According to a new report published by Allied Market Research, titled,"Europe 900 Series Cooking Equipment Market by Product Type and End User: Regional Opportunity Analysis and Industry Forecast, 2018-2025,"Europe 900 series cooking equipment market size was $51.34 million in 2017, and is projected to reach $59.15 million by 2025, registering a CAGR of 1.7% from 2018 to 2025. In 2017, the base unit ovens segment accounted for approximately 20.5% share in the 900 series cooking equipment market, and is projected to grow at the highest CAGR of 2.5%.
The 900 series cooking equipment are commercial cooking equipment providing ease in food preparation in addition to food safety in the commercial kitchens. Products such as ambient worktops, base unit ovens, bratt pans, fryers, griddles, and hobs are offered by prime companies, ensuring premium quality and low maintenance cost. Europe 900 series cooking equipment market is segmented based on product type, end user and country.
Development of the hospitality industry is anticipated to drive Europe 900 series cooking equipment market growth. Moreover, rise in business related travel, surge in urban population, and increase in number of food joints such as hotels and restaurants fuel the growth of the hospitality industry, thereby driving the growth of the market. Moreover, changes in trends of food consumption and growth in need to reduce food wastage have led to the development of innovative kitchen equipment. These factors altogether are anticipated to drive market growth during Europe 900 series cooking equipment market forecast period.
Continuous developments in food industry and favorable government regulations to promote the production of eco-friendly and advanced equipment are expected to open new avenues for the cooking equipment manufacturers. However, volatile prices of raw materials and higher installation cost of equipment is anticipated to limit their adoption. A key market trend that is anticipated to gain traction in Europe 900 series cooking equipment market is the growth in demand for certified equipment.
Based on product type, Europe 900 series cooking equipment market is segmented into ambient worktops, base unit ovens, boiling kettles, bratt pans, fryers, griddles, hobs, pasta cookers, and others. Base unit ovens is expected to dominate the other equipment generating highest revenue in 2017. By end use, the market is categorized into full-service restaurants, institutional canteen, hotel & resorts, quick service restaurants, and others. Full-service restaurants ensures premium quality food with unique combination and full-table service. In addition, high level of disposable income results in dining out with entertainment options. These factors drive the growth of the full-service restaurants and thus held the maximum share in 2017.
UK dominated the overall market in terms of revenue, and is expected to maintain its dominant position throughout the 900 series cooking equipment market analysis period, growing at a CAGR of 2.3%. This is attributed to high adoption of advanced technology and rise in demand for ready-to-eat food in the market. However, Germany 900 series cooking equipment market is anticipated to grow at the highest CAGR of 2.0%.
Key Findings of The Europe 900 Series Cooking Equipment Market:
- In 2017, base unit oven segment accounted for the highest Europe 900 series cooking equipment market share growing at a CAGR of 2.5% from 2018 to 2025.
- By product type, 900 series Pasta cookers and bratt pans are the two potential markets, expected to witness higher growth rates over the forecast period.
- In 2017, full-service restaurants accounted for the highest market share and is expected to grow at the considerable CAGR of 1.2%.
- The quick-service restaurants segment is projected to grow at the significant CAGR of 3.6%.
- In 2017, UK accounted for the highest market share, and is anticipated to grow at a CAGR of 2.3%.
- UK and Germany collectively accounts for two-fifths share in Europe 900 series cooking equipment market in 2017.
- Some of the key players analyzed in Europe 900 series cooking equipment industry are Charvet, Rosinox, Capic, Ali Group, AB Electrolux, ATA Srl, Fagor Industrial, Illinois Tool Works Inc., MKN, Modular Professional Srl, and The Middleby Corporation.