The global banquet cabinets market size is expected to be valued at USD 878.4 million in 2023. Growing popularity of outdoor events and catering, bolsters the overall scope for banquet cabinets market, which is projected to grow at a CAGR of 3.5% between 2023 and 2033, totaling around USD 1,239.0 million by 2033.
| Data Points | Key Statistics |
|---|---|
| Banquet Cabinets Market Value 2023 | USD 878.4 million |
| Banquet Cabinets Market Projected Value (2033) | USD 1,239.0 million |
| Banquet Cabinets Market CAGR (2023 to 2033) | 3.5% |
According to the analysis of Future Market Insights, the increasing popularity of outdoor events and food trucks has led to a growing demand for mobile banquet cabinets. Mobile banquet cabinets are designed to be compact and lightweight, making them easy to transport from one location to another. They are equipped with wheels and other features such as handles, locks, and casters that make them easy to move around.
Mobile banquet cabinets are especially useful for outdoor catering events, where it may be difficult to set up a permanent storage solution. The cabinets are also ideal for food trucks, which often have limited space for storage and need to be able to transport their equipment easily. Mobile banquet cabinets can be used to store a variety of food items, including hot and cold dishes, making them a versatile storage solution for outdoor events and food trucks.
One more advantage of mobile banquet cabinets is that they are often more energy-efficient than traditional banquet cabinets. They are designed to be lightweight and compact, which means that they require less energy to operate, which makes them a cost-effective and sustainable storage solution for food service establishments.
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The global demand for banquet cabinets is projected to increase at a CAGR of 2.7% during the forecast period between 2018 and 2022, reaching a total of USD 1,239.0 million in 2033.
According to Future Market Insights, a market research and competitive intelligence provider, the banquet cabinets market was valued at USD 848.7 million in 2022.
The rising preference for customization is a recent trend that is expected to augment the growth of the banquet cabinets market. Customers now seek customized solutions that meet their specific needs, and this trend is reflected in the foodservice industry as well. Banquet cabinets manufacturers are now offering customization services to cater to the specific needs of their customers.
Customization can include a range of features such as the size, shape, and color of the cabinet, the number and size of shelves, and the type of door or lock mechanism. Some customers may also require additional features such as built-in temperature monitoring systems, humidity control systems, or lighting systems to cater to their specific requirements.
The rising trend of customization is driven by the need for greater flexibility and efficiency in the foodservice industry. Banquet cabinets that are customized to meet specific requirements can help foodservice providers to optimize their operations and reduce wastage. A catering company that specializes in vegetarian food, for instance, may require a different type of banquet cabinet than a company that offers a range of meat dishes.
Integration of Smart Technologies such as IoT to Fuel the Market Growth
The integration of smart technologies such as IoT (Internet of Things) in banquet cabinets is revolutionizing the foodservice industry. Banquet cabinets can now be equipped with real-time monitoring systems, with the help of sensors and other IoT devices, that constantly monitor the temperature and humidity levels inside the cabinets. The technology enables better control and management of the stored food items, ensuring that they remain fresh and safe for consumption.
The real-time monitoring systems allow foodservice establishments to remotely monitor the conditions inside the cabinets, receive alerts when the temperature or humidity levels go out of range, and adjust the settings accordingly. The monitoring system not only improves the quality and safety of the stored food items but also reduces the risk of food spoilage and waste.
The use of IoT technology in banquet cabinets allows for data collection and analysis, which can be used to optimize the storage conditions and improve energy efficiency. The data can be used to identify patterns and trends, enabling foodservice establishments to make data-driven decisions and adjust their operations accordingly.
The integration of smart technologies in banquet cabinets is also driving the development of new features and functionalities. Some banquet cabinets, for instance, now come equipped with touchscreens and user-friendly interfaces that allow users to easily monitor and adjust the settings. Some even come with voice control and artificial intelligence capabilities, making them even more intuitive and easy to use.
Growing Demand for Energy-Efficient Banquet Cabinets to Accelerate the Market Growth
The growing demand for energy-efficient banquet cabinets is driven by the need to reduce energy consumption and costs in the foodservice industry. Energy-efficient banquet cabinets are designed to consume less energy than traditional models, which helps to lower operating costs and reduce the environmental impact. Many governments and organizations have implemented regulations and guidelines to promote energy efficiency in the foodservice industry, which is further driving the demand for energy-efficient banquet cabinets.
Manufacturers, to meet this demand, are developing new technologies and innovations to improve the energy efficiency of banquet cabinets. Some manufacturers, for instance, are incorporating advanced insulation materials, such as vacuum insulation panels, to reduce heat transfer and improve energy efficiency. Others are developing energy management systems that allow users to monitor and control energy usage in real-time, providing insights into energy consumption and identifying areas for improvement.
Energy-efficient banquet cabinets are often equipped with advanced features such as digital displays, programmable temperature settings, and self-closing doors, which help to reduce energy waste and optimize storage conditions. The features allow users to easily adjust the temperature and humidity levels inside the cabinets, which can help to extend the shelf life of food items and prevent spoilage.
High Initial and Maintenance Costs of Banquet Cabinets to Restrain the Market Growth
The high cost of banquet cabinets is anticipated to be a hindrance factor for market growth, especially for smaller businesses and budget-conscious customers. Banquet cabinets require regular maintenance and repairs to ensure optimal performance, which can further add to their overall cost. The factors can make banquet cabinets less attractive to customers who may opt for alternative storage solutions such as refrigerators and freezers, which are typically more affordable and require less maintenance.
Banquet cabinets also require regular maintenance and repairs to ensure their optimal performance, which include cleaning, checking and replacing components such as fans, motors, and thermostats, as well as repairing any damages or malfunctions that may occur.
The maintenance and repair costs can add up over time, making banquet cabinets less attractive to budget-conscious customers who may opt for cheaper, less high-maintenance alternatives. The availability of alternative storage solutions such as refrigerators and freezers can hamper the demand for banquet cabinets, particularly among smaller businesses and those with lower budgets.
Rise in Awareness Regarding Food Safety & Hygiene in North America to Fuel the Market Growth
The banquet cabinets market in North America is expected to accumulate a prominent CAGR of 3.4% in 2023.
The banquet cabinets market in North America is expected to grow significantly in the coming years, attributed to increasing demand for banquet cabinets in the foodservice industry. The growing number of restaurants, hotels, and catering services in the region is augmenting the demand for banquet cabinets. Banquet cabinets help to keep food warm, fresh, and hygienic, which is essential in the foodservice industry.
Outdoor events such as weddings, parties, and corporate events are becoming increasingly popular in the region, which has led to a rising demand for banquet cabinets that can be easily transported and set up at different locations.
The demand for banquet cabinets that meet high standards of cleanliness and sanitation is also increasing, with increasing concerns over food safety and hygiene. Banquet cabinets with advanced features such as UV-C light sterilization and antibacterial coatings are gaining popularity in North America.
The regional market is growing, owing to increasing adoption of energy-efficient solutions. There is a growing focus on sustainability and energy efficiency in the region. Banquet cabinets that are energy-efficient and help in reducing energy consumption and costs are gaining popularity among customers.
In the United States, the Department of Energy has implemented regulations and standards to promote energy efficiency in commercial refrigeration equipment, including banquet cabinets. The regulations have led to the development and adoption of more energy-efficient models in the market.
Increasing Catering Industry in the Region to Fuel the Market Growth
The banquet cabinets market in Asia Pacific is expected to accumulate the highest CAGR of 3.3% in 2023.
The Asia Pacific Banquet Cabinets market is expected to witness significant growth attributed to rapid urbanization and increasing disposable income in countries like India and China, which are driving the growth of the foodservice industry, which is anticipated to foster the demand for banquet cabinets.
In India, the government's initiative to boost the tourism industry is expected to increase the demand for banquet cabinets in hotels and restaurants. China is expected to witness significant growth in the banquet cabinets market due to the growth of the catering industry and increasing investments in the hospitality sector. The increasing trend of dining out and the growing popularity of hosting events and parties in restaurants and hotels in Japan is expected to drive the demand for banquet cabinets.
The increasing focus on food safety and hygiene regulations in the region is expected to drive the demand for high-quality banquet cabinets. The rising demand for energy-efficient banquet cabinets and the incorporation of smart technologies such as IoT in banquet cabinets are also projected to augment the regional market growth in the forthcoming years.
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Electric Segment to beat Competition in Untiring Market
On the basis of product, the market is dominated by electric segment, which is expected to hold a CAGR of 3.3% over the analysis period.
The increasing demand for energy-efficient and technologically advanced banquet cabinets is a major factor driving the growth of this segment. Electric banquet cabinets are equipped with advanced features such as digital temperature control, programmable settings, and energy-saving modes, which are highly valued by customers.
The rising trend of outdoor catering events and food trucks is also driving the demand for mobile electric banquet cabinets. Another factor driving the growth of the electric banquet cabinets segment is the increasing adoption of automation in the foodservice industry.
Businesses are turning to automated banquet cabinets that can store and retrieve food items with minimal human intervention, as they aim to streamline their operations and improve efficiency. Electric banquet cabinets are also preferred by businesses that require high-volume food storage and quick access to food items, such as hotels and restaurants.
Hotels and Restaurants Segment to Drive the Banquet Cabinets Market
Based on the end-use industry, the hotels and restaurants segment is expected to expand at rapid rate of 3.2% CAGR over the analysis period.
The segmental growth can be attributed to the increasing number of food service establishments and the growing trend of outdoor catering events. Banquet cabinets provide an efficient and convenient solution for storing and transporting food items, maintaining their temperature and freshness.
The hospitality industry is focusing on providing enhanced dining experiences to their customers, which has increased the demand for advanced catering equipment such as banquet cabinets. The increasing popularity of buffet-style meals in hotels and restaurants has further propelled the demand for banquet cabinets.
Some others factors that are fueling the segmental growth include the increasing demand for eco-friendly and sustainable banquet cabinets that are made from recyclable materials. Hotels and restaurants are increasingly focusing on sustainability as part of their corporate social responsibility initiatives, which is driving the demand for environmentally-friendly equipment.
Banquet cabinets market startup players are adopting various marketing strategies such as new product launches, geographical expansion, mergers and acquisitions, partnerships, and collaboration to identify the interest of potential patients and create a larger customer base.
For instance:
Prominent players in the banquet cabinets market are Hoshizaki Electric Co. Ltd., Alto-Shaam, Carter-Hoffmann, Hatco Corporation, Henny Penny, Hobart Corporation, KitchenAid Commercial, Rational AG, Traulsen, Carter-Hoffmann, True Manufacturing Co., Inc., Duke Manufacturing, and Vulcan Food Equipment Group, among others.
Recent Developments:
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 3.5% from 2023 to 2033 |
| Market Value in 2023 | USD 878.4 million |
| Market Value in 2033 | USD 1,239.0 million |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD Million and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Product, Capacity, End-Use Industry |
| Regions Covered | North America; Latin America; Europe; Asia Pacific; Middle East & Africa |
| Key Countries Profiled | Germany, United Kingdom, France, Spain, Italy, Rest of Europe, United States, Canada, Brazil, Mexico, India, China, Japan, South Korea, Singapore, Thailand, Indonesia, Australia, New Zealand, Rest of Asia Pacific |
| Key Companies Profiled | Alto-Shaam; Carter-Hoffmann; Hatco Corporation; Henny Penny; Hobart Corporation; KitchenAid Commercial; Rational AG; Traulsen; True Manufacturing Co., Inc.; Vulcan Food Equipment Group |
The United States, Japan, and China dominate the global market.
The market is forecast to register a CAGR of 3.5% through 2033.
During 2018 to 2022, the market recorded a CAGR of 4%.
Technological advancement is the current market trends.
The global market size to reach USD 1,239 by 2033.
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