APAC Food Service Equipment Market

APAC Food Service Equipment Market was valued at USD 9801.39 Mn in 2019 and is expected to reach at USD 16935.11 Mn by 2027 at a CAGR of 7.07% over the forecast period 2020-2027.

APAC Food Service Equipment Market

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The report covers an in-depth analysis of COVID 19 pandemic impact on APAC Food Service Equipment Market by region and on the key players’ revenue affected till April 2020 and expected short term and long-term impact on the market.
APAC Food Service Equipment Market Dynamics

The Food Service Equipment sector comprises of the systems, machinery, and equipments required in food industry to feed a global population which is approaching eight billion. It is behind-the-scenes enabler that effectively transfers food from field to factory and onto the plate. In Asia Pacific food service equipment market is a significant industry that has been growing fast in recent years. Four powerful trends will create tailwinds for the APAC food service equipment market over the forecast period:

1) growth in emerging markets such as China, India, Japan and South Korea (alongside urbanization and rising living standards),
2) changing consumer preferences,
3) increased demand for convenience food, and
4) operational challenges and cost pressures among equipment customers.

These combinations will likely expand the total addressable market for food service equipment and the opportunity for more specialized products and services.

However, factors such as high price of food equipment and lack of awareness about these equipments in underdeveloped countries are restraining the market growth over forecast period.

APAC Food Service Equipment Market is segmented by product, by end user and by Region. By product, cooking equipment led the market in 2019 with 5390.76 Mn of market share and is expected to reach at USD 8162.72 Mn by 2027 at a CAGR of 5.32% over forecast period. Factors such as increasing adoption of food service equipment in various stores, growing demand from full & quick service restaurants, pubs, clubs, and café lounge are driving the market growth over forecast period. Cooking equipment segment is further segmented into charboilers, fryers, grillers, ovens, hot plates and in many more equipments. Cooking equipment segment is followed by food and beverage segment with xx% of market share owing to its efficiency in the food and beverage industry for storing frozen food products. Refrigeration units keep the freshness of packaged or frozen foods intact, and that provides healthy and hygienic food items.

By geography, China has the highest market share in 2019 and is expected to keep its dominance over the forecast period. Factors such as growing middle class population, rising disposable income, increasing demand for high quality service in restaurants, major changes such as urbanisation and a continuous development of cold chain systems and general supply chain networks are driving the market growth in China. China is followed by Japan and India. Amid demographic change, innovation, and evolving customer needs, the Japan Food Service equipment market sector is expected to grow with highest CAGR of 7.63% over the forecast period 2020-2027. India food service equipment market was valued at USD 2244.52 Mn in 2019 and is expected to reach at USD 3979.75 Mn by 2027 at a CAGR of 7.42% over the forecast period. Rapid economic growth and changing lifestyle will lead to accelerating demand for higher-value-added foods that cater to local tastes and needs requiring specialized machinery and equipment for processing, packaging and service equipment.

From the impact of artificial intelligence and process automation to growing demand for predictive maintenance, the APAC food service equipment sector is undergoing a period of fundamental change. In Asia Pacific food service equipment market players are adapting themselves with the changing environment. Companies are naturally focusing on equipment that help to increase the efficiencies. Food service equipment companies are increasingly turning to predictive maintenance, and predictive features are being worked into aftermarket support plans, with manufacturers tracking the machine through its lifespan. Report covers in depth analysis of key development, marketing strategies, supply-side and demand side indicators and company profiles of market leaders, potential players, and new entrants. Key players operating in this market are adopting various organic and inorganic growth strategies such as merger& acquisitions, joint ventures, collaborations, expansion, new product launches and patent to increase their regional presence and business operations.

Haier Group Corporation, Chinese multinational home appliances and consumer Electronics Company, leads the APAC food service equipment market. Haier Group Corporation with its various innovative technological advancements’ designs, develops, manufactures & sells products like refrigerators, air conditioners, washing machines, microwave ovens, mobile phones, computers, and televisions. The home appliances business, namely Haier Smart Home, has seven global brands and has ruled the global market in major appliances form 2009-2018. The Haier brand has been given recognition as the most valuable brand in the world by BrandZ in 2019 with a brand value of $16.3 billion.

The objective of the report is to present a comprehensive analysis of the APAC Food Service Equipment Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding APAC Food Service Equipment Market dynamics, structure by analyzing the market segments and project APAC Food Service Equipment Market. Clear representation of competitive analysis of key players by price, financial position, Product portfolio, growth strategies, and regional presence in the APAC Food Service Equipment Market make the report investor’s guide.
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APAC Food Service Equipment Market, by Product

• Cooking Equipment
• Storage & Handling Equipment
• Warewashing Equipment
• Food & Beverage Preparation Equipment
• Serving Equipment
• Others
APAC Food Service Equipment Market , by End user

• Full-service Restaurants & Hotels
• Quick-service Restaurants & Pubs
• Caterings
APAC Food Service Equipment Market by Region

• China
• India
• Japan
• Rest of APAC
Major Key Players Operating in APAC Food Service Equipment Market

• Alto-Shaam, Inc.
• Cambro Manufacturing Co. Inc.
• Castle Stove
• Duke Manufacturing Co. Inc.
• Dover Corporation
• Electrolux
• Illinois Tool Works Inc.
• Ali S.p.A
• Middleby Corporation
• Welbilt, Inc.

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