The rising number of restaurants, hotels and fast food joints will remain a primary driver to the global foodservice equipment market, according to a study released by Future Market Insights, Valley Cottage, N.Y.

The study, “Foodservice Equipment Market: Global Industry Analysis (2012–2016) and Opportunity Assessment (2017–2027),” reveals the global foodservice equipment market is projected to expand at a healthy CAGR of 4.7% in terms of value during the forecast period.

Increasing market demand for processing, handling and storage of food products will continue to fuel the market for innovative foodservice equipment. In addition to cooking and baking equipment, the demand for refrigerators and other freezing equipment is also projected to propel due to an ever-growing need for food storage. Evolving consumer lifestyle, including the consumption of packaged and ready-to-eat foods will be another strong factor pushing the global market growth. As well, growing popularity of processed or preserved foods and increasing activities in food and beverages such as import and export are identified to be major factors escalating the demand for foodservice equipment.

Energy-efficient equipment will remain a key driver bolstering the demand for foodservice equipment. Rising inclination toward open kitchens and growing adoption of digital menus and online ordering facilities will further support the market growth. Beside, hotels and restaurants, a growing number of takeaway food joints, nursing homes and hospitals, hostels, religious trusts and charity/welfare institutions will also raise substantial demand for advanced foodservice equipment in order to process and serve significant amounts of food within a timeline.

Rising consumer inclination toward healthy yet indulgent food, growing preference for grab-and-go culinary settings and digitized foodservice are a few recent trends in the global foodservice equipment market. In addition, open kitchen renovation is a trend among restaurant owners and foodservice operators. These trends will continue to hold a positive impact on the market growth.

Based on product type, cooking equipment is expected to continue to lead the market during the assessment period with a high market valuation.

Meanwhile, full-service restaurants are expected to remain the largest consumer of foodservice equipment, followed by quick-service restaurants.

Asia Pacific excluding Japan (APEJ) is the largest foodservice equipment market, and is expected to reach a value of around $17 billion with a massive growth rate registering a CAGR of 7.1% throughout the period of assessment. This growth can be attributed toward slashing crude oil prices and shipping costs.