Temperature-Controlled Storage Equipment Expected to Fuel Industry’s Growth
The global foodservice equipment market is projected to reach more than $50 billion by 2025, according to a recent report by Allied Market Research. That figure represents a compound annual growth rate (CAGR) of 6.4 percent during the next seven years.
The market research firm attributes the expected growth in equipment sales on the development of the hospitality industry and increasing use of temperature-controlled storage equipment for perishable and processed food. North America was the leading market for foodservice equipment in 2017, however, the report anticipates the Asia-Pacific growth will have the fastest expansion, 8.4 percent CAGR, during the forecast period of 2018-2025.
Within the foodservice equipment marketing, cooking equipment led all categories in 2017 with a 6 percent CAGR. Allied North America credited the rising sales of cooking equipment to the popularity of creative cooking and baking methods, leading to increased demand for different types of cooking equipment within the kitchen. However, the report expects the second largest equipment segment, storage and handling, will surpass cooking equipment during the forecast period. Other equipment categories detailed in the report include warewashing, food and beverage, and serving.
The full report is available here.