Food Service Equipment/Refrigeration Market to Reach $44.33 Billion by 2020
The market is primarily being driven by extensive growth in the hospitality industry
ALBANY, N.Y. — The global food service equipment/commercial refrigeration market was valued at $31.54 billion in 2013, and is forecast to grow at a compound annual growth rate (CAGR) of 4.8 percent from 2014 to 2020, representing a value of $44.33 billion in 2020, according to a new market report published by Transparency Market Research.
The food service equipment/commercial refrigeration market is primarily being driven due to extensive growth in the hospitality industry. Another factor is the growth in retail outlets and supermarkets. Moreover, changing food habits are contributing to the growth of the market. The busy lifestyle of the working population is creating the need for ready to cook food that can be stored in refrigerators. This in turn is fueling the growth of the commercial refrigeration market.