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The expansion of hotels, restaurants, and others, owing to the growing consumer interest in dining-out is driving the growth of the global catering equipment industry. In addition to this, the increasing investments by restaurant and hotel owners to enhance the dining experience of consumers are anticipated to propel the demand for high end and innovative catering equipment in the forecast period. Meanwhile, the rising number of catering business start-ups in emerging economies are expected to further support the growth of the market. The popular fast food chains like Domino's Pizza, Inc. (NYSE: DPZ), McDonald's (NYSE: MCD), and others are looking to expand their consumer base in emerging nations like India to enhance their business and geographical reach.
Further, the increasing inclination towards online purchasing owing to the comfort of door-step delivery is leading to the expansion of online channels. The easy availability of modern, durable, and premium products such as dining sets, barware, and others, through these channels is enhancing their popularity among end users, which, in turn, is expected to aid the market. In terms of region, North America is likely to account for a significant share in the market and is anticipated to witness a steady growth in the forecast period. The high consumer purchasing power and improved standards of living are projected to provide impetus to the market in the region.
Market Breakup by Type, End Use, Distribution Channel, and Region:
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The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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