A new report has valued the global foodservice equipment market at a colossal $44.3 billion (£29.4 billion) by 2020.
If the market reaches that size it will mark a 41% improvement on the $31.5 billion (£20.9 billion) it was worth back in 2013.
The study from Transparency Market Research (TMR) predicts the worldwide catering equipment sector will experience 4.8% CAGR over the next five years.
TMR said “massive growth” in the hospitality industry since the recession has fuelled demand for foodservice and commercial refrigeration equipment, as well as energy efficient solutions. As well as the restaurant sector, it noted that a rise in the number of supermarkets, hypermarkets and specialty food stores has also spurred demand for commercial appliances.
It said one of the highlights of the market has been the growth of walk-in refrigeration and freezers, a category which is now worth more than $5.3 billion (£3.5 billion) and in excess of 990,000 units.
North America still remains the largest regional market for foodservice equipment, accounting for almost $9 billion (£6 billion). It grew 6% last year compared with the previous year.
China is expected to emerge as the fastest growing regional market for foodservice equipment over the next five years. The region is expected to exhibit growth at a 5.3% and 7.5% CAGR in terms of revenue and volume respectively between now and 2020. TMR said that the presence of major refrigeration equipment manufacturers in the region is one of the main reasons for the anticipated growth.
It said the report on the worldwide foodservice equipment market profiled key players, including Ali Group, Hobart, Hoshizaki, Dover Corporation, Meiko, Manitowoc and Cambro Manufacturing.