Apart from serving their purpose in food merchandising, food holding cabinets are now evolving as equipment to keep the food at serving temperatures. Additionally, there has been a steady rise in disposable income, which has led to an increase in consumer spending. The hospitality and service sector have considerable opportunities and are increasingly vying for a more significant share in the pie. Consumerism has urged the owners of cafés and small-scale restaurants to display food in a visually appealing manner while also keeping the food fresh.
The need for equipment that will aid in displaying food while keeping it fresh has led to an increase in demand for food holding cabinets. Apart from cafés and commercial kitchens, they are also used at airports and railway stations. Serving food and beverages has always been an additional source of revenue for these places. Rising consumer food preferences and the increase in domestic and international travel are substantially driving the tourism industry. This highlights the opportunity to serve fresh food and breakfast to travelers who are willing to pay more for convenience. An increase in air or rail travelers is likely to result in the growth of the food holding cabinet market. For instance, the International Air Transport Association (IATA) estimated that the number of passengers who travel by air would be 8.2 billion by 2037
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Increased Consumption of Baked Goods and the Need to Preserve them
There has also been a remarkable increase in the consumption of baked goods. The global population, primarily consisting of millennials, are spending more on experiences than into investments. This has led toward experimenting with various food products, especially in bakery products such as pastry, croissants, among other items. Furthermore, a sizeable section of the consumer has become health conscious and is sought-after healthy alternatives such as sandwiches and salads. Food chain owners are required to keep all these items ready and fresh. Food holding cabinets play a crucial role in keeping the food fresh. The increase in demand for baked goods, which was up by around USD 1.2 billion in 2017, and the need for eating healthy will observe an upward trend in this market.
The key players involved in this market are Vulcan (I.T.W. Food Equipment Group L.L.C.), Tutco-Farnam, Lockwood, Duke Manufacturing, Alto-Shaam, Inc., Bartscher Gmb, Bourgeat, Carter-Hoffmann, Cres Cor, Enofrigo S.p.A, Infrico, S.L., Food Warming Equipment Company, Inc., Unified Brands, Retigo, RM Gastro, Roller Grill International S.A.S, Salvis AG, Traulsen, Williams Refrigeration, Zanussi Professional.
Manufacturers are focusing on producing food holding cabinets that are portable, and which can automatically adjust the temperature. Asia-Pacific is likely to witness the highest growth rate, owing to the presence of untapped economies such as Thailand, Malaysia, and India.
Food Holding Cabinet Market Segmentation
By Equipment Type
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