According to a new study published by Polaris Market Research the worldwide commercial kitchen appliances market is anticipated to reach USD 138.5 billion by 2026. In 2017, the refrigerator segment dominated the global market, in terms of revenue. North America is expected to be the leading contributor to the global market revenue during the forecast period.
The significant increase in food establishments, and the growing tourism industry are the major factors driving the growth of this market. The changing lifestyles and hectic schedules of the working professionals are leading to higher instances of dining at restaurants and other food establishments. Rising disposable income is one of the factors responsible for the growth of the market.
Restaurants are increasingly adopting technologically advanced kitchen appliances to simplify kitchen activities and offer enhanced services to consumers. Restaurant businesses prefer compact and space efficient appliances, which encourages market players to launch new products in the global market. Increasing spending on the hospitality sector, and tourism activities encourage restaurant owners to improve their infrastructure and offer enhanced services. The market is also driven by increasing need to use kitchen appliances that consume less energy and provide faster kitchen services. Growing concerns regarding environment and increasing adoption of energy efficient kitchen appliances are expected to offer numerous growth opportunities in the future. However, high costs associated with commercial kitchen appliances, high installation prices, and strict regulations on production of commercial cooking appliances restrict the growth of the market.
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Increasing disposable income coupled with rise in number of working class population has changed the lifestyle pattern of consumers. The commercial kitchen appliances market has witnessed considerable growth in the recent years due to improved lifestyle, changing consumption patterns of people and rising number of social events. The disposable income of people in the developing countries has increased owing to the improving economic conditions in these regions. High disposable income increases the spending capacity of consumers encouraging them to dine at restaurants and attend social events. These factors support the growth of the global commercial kitchen appliances market.
North America generated the highest revenue in the market in 2017, and is expected to lead the global market throughout the forecast period. The high living standards along with high disposable income in the region drive the market growth. Other factors supporting market growth in North America include different eating habits, increasing popularity of different cuisines, and a multi-cultural environment. Asia-Pacific is expected to grow at a significant rate during the forecast period owing to the increasing population and improving living standards.
The different types of commercial kitchen appliances include cooking appliances, refrigerators, dishwashers, and others. In 2017, refrigerators accounted for the highest market share owing to increasing need to conserve edible items at a range of different temperatures. Restaurants are increasingly adopting technologically advanced refrigerators to meet high storage demands and to offer fresh & high quality food. Food establishments are also inclined towards using energy efficient refrigerators owing to growing environmental concerns.
The well-known companies profiled in the report include Meiko International, AB Electrolux, Hobart Corporation, Fujimak Corporation, Duke Manufacturing Co. Inc., Ali Group Company, Hoshizaki Corporation, Fagor Industrial, Rational AG, Carrier Corporation among others. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.