(MENAFN- America News Hour) In a recent published report, Kenneth Research has updated the market report for 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 Hong Kong Food Service Equipment Market products.
Hong Kong Food Service Equipment Market Overview
Food service equipments are used for handling and processing food products by various processes such as grinding, peeling, cooling, roasting, etc. for commercial purposes in hospitality sector. These equipments are adopted by restaurant and hotel owners to operate efficiently. Food service equipments provide ease to the chef's in various aspects such as it enables the processing of food with less time.. These features of food service equipment have evolved on the basis of continuous research and development on food service equipment by various international manufacturers. Increasing food industry in Hong Kong is expected to impact positively on the market for food service equipment.
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Hong Kong is a self-autonomous territory and has various points of interest such as sleeping beauty castle, victoria peak, and others. These tourist spots are attracting tourists from across the globe in the country. Rising international tourism in the country is increasing the hospitality industry with the ensured quality of service and food. Foodservice equipment enable the ease of cooking, delivering of food, and washing of utensils in restaurant and hotels. Upon these factors, various quick service and full-service restaurants are adopting the latest technology advanced foodservice equipment.
Market Size and Forecast
Food service equipment market of in the country has significantly grown in the past few years and had touched USD 694 Million in 2015. Further the market is expected to garner USD 1.3 Billion by the end of 2023, registering a CAGR of 8.29% during the forecast period i.e. 2016-2023.
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“The Final Report will cover the impact analysis of COVID-19 on this industry.”
Refrigerators and chillers segment accounted for 50.4% in 2015 in overall food service equipment market. The market share of this segment is expected to grow exponentially on account of growing demand for ice cream dipping cabinets and blast freezers. Low cost and long life span of ice cream dipping cabinets are gaining more traction among the ice cream parlors which is fostering demand for these equipments. Moreover, rising need for storage of vegetables and processed food in large and medium restaurants are increasing the demand for blast freezers.
Further, increasing penetration of food corners and food junctions in the country on the back of growing consumption of fast food is the major reason which is pushing the restaurant owners towards the food service equipment.
Key Players
The key players of food service equipment market are as follows:
Dover Corporation
Company Overview
Key Product Offerings
Business Strategy
SWOT Analysis
Financials
Standex International Corporation
AB Electrolux
Fujimak Corporation
Rational AG
Illinois Tool Works Inc.
Carlisle Companies Incorporated
John Bean Technologies Corporation
Manitowoc Food Service, Inc.
The Middleby Corporation
and Other Key Players
“The Final Report will cover the impact analysis of COVID-19 on this industry .”
Hong Kong Food Service Equipment Market Segmentation
Our in-depth analysis segmented the Hong Kong food service equipment market in the following segments:
By Product:
Food Preparation Equipment
Slicers & Peelers
Mixers & Grinders
Food Blenders
Food Processors
Others
Drink Preparation Equipment
Drink Blenders
Juicers
Ice Crushers
Others
Cooking Equipment
Grills
Fryers
Ovens
Toasters
Refrigerators & Chillers
Blast freezers
Ice machines
Ice cream machines
Ice cream cabinets
Glass Door Merchandisers
Wash ware Equipment
Booster Heaters
Dish Washers
Disposers
Utensils Washers
Others
By End-User
Full Service Restaurants
Quick Service Restaurants
Caterers
Hotels & Club Restaurants
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).
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
Growth Drivers and challenges
Rise in hotels, food junctions, and hospitals and their increasing demand for food service equipment in order to deliver best quality food, rising concern towards reducing energy consumption and shifting towards eco-friendly equipment are some of the key elements which is expected to pave the market of food service equipment in near future. In addition to this, factors such as rising concern towards health and hygiene among the population, growing culture of consuming ready to cook food, hectic lifestyle of working population owing to urbanization, availability of advanced multi-tasking food service equipment with internet connectivity are some of the major factors likely to foster the demand for food service equipment over the forecast period i.e. 2016-2023. Moreover, rising concern towards proper sanitation and increasing adoption of new equipment for washing and sanitation are expected to propel the demand for food service equipment.
However, slicers, peelers and other food processing equipment which have low shelf life and low quality equipment are hampering the growth of food service equipment market. Apart from this, high cost of cooking and refrigerators equipment and periodic maintenance of this equipment are also expected to restrain the market growth of food service equipment. Conversely, availability of sub-standardized food service equipment by local vendors and complexities associated with the installation of these equipments are curbing the growth of food service equipment market in Hong Kong.
Reasons to Buy this Report:
1) Obtain the most up to date information available on all Hong Kong Food Service Equipment Market.
2) Identify growth segments and opportunities in the industry.
3) Facilitate decision making on the basis of strong historic and forecast of Hong Kong Food Service Equipment Market.
4) Assess your competitor's refining portfolio and its evolution.
Business Questions answered by the report
- How will the market drivers, restraints, and opportunities affect the market dynamics?
- What will be the market size in terms of value and volume, and market statistics with detailed classification?
- Which segment dominates the market or region and one will be the fastest growing and why?
- A comprehensive survey of the competitive landscape and the market participant players
- Analysis of strategy adopted by the key player and their impact on other players.
Customization Scope for the Client
Client satisfaction is our first and last priority. And that's why Kenneth Research offers customization according to Company's specific needs. The following customization options are available for the report:
Additional Company Information
- Additional company detail analysis.
- Additional country analysis.
- Detailed segment analysis.
- Impact Analysis of COVID-19 on Companies of Global Market
For any special requirements about this report, please let us know and we can provide custom reports.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
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