In a recent published report, Kenneth Research has updated the market report for China and Hong Kong Food Service Equipment Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for China and Hong Kong Food Service Equipment Market products.
China and Hong Kong Food Service Equipment Market Overview
Food service equipment are used for handling and processing food by various processes such as grinding, peeling, cooling, roasting, etc. for commercial purposes in hospitality sector. China and Hong Kong food service equipment market is expected to witness a significant growth in near future owing to rising hospitality sectors in the region and growing trend of consuming ready to eat and process food among the population. Presently, China, expanding at 6.8% compound annual growth rate (CAGR) is the biggest market for food service equipment in Asia-Pacific and is projected to have a lion share in near future. In, addition to this, adoption of energy efficient food service equipment is carried out in hospitality sector in order to serve better quality of food to consumers has allowed the food service equipment market to reach new s in the country.
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Market Size & Forecast
The food service equipment market of China is expected to reach USD 4,181 Million by 2023 from USD 2,854 Million and would be the biggest market in near future. However, the Hong Kong market of food service equipment is predicted to be the fastest growing market in coming years.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
Cooking Equipment segment is expected to be the most profitable market in China & Hong Kong during the forecast period owing to growing need of energy efficient cooking equipment in restaurants. Restaurants and hotels are now more focused on customers need and services in order to increase profitability. Adoption of energy efficient and time saving food service equipment in quick service restaurants enables to operate efficiently to provide quality services to the customers. By Product segment, Refrigerators and food cooking equipments hold the >65% revenue of the overall food service equipment market.
The less time-consuming process characteristics and increase in shelf-life of equipment are further predicted to gain traction of food service equipment in China and Hong Kong market. Advance technology in food service equipment such as automatic ovens, cooking line, 5-sense automatic fryers, compact food preparation equipment etc. are further projected to help the demand to expand. Growing culture of fast food in urban regions and rapid expansion of food industries across the globe are the prime growth drivers for the market of food service equipment.
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Leading Companies:
Hobart Corporation
Dover Corporation.
Fujimak Corporation
Duke Manufacturing Co. Inc.
Rational AG
Illinois Tool Works Inc.
Carlisle Companies Incorporated
John Bean Technologies Corporation
Manitowoc Food Service, Inc.
The Middleby Corporation
Standex International Corporation
AB Electrolux
Market Segmentation
Demand & Opportunity Analysis By Product
Deep dive study has been carried out on following product segments:-
Food Preparation Equipment
Slicers and Peelers
Mixers and Grinders
Hand Held Food Blenders
Food Processors
Others
Drink Preparation Equipment
Drink Blenders
Juicers
Ice Crushers
Cooking Equipment
Grills
Fryers
Ovens
Toasters
Refrigerators and Chillers
Blast Freezers
Ice Machines
Soft Serve Ice Cream Machines
Glass Door Merchandisers
Ice Cream Cabinets
Wash ware Equipments
Booster Heaters
Dish Washers
Disposers
Utensils Washers
Others
Demand & Opportunity Analysis By End Users
On the basis of end user, the market can be segmented into following categories:-
Full Service Restaurants
Quick Service Restaurants
Caterers
Hotel and Club Restaurants
Others
The study further analysis the Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).
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Growth Drivers and Challenges
Rising hospitality infrastructure along with the rapid urbanization has led to establishment of new restaurant in China and Hong Kong market. This will further create a huge demand of food service equipments in the region.
Owing to the increasing penetration of international restaurants and food chains across the globe, key players of the market are establishing their food stores in robust economies such as China & Hong Kong. Increasing investment by foreign restaurant brand in China and Hong Kong will further showcase a green growth of food service equipment market in China and Hong Kong.
Manufacturing of newly designed equipment equipped with latest & user-friendly interfaces and introduction of cost-effective food service equipment such as hand held blenders are some of the major growth driving factors for the food service equipment market.
High cost and regular maintenance associated with the equipments along with the presence of stringent regulation from food regulatory authorities are major challenges for food service equipment market.
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