Europe Ltd., and Cres Cor, among others.
Recent Developments:
- In 2022, Nemco Food Equipment launched a unit called ‘Countertop Chip Warmer and Display’, which combines a heated base and an attractive glass display case to keep chips warm and visually appealing. It is suitable for countertop use in various food service establishments, including cafes, delis, and concessions.
- In 2021, Hatco Corporation introduced the ‘Glo-Ray LED Lighted Chip Warmer’, which features energy-efficient LED lighting that illuminates the display, enhancing the visibility and presentation of chips. It combines modern design with reliable temperature control, providing an appealing and functional solution for showcasing chips in food service establishments.
- In the same year, Avantco Equipment launched the ‘Freestanding Chip Warmer Merchandiser’, which features a spacious display area, adjustable temperature control, and glass panels for excellent visibility. The freestanding design allows for easy placement in various settings, such as convenience stores, stadiums, and snack bars.
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Key Segmentation:
By Product Type:
- Countertop
- Built-in
By Application:
- Commercial
- Restaurants
- Hotels
- Catering Services
- Residential
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
About the Industrial Automation Division at Future Market Insights (FMI):
Expert analysis, actionable insights, and strategic recommendations – the industrial automation team at Future Market Insights (FMI) helps clients from all over the globe with their unique business intelligence needs.
With a repertoire of over 1,000 reports and 1 Million+ data points, the team has analyzed the industrial automation domain lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil and gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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Note: This post was originally published at – https://www.chronicles24.com/index.php/2023/09/19/chip-warmers-market-set-to-sizzle-anticipated-surge-to-us-5-1-billion-by-2033-fueled-by-thriving-outdoor-events-and-food-festivals/
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