According to a new report published by Allied Market Research, titled,"France Cooking Equipment Market by Size of Equipment, End User, and Tier Type: Opportunity Analysis and Industry Forecast, 2018 - 2025,"The France cooking equipment market size is expected to generate revenue worth $60.7 million in 2018 and is projected to reach $70.4 million by 2025, to register a CAGR of 2.1% during the forecast period. Cooking equipment is popularly used in restaurants, hotels, and fast-food centers. In addition, they facilitate easy preparation and preservation of food.
The rise in number of restaurants and hotels is attributed to rapid urbanization and globalization, which in turn is expected to boost the growth of the commercial cooking equipment market. Moreover, rise in health consciousness among consumers and increased demand for healthy and tasty food drive the market growth. However, price of commercial cooking equipment and volatile prices of raw materials hamper the growth of this france cooking equipment market. Irrespective of these challenges, the launch of eco-friendly and energy efficient cooking equipment for commercial kitchens to address the concerns of depletion of natural resources such as LPG and others, is anticipated to unfold opportunities for the market growth.
In 2018, the 800 series category accounted for the highest revenue in the France cooking equipment market share and is expected to maintain its dominance throughout the forecast period. This is attributed to the widespread application of such equipment in food service industries. In addition, increase in the number of quick service restaurants and rise in inclination of people to opt for convenient food drive the France cooking equipment market growth of this segment. However, the 700 series segment is estimated to have the highest CAGR of 2.6% through 2018-2025. The 700 series is often used in small restaurants that require heavy-duty equipment within a small footprint. The growth in this category is attributed to the rise in the consumption of fried food from small food outlets and quick service restaurants. The rise in the working population coupled with an increase in the disposable income in the country boosts the growth of the food & beverage industry, which in turn positively impacts the growth of cooking equipment of various size including the 700 series.
In 2018, the institutional canteen category in the held the highest share in the France cooking equipment industry based on end user. This was due to an increase in the demand for prepared food in public places and institutions owing to busy lifestyle of people and rise in the disposable income of people. However, the quick service restaurants segment is estimated to witness the fastest CAGR growth of 3.4% through the France cooking equipment forecast period. There is a rise in the demand for quick service restaurants due to the increase in demand for fresh, tasty, and appealing food available at an affordable cost. Moreover, changes in lifestyle and increasing affinity of the consumers towards fast food also boosts the market growth.
In 2018, the mid-level category in the tier type segment of France cooking equipment market is expected to experience growth at the fastest CAGR of 3.4%. This is attributed to the higher application of this segment in the quick service restaurants as well as some of the full service restaurants. In addition, the growth in the hospitality sector has also added to the popularity of this category.
Key Findings of the France Cooking Equipment Market:
- In 2018, based on the size of the equipment, the 800 series was contributed the highest share in the France cooking equipment market. It is expected to grow at a steady CAGR of 2.3% from 2018-2025.
- In 2018, based on the size of the equipment, the 700 series was the fastest growing category and is expected to reach $28.0 million by 2025.
- In 2018, based on the end user segment, the institutional canteens held the highest share in the France cooking equipment market and is expected to grow at the CAGR of 1.5% through the forecast period.
- In 2018, based on the end user segment, the quick service restaurant category is estimated to grow at the fastest CAGR of 3.4% throughout the forecast period.
- In 2018, based on the tier type the high level category contributed 61.9% of the total share of the France cooking equipment market and is estimated to grow at a CAGR of 1.4% from 2018 to 2025
The key players profiled in the report include Bonnet International, Charvet, Sofinor, Ali Group, Capic, and Electrolux.