Food Service Equipment Market to Expand Significantly by 2034
The global Food Service Equipment Market is estimated to reach US$ 45,449.7 million by 2024 and US$ 82,099.3 million by 2034. The market is expected to surge at a CAGR of 5.6% by 2034.
Demand for food service equipment is increasing in emerging economies owing to consumers’ preference for ready-to-eat and convenience foods. This potential is surging due to changing consumer lifestyles, rising disposable income, improved brand awareness, and growing food product quality concerns. Several developing economies are expected to provide new revenue streams for the food service equipment industry.
A wide range of innovative and technologically advanced products are entering the market, from the investigation of food preparation and storage to the availability of programmable food service appliances to cook different cuisines. These products are anticipated to support market expansion in the long run.
The food service equipment industry’s key driving factor is the hotel sector. Food that is high-quality, nutritious, and requires less time and effort to make is preferred by busy consumers. This leads to a strong inclination toward quick-service eateries as well.
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