The worldwide Banquet Carts Market is expected to be worth USD 800 million in 2023. Future Market Insights reports say that the market will expand at a projected to grow at a CAGR of 8.5% between 2023 and 2033, totaling around USD 1,800 million by 2033.
Global banquet carts consist of a central compressor unit validating the necessary airflow for cooling purposes of multiple items displayed inside the display cases, which are located in the supermarket sales area or retail stores where each of these display cases consists of an inlet valve to allow cooling action, depending on the product placed under the display, to maintain air temperature as per specification, that helps in achieving high quality of products and eliminates any chance of food contamination and raises the demand for the banquet cabinet markets.
Preferences among food retailers regarding the usage of banquet carts across the globe, increasing levels of disposable income of the people along with improving the living standard of the people, implementation of modern techniques in small-scale and retail sectors, and rising preference towards food safety concerns, increase in the number of bakeries and supermarkets are some of the major as well as important factors which will likely to accelerate the growth of the banquet carts market in the projected timeframe.
Adoption of refrigerated banquet carts due to their advantages such as limiting overall energy consumption and delivering energy efficient solutions along with the use of modern and highly advanced techniques to manufacture compressors and surging levels of investment by the manufacturers to develop an advanced and improved product which will further contribute by generating immense opportunities that will lead to the growth of the banquet carts.
| Attributes | Details |
|---|---|
| Projected Forecast Value (2023) | USD 800 million |
| Projected Forecast Value (2033) | USD 1,800 million |
| Growth rate | 8.5% CAGR |
| Forecast period | 2023 to 2033 |
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The banquet carts market grew at a CAGR of 7.8% from 2018 to 2022, as per Future Market Insights, a provider of market research and competitive intelligence.
Market growth has been believed to have been affected in 2020 owing to the covid-19 recessionary cubs and demand slowdown across the industrial sector, growth scenario is expected to be of the optimistic type in the upcoming years.
Continuous growth in the banquet carts sector leads to a rise in demand for banquet carts which is growing rapidly and related equipment to support the operations the demand rate of the banquet carts market is expected to grow during the forecast period.
Growth in Demand for Banquet Carts
Growing demand for banquet carts market that preserve and maintain the freshness of food as well as the growing spending capacity and shifting lifestyle of the urban population is also fuelling the growth of the food display cabinet market in the forecast period
Increase in Disposable Income of People
Increased disposable income, especially in developing countries, has positively influenced the market for banquet cabinets. High disposable income increases the spending capacity of consumers to spend on technology-driven premium kitchen appliances including microwave ovens.
Consumers are more inclined towards opting for multipurpose and hassle-free appliances, making their kitchen chores much easier, and driving the adoption of microwave ovens.
Banquet Carts and Heated Cabinets Market to Sustain Owing to Expertise of Quick Service and Fast-Food Retail Giants
Most of the quick-service restaurants and fast-food outlets are franchises of world-known organizations. Franchise system enforces strict food quality and safety regulations that ought to be followed by the employees, though the food made is unhealthy in terms of nutritional content, consumers are well aware of the quality of food services and safety measures.
Fast food giants such as McDonald’s, Subway, Starbucks, etc assure precautionary measures while handling food and beverages and thus, give a reason for the banquet carts market to sustain over the forecast period.
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Volatility in Raw Materials
Volatility in raw material prices and high cost coupled with smart banquet carts is the major limiting factor for the banquet carts market, whereas the constant consumption of electricity has the potential to challenge the growth of the banquet carts market.
Smaller Size of Banquet Carts Act as a Restraint
Condensation can be an issue with a variety of different models along with placement issues of the banquet carts which will likely act as a market restraints factor for the growth of the banquet carts market. Banquet carts smaller in size that are not made to store bulk products which will become the biggest and foremost challenge for the growth of the market.
Lack of Skilled Personnel
Lack of skilled personnel and upholding human resources are the major restraining factors that most corporations are dealing with. Skilled personnel are required for higher productivity rates amongst the end-user industries and the reduced rates are creating a big concern for market growth. The lack of human resources will further create challenges for the banquet carts market.
North America is Considered a Home to Many Manufacturing Companies
North America is expected to have a significant market share in terms of demand due to the presence of various production industries in the United States and Canada. North America is considered a home to many manufacturing companies which are the prime demanding sectors with a CAGR of 7.8%.
Steady growth in industrial production indices is estimated to be the prime driving factor for the demand for banquet carts-dominates the banquet carts market due to the increasing number of technological innovations in the food industry along with the prevalence of large food chains and well-established manufacturing infrastructure in the region.
Asia Pacific is Projected to Lead the Global Banquet Carts Market During the Forecast Period
Asia Pacific is projected to lead the global banquet carts market during the forecast period. Asia Pacific is the second country to be dominated in the banquet carts, with a CAGR of 7.1%. This is primarily due to the rising per capita income, coupled with the growing emphasis on infrastructure development, which is resulting in the emergence of urban centers, which is expected to boost the growth of the food service outlets in the near future.
The emergence of international food service chains, along with regional banquet carts in countries such as India and ASEAN is expected to create significant demand for banquet carts during the forecast period.
The Asia Pacific region is expected to hold the dominant growth rate due to the surging levels of investment by the manufacturers for the growth of the retail industry along with rising usage of the product for storage in the banquet carts market.
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Hospitals are Said to Gain Traction in this Sector
Global medical carts market is expected to gain market growth due to improving healthcare facilities and infrastructures and the adoption of electronic medical records at the hospital, which can drive the growth of the market.
Factors which are anticipated to propel the growth of the medical carts market include the rising cases of musculoskeletal injuries and surgeries.
Heated Banquet Carts are said to Dominate in this Sector
Heated banquet carts are dominating the market by accounting for the largest share of the market, with a significant growth rate, due to rising value and volume demand as consumers demand heated food to be easily available where advanced technologies are being adopted to increase the business.
Middleby Corporation, based in Illinois, the United States. Middleby Corporation manufactures, designs, distributes, markets, and services a line of cooking equipment and related products, primarily in the United States. The company has a presence in over 1000 countries, through its own sales and marketing team and various local distributors, suppliers, agents.
Alto-Shaam Inc., located in Wisconsin, United States. Alto-Shaam Inc. sells and manufactures equipment for healthcare facilities, schools and restaurants. Company offers braising short ribs cook and hold ovens to prepare steaks, smokers, etc.
Some of the important developments of the key players in the market are:
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 8.5% from 2023 to 2033 |
| Market value in 2023 | USD 800 million |
| Market value in 2033 | USD 1,800 million |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | USD million for value and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Product, Application, Region |
| Regions Covered | North America; Latin America; Europe; Asia Pacific; Middle East and Africa |
| Key Countries Profiled | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, China, Japan, South Korea, Singapore, Thailand, Indonesia, Australia, New Zealand, GCC countries, South Africa, Israel |
| Key Companies Profiled | Alto-Shaam, Inc.; Bartscher GmbH; Cres Cor; Dinex International; FEW (Food Warming Equipment Company) Inc.; Lakeside Manufacturing, Inc.; Leighton Buzzard; Metro; Moffat Limited; Vulcan Industries Inc. |
| Customization & Pricing | Available on Request |
Complications and high failure cases are the prominent restraints against sales.
The global market is estimated to accrue around USD 800 million revenue in 2023.
North Americas leads and could further expand at 7.8% CAGR through 2033.
The regional market in Asia Pacific is poised to exhibit 7.1% CAGR through 2033.
The overall market witnessed a growth rate of 7.8% from 2018 to 2022.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product 5.1. Heated banquet carts 5.2. Non-heated banquet carts 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 6.1. Hotels 6.2. Restaurants 6.3. Hospitals 6.4. Schools 6.5. Others 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Europe 7.4. Asia Pacific 7.5. MEA 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Key Countries Market Analysis 14. Market Structure Analysis 15. Competition Analysis 15.1. Alto-Shaam, Inc. 15.2. Bartscher GmbH 15.3. Cres Cor 15.4. Dinex International 15.5. FWE / Food Warming Equipment Company, Inc. 15.6. Lakeside Manufacturing, Inc. 15.7. Leighton Buzzard 15.8. Metro 15.9. Moffat Limited 15.10. Vulcan Industries, Inc. 16. Assumptions & Acronyms Used 17. Research Methodology
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Banquet Carts Market
