The market of Asia-Pacific food service equipment is expected to reach a significant market valuation in terms of revenue by the end of 2023 by expanding at a compound annual growth rate of 6.8% over the period 2016-2023. The increase in spending on food by consumers combined with the availability of diverse food service equipment are some of the major drivers that are anticipated to propel the growth of the Asia-Pacific food service equipment market by the end of the forecast period.
In terms of geography, China is anticipated to dominate the overall Asia-Pacific food service equipment market and reach the market valuation of USD 4.3 Billion by 2023 as compared to USD 2.5 Billion in 2015 by expanding at a compound annual growth rate (CAGR) of 6.4% over the forecast period. The rapid urbanization and an instant growth in tourism sector combined with increasing disposable income are the major factors to fuel the growth of the market in this region.
The Asia-Pacific Food Service Equipment Market has been segmented by products into food preparation equipment, drink preparation equipment, cooking equipment, refrigerators & chillers, wash ware and by end user into full service restaurants, quick service restaurants, caterers, hotels and club restaurants. Among these segments, the cooking equipment segment and the quick service restaurants are anticipated to drive the Asia-Pacific food service equipment market with noteworthy market share over the forecast period. This can be attributed to the urbanization and increasing disposable income of the population.
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Wide Scale Availability of Food Equipment to boom the Market
The growth of the market is driven by the availability of low cost equipment and the diversified availability of food preparation equipment. Further, the implementation of energy efficient food service equipment to gain profits while maintaining the operating cost is believed to supplement the growth of Asia-Pacific food service equipment market during the forecast period.
The report titled “Asia-Pacific Food Service Equipment Market: Global Demand Analysis & Opportunity Outlook 2023” delivers detailed overview of the Asia-Pacific food service equipment market in terms of market segmentation by product, by end-user and by region.
However, the stringent government regulations and complexities related to installation of equipment are likely to curb the growth of the Asia-Pacific food service equipment market in the near future.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the Asia-Pacific food service equipment market which includes company profiling of AB Electrolux, Hobart Corporation, Manitowoc Company Inc., Fujimak Corporation, Duke Manufacturing Co. Inc., Rational AG, Sia Haut, Town Food Service Equipment Co. Inc., New Asia FSE Inc. and Franke Foodservice Systems.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the Asia-Pacific food service equipment market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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