The global QSR Food Service Equipment Market size is expected to reach USD 19.7 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.5% over the forecast period. The market growth is attributed to changing lifestyle and demand for fast foods, such as pizza, fries, pastries, and burgers. Furthermore, the usage of cooking, storage, and food preparation equipment, such as peelers, choppers, grater, ovens, refrigerators, fryers, and griddle, help in reducing the preparation and cooking time.
Rapid
urbanization, sedentary lifestyle, and work-life imbalance has changed the way
people consume food. Thus, lack of time due to busy schedules and quick access
to fast foods provide potential growth opportunities to QSRs. Moreover,
increased earning capacity has fueled the demand for fast foods thereby
supporting market growth. According to the United States Department of
Agriculture, the food choice and “Food Away From Home” (FAFH) share increased
in the U.S. households as total food spending and budgets grew steadily.
The
expansion of fast-food franchises from America to other parts of the world has
had the most lasting impression on the changing scenario of the fast-food
industry across the world. Furthermore, usage of different cooking equipment
according to the local fast food is proliferating the growth of the market.
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QSR
Food Service Equipment Market Report Highlights
- The cooking
equipment type segment led the market in 2019 and is estimated to expand
further at the fastest CAGR of 6.8% from 2020 to 2027
- Increasing
demand for cooking equipment for boiling, frying, and grilling frozen
foods is expected to fuel the segment growth over the forecast period.
- The storage
& handling segment is anticipated to witness a steady growth over the
forecast period
- This growth
is attributed to rising need for storing cooking supplies, utensils, and
dry ingredients, such as spices, and flours
- Asia Pacific
is expected to dominate in the market during the forecast period owing to
the emergence of QSRs as a result of changing lifestyles in countries like
India and Chin.
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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