Growth in Global Foodservice Equipment Market Still Formidable: Report
SBI asserts that short-term industry growth will be driven by foodservice operators replacing old equipment. Beyond being a mere life cycle decision, replacing old equipment with new state-of-the-art technology ties into an energy efficient strategy.
01 Sep 2009 --- Even with the global recession, the $20 billion market for foodservice equipment is formidable and is expected to grow on the strength of five vital factors highlighted in "World Market for Food Service Equipment, 5th Edition" by industrial market research publisher SBI.
The five factors include environmental issues, lifestyle factors centered on consumers' food-related spending away from home, replacement foodservice equipment, new menu offerings and food trends that require the purchase of new equipment by foodservice operators, and technological innovations.
Within the environmental issues factor, energy efficiency and pollution reduction are particularly important to foodservice operators and foodservice equipment manufacturers as they can impact the bottom line, companies' images, and consumer perceptions. Such economic and environmental motivations can impact the sales of refrigeration and warewashing equipment, which are notoriously high users of energy.
SBI asserts that short-term industry growth will be driven by foodservice operators replacing old equipment. Beyond being a mere life cycle decision, replacing old equipment with new state-of-the-art technology ties into an energy efficient strategy for many operators seeking to reduce overall operating costs on their electric, gas, and water bills in today's difficult economic conditions.
"Although environmentalism is important, the economics of using less energy is a more immediate concern to foodservice operators," says Shelley Carr, publisher of SBI. "Today's energy efficient equipment may pay for itself in a relatively short period of time, driving sales because of the economy rather than in spite of it."
