Food Service Equipment Market is Expected to Reach US$46.38 Bn by 2027 with CAGR 4.1%

Theintegration of automated technologies will accelerate the growth of food service equipment market.

The global food service equipment market was valued at US$35.40 Bn in 2020 and expected to reach US$46.38 Bn by 2027 and is expanding at a CAGR of 4.1% during the forecast period

Most of the food and beverage companies are entering the segment of ghost kitchen owing to the rising rents and shrinking margin levels where cutting off the excess space for dining can provide a growth opportunity. The concept of ghost kitchen has transformed the phase of the hospitality and restaurant industry. Also, factors such as less food delivery time, low risk in launching new concepts, growing online food service industry, among others, are propelling the demand for ghost kitchens Which, in turn, proliferating the market for food service equipment.