The global banquet carts market is positioned for remarkable growth, with an estimated value of US$ 800 million in the year 2023. According to insightful reports from Future Market Insights, this market is on a trajectory of significant expansion, projecting an impressive Compound Annual Growth Rate (CAGR) of 8.5% between 2023 and 2033. By the conclusion of this period, it is anticipated to achieve a substantial valuation of approximately US$ 1,800 million by 2033.
In the global context, banquet carts are equipped with central compressor units, a vital component responsible for maintaining the requisite airflow for cooling purposes. These carts are commonly found in supermarket sales areas and retail stores, featuring display cases with inlet valves that facilitate precise cooling actions. These actions are tailored to the specific products housed within the display cases, ensuring that the air temperature remains within prescribed specifications. This meticulous temperature control not only upholds the high quality of products but also eliminates any potential risks of food contamination, establishing banquet carts as indispensable assets in the market, contributing to culinary excellence.
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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.
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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.
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
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Author:
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
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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