Commercial Kitchen Appliances Market Potential Effect on Upcoming Future Growth By 2027
The global commercial kitchen appliances market size is anticipated to reach USD 131.77 Billion until 2027. It is anticipated to register growth with 6.7% CAGR during the forecasted period, 2020 to 2027. This growth can be attributed to the rising travel and tourism industry coupled with the increasing number of QSRs across the globe.
The product segment of the refrigerator held the largest share of around 40% across the global market due to the rising need for storing and preserving food over a longer duration on account of fluctuating climatic conditions. On the other hand, the combination oven segment is projected to witness the fastest growth with CAGR of 9.2% CAGR in the upcoming years.
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The end use segment of QSR dominated the market with around 20% across the globe due to the rising trend of setting up new local and international QSR outlets. Further, the rail, cruise & airways segment is expected to register highest CAGR of 8.1% across the global market in the upcoming years.
In 2019, the North America held the largest share exceeding 30% across the global market due to the rising number of food businesses, hotels and restaurants in countries like the U.S. and Canada. On the other hand, the MEA region is expected to witness highest CAGR of 9.0% in the upcoming years owing to the increasing franchises of fast food coupled with the rising tourism.
The commercial kitchen appliances market includes key players such as Bakers Pride, Bonnet International, Vulcan, Garland Group, and Ali Group. These players are launching various technologically advanced products for gaining a competitive advantage over other players. Moreover, the manufacturers of household kitchen appliances have started entering this market for expanding their product reach and widen their product portfolio.
Further key findings from the report suggest:
- In 2019, the segment of refrigerator dominated the global market with share exceeding 40%.
- The QSR segment held the largest share across the market while the rail, cruise & airways segment is anticipated to register highest CAGR in the upcoming years.
- The Middle East and Africa region is anticipated to register fastest growth with 9.0% CAGR during the forecasted period, 2020 to 2027.
Global Commercial Kitchen Appliances Market: Key Players
Garland Group, Bakers Pride, Bonnet International, Vulcan and True Manufacturing.
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