The China & Hong Kong food service equipment market is segmented into product such as food preparation equipment, drink preparation equipment, cooking equipment, refrigerators and chillers and wash ware equipment.
Furthermore, food preparation equipment is segmented into slicers and peelers, mixers and grinders, hand held food blenders, food processors and others. Among these segments, mixers and grinders segment is expected to occupy top position in overall food service equipment market during the forecast period. High adoption rate of mixers and grinders by residential and commercial (food chains, restaurants and others) end users is boosting the growth of the mixer and grinder market. Moreover, availability of low cost mixer and grinders is expected to fuel the growth of mixer and grinder market.
China & Hong Kong food service equipment market is expected to flourish at a significant CAGR 5.3% during the forecast period. Moreover, the China & Hong Kong food service equipment market is expected to garner USD 4,181 Million by the end of 2023. Rapid urbanization coupled with increasing number of restaurants in China and Hong Kong is anticipated to fuel the growth of China & Hong Kong market.
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The quick service restaurants segment by end user is estimated to register a robust CAGR during the forecast period. Moreover, the quick service restaurants segment is expected to account for the largest share of revenue in China and Hong Kong market. Rapid growing quick service restaurants and improvisation in chain stores are expected to propel the growth of quick service restaurants segment. Further, development of new food brands and changing food eating habits of the people is increasing the demand for fast foods which further is anticipated to propel the growth of the China and Hong Kong quick service restaurant equipment market.
Rising Demand for Fast Foods
Increasing expansion of quick service restaurants is fueling the demand for fast foods. Moreover, as of 2015, the number of KFC and Pizza hut outlets was estimated to be 4800 and 1300 respectively. Further, as per a press release, Yum! China, the parent organization of KFC and Pizza hut, announced that is planning to open 20,000 restaurants in China by 2020, which is likely to stimulate the growth of food service equipment market during the forecast period.
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In Q4 2021, USA current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and some signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches to peak 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point, pushing consumers to spend less on the products and services and save more.
On the other hand, the worst is expected to be seen in the European countries especially during 2022 winters. The energy and gas crises has already started grappling the region where in many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage, created by Russian-Ukraine conflict.
Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.
Rapid Urbanization
Factors such as rising per capita income, rapid urbanization, changing lifestyles are resulting in the augmented growth of the restaurants in China and Hong Kong. Moreover, as per World Bank, the consumer expenditure on eating out in China expanded to USD 507 Billion in 2016. These factors are expected to accelerate the growth of the food service equipment market.
Although, high cost and regular maintenance of equipment and healthcare concerns such as high obesity risk associated with fast foods are some of the factors is likely to dampen the growth of food service equipment market during the forecast period.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the China & Hong Kong food service equipment market which includes company profiling of Dover Corporation, Illinois Tool Works Inc., Carlisle Companies Incorporated, John Bean Technologies Corporation, Manitowoc Food Service, Inc., The Middleby Corporation, Standex International Corporation, AB Electrolux, Fujimak Corporation and Rational AG. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the China & Hong Kong food service equipment market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
