Food Service Equipment Market Would Beat $56.0 Billion By 2024: Grand View Research, Inc.
The global food service equipment market is expected to reach USD 56.0 billion by 2024, according to a new report by Grand View Research, Inc. Increasing use of cost-effective and energy-efficient products to reduce the energy consumption is expected to offer lucrative opportunities to the market over the forecast period. Food service equipment plays a key role in the hospitality sector. Increasing demand from restaurants, hotels and food chains is contributing to the industry growth. Moreover, regulations and standards set by the food regulatory authorities are enabling manufacturers to develop equipment compliant with these standards. Increasing sanitation, hygiene and less time-consuming requirements are attributing to the adoption of these equipment among households. Also, the upgraded products not only reduce the energy expenses but also are eco-friendly. Changing consumer lifestyle and rising disposable income are the major factors driving market...