A new report has shown that North America continues to lead the global foodservice equipment industry.
The study, carried out by Grand View Research, claimed that the North American market will continue to grow as technological advancements in cooking processes have provided avenues for new requirements and opportunities for restaurant equipment.
The report singled out AB Electrolux, Ali Group, ITW, Middleby Corporation, and Dover Corporation Manitowoc Company as key players in the industry.
Although North America was said to have the largest share of the industry, the report was primarily focused with foodservice equipment on a global scale.
It said that the global food service equipment market size is expected to reach USD $44.66 billion by 2025, at a CAGR of 5% over the forecast period.
The market for quick service segment is expected to expand at the highest CAGR over the forecast period and is expected to reach over $13.17 billion by 2025.
The report claimed that the increasing demand for quick-service restaurants globally, but particularly in Asia, would be responsible for a large share of the industry’s overall growth.