The holding and proofing cabinets market is expected to be worth USD 3,800 million in 2023. Future Market Insights reports say that the market will expand at a projected to grow at CAGR of 4.1% between 2023 and 2033, totaling around USD 5,679.2 million by 2033.
The increasing construction of smart buildings across the globe is creating several driving factors for the market. Rising initiatives regarding intelligent buildings and customized trends and solutions for generating efficient output amongst individuals are becoming more critical in creating smart cities due to the increased emphasis on efficiency brought on by rising urbanization and these factors are projected to drive the growth of the market.
Cost is one of the factors that affect how quickly a market expands, and high development costs might slow that expansion. Impulsive development demands a significant financial investment. Infrastructure is needed to adopt smart homes and building systems and smart workplaces. Advancements in such areas are quite expensive to build infrastructure. High costs and investments will further obstruct the growth of the market.
Increased adoption of various indoor cabinet design panel advancements by the manufacturing sector is further estimated to generate lucrative opportunities for the market, which will further expand the indoor cabinet market’s growth rate in the future. Usage of these technologies will attract individuals as the rise in standards and urbanization rise due to their expanding constructional activities.
North American region dominated the holding and proofing cabinets market with the maximum revenue share followed by Asia Pacific.
| Attributes | Details |
|---|---|
| Projected Forecast Value (2023) | USD 3,800 million |
| Projected Forecast Value (2033) | USD 5,679.2 million |
| Growth rate | 4.1% CAGR |
| Forecast period | 2023 to 2033 |
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The holding and proofing cabinets market grew at a CAGR of 3.2% from 2018 to 2022, as per Future Market Insights, a provider of market research and competitive intelligence. Numerous end users of the holding and proofing cabinets market are consistently focusing on enhancing the safety of large quantities of cooked food items.
Warming equipment has emerged as one of the most effective tools to ensure protection from harmful bacteria and pathogens. Pathogens are set to multiply in numbers between 5 degrees Celsius to 63 degrees Celsius, raising the demand for warming equipment that is poised to grow at a rapid pace during the forecast period.
Foodservice participants are continually putting efforts to ensure that the cooked food is free from harmful bacteria and remains at the desired temperature level which is set to push the use of holding and proofing cabinets market.
Improved Standards and Income
Individuals' improved standards due to the rise in urbanization and trends and the income generated by the industries are creating certain growth opportunities for the indoor cabinet market growth.
Shifting preference of people for indoor cabinets for commercial as well as residential purposes is creating huge growth factors. Market is said to largely accelerating due to these factors.
Promotion of Green Manufacturing Equipment
Increasing awareness regarding green technologies among consumers is anticipated to lead to rapid replacement of holding and proofing cabinets with Energy Star certified in the near future which further drives the market for holding and proofing cabinets globally.
Lack of Skilled Personnel
Lack of skilled personnel and upholding human resources are the major restraining factors, which most corporations are dealing with. More skilled personnel are required for high productivity rates amongst end user industries, and the reduced rates are creating a big concern for market growth. Lack of human resources will further create challenges for the indoor cabinet market.
Rising Competition between Local and International Companies
Global holding and proofing cabinet market are influenced by rising competition between local and international companies. The market in Asia Pacific, especially in China, is primarily influenced by local players.
Food retailers in the region are more inclined towards the deployment of locally manufactured holding and proofing equipment as they are considered to be cheaper than those offered by international manufacturers.
Fast Food Outlets in the United States to Look for Advanced Food Preparation Equipment
The holding and proofing equipment market in the United States is estimated to be worth about USD 681 million by 2032 and account for nearly 56% of the North American market during the evaluation period. An increasing number of food chains and restaurants across the United States is set to push the food industry in the country.
The rising supermarket culture in the United States would help fuel sales of holding and proofing equipment in the next ten years. The ability to hold and proof equipment to extend the shelf life of food and maintain its optimum temperature is another crucial factor that is projected to aid growth.
United Kingdom-based Companies to Look for Food Equipment to Maintain Overall Temperature
Holding for proofing equipment in the country is anticipated to grow as more people are becoming aware of the advantages of holding food products in the next ten years that are striving to maintain the overall temperature to preserve numerous food items.
Advancements in the holding and proofing equipment sector such as merging all process equipment into one to save human labor and increase sanitation standards are projected to propel the United Kingdom holding and proofing market. United Kingdom is expected to be valued at nearly USD 491 million and accounts for 34% of the European market share in the forecast period.
Rising Demand for Poultry Products in China to Spur Sales of Food Warming Tables
Reports of Future Market Insights say that China is set to be worth over USD 313.5 million and counts for 33% of the Asia Pacific holding and proofing cabinet market share in the assessment period. Growth is attributed to the ever-increasing population with a wide range of socioeconomic and cultural characteristics. Western countries have increased their investments in China to develop their food industry, demand for holding and proofing equipment has increased, production levels have advanced, and processing times have decreased.
Market expansion has been aided by population growth and rising awareness about the benefits of consuming high-quality food products. Strong presence of various producers, particularly in China is another crucial factor that would drive the market due to the rising consumption of poultry products in urban areas and the urgent need for processed foods, demand for holding and proofing equipment is surging across China.
Restaurants to Demand Holding and Proofing Cabinet Equipment
The restaurant segment is expected to remain at the forefront in the global holding and proofing cabinet market in the next ten years. Changing lifestyle of the millennials and the rising shift towards convenience food are two of the major factors pushing the segment.
Rising penetration of the e-commerce channels as well as the emergence of various smartphone applications providing home delivery and other quick assistance to enhance user experience to suit the ongoing modernization would bode well for the segment in the global holding and proofing cabinet equipment market.
Heated Holding Cabinet is Said to Dominate the Market
Heated-holding cabinets have become lucrative business areas and manufacturers of cooking equipment have been focusing on rolling out products that will keep the food at serving temperatures which is expected to result in a spike in the demand from hotel chains and restaurant owners, as ready-to-serve food which will result in a decrease in operation time for re-heating the food. Companies are focusing on maintaining the longevity of the food rather than just limiting the equipment to keep the food at an optimum temperature.
Some of the prominent players in the global market are-
Some of the important developments of the key players in the market are:
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 4.1% from 2023 to 2033 |
| Market value in 2023 | USD 3,800 million |
| Market value in 2033 | USD 5,679.2 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 Type, End Use, 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.; Cres Cor; FWE (Food Warming Equipment); Hatco Corporation; Henny Penny Corporation; Lang Manufacturing; NU-VU Foodservice Systems; Piper Products; Vulcan Food Equipment Group; Winston Industries |
| Customization & Pricing | Available on Request |
The United States, the United Kingdom and China dominate the global market.
The market is forecast to register a CAGR of 4.1% through 2033.
From 2018 to 2022, the market registered a CAGR of 3.2%.
Rising intellectual building and customized solutions disrupts the current market trends.
The global market size is to reach USD 5,679.2 million by 2033.
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Holding and Proofing Cabinets Market
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