Wednesday, 10 May 2023 09:30 AM
Company Update
NEWARK, DE / ACCESSWIRE / May 10, 2023 / The rising consumer preference for cooked food is expected to drive the global strip warmers market to a valuation of US$ 247.4 million in 2023. This trend is anticipated to open up new market opportunities, resulting in a projected CAGR of 4.0% between 2023 and 2033 and a total market valuation of roughly US$ 366.3 million by 2033.
The major factor contributing to the growth of the strip warmers market is the increasing demand for convenience and time-saving appliances. Consumers are increasingly looking for appliances that save time and offer convenience, with the rise in urbanization and changing lifestyles. Strip warmers can be quickly heated and are easy to use, making them an ideal choice for busy consumers who want to enjoy hot food without waiting for too long.
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Buffet-style restaurants are gaining popularity around the world, and strip warmers are an essential component of these establishments. Strip warmers are an effective way to maintain the temperature of large quantities of food served in buffet-style restaurants, with the ability to keep food warm for an extended period.
The increasing disposable income and consumer spending are other major factors that are expected to further escalate the market growth. People are spending more money on dining out and takeout food, as disposable income and consumer spending continue to rise, which is fueling the demand for strip warmers. Strip warmers play an essential role in ensuring that food is delivered to customers at the right temperature, enhancing the dining experience.
Key Takeaways from the Market Study
- The global strip warmers market was valued at US$ 237.9 million by 2022-end.
- From 2018 to 2022, the market demand expanded at a CAGR of 2.4%.
- North America is expected to hold a dominant CAGR of 3.9% during the forecast period.
- By types, the electric segment is expected to constitute a CAGR of 3.8% in 2033.
- On the basis of Application, the catering services segment is expected to dominate the market with a CAGR of 3.7%.
‘The growth of the hospitality industry across the globe is a major factor that is expected to propel the growth of the strip warmers market in the near future,' remarks an FMI analyst.
Competitive Landscape
Prominent players in the strip warmers market are Hatco Corporation, Alto-Shaam, Inc., Vulcan Industries, Inc., Duke Manufacturing Co., Nemco Food Equipment, APW Wyott, Vollrath Company, LLC, Waring Commercial, Winco, Hatco Foodservice Equipment, and Star Manufacturing International, Inc., among others.
Recent Developments:
- In 2021, Hatco Corporation announced the release of a new strip heater, the Glo-Ray® Designer Series Heated Shelf, which is designed to keep food warm and fresh for longer periods while also enhancing the visual appeal of food displays.
- In the same year, Vulcan, a manufacturer of commercial cooking equipment, launched a new line of strip warmers, the V-Series, that are designed to be energy-efficient and easy to install.
- Winco, in the year 2021, introduced a fresh series of infrared strip warmers named ESH, that have been crafted to possess greater durability and efficiency compared to their previous models.
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More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global strip warmers market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the strip warmers market, the market is segmented on the basis of types (electric strip warmers, infrared strip warmers, and others), by application (restaurants, hotels, catering services, and others), across five major regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa).
Key Segments :
By Types:
- Electric Strip Warmers
- Infrared Strip Warmers
- Others
By Application:
- Restaurants
- Hotels
- Catering Services
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
Table of Content (ToC):
1. Executive Summary | Strip Warmers Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
3.5.1. Supply Side Participants and Their Roles
3.5.1.1. Producers
3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers)
3.5.1.3. Wholesalers and Distributors
3.5.2. Value Added and Value Created at Node in the Supply Chain
3.5.3. List of Raw Material Suppliers
3.5.4. List of Existing and Potential Buyers
3.6. Investment Feasibility Matrix
3.7. Value Chain Analysis
3.7.1. Profit Margin Analysis
3.7.2. Wholesalers and Distributors
3.7.3. Retailers
3.8. PESTLE and Porter's Analysis
3.9. Regulatory Landscape
3.9.1. By Key Regions
3.9.2. By Key Countries
3.10. Regional Parent Market Outlook
3.11. Production and Consumption Statistics
3.12. Import and Export Statistics
4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) & Volume (Units) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) & Volume (Units) Projections, 2023 to 2033
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Types
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Types, 2018 to 2022
5.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Types, 2023 to 2033
5.3.1. Electric strip warmers
5.3.2. Infrared strip warmers
5.3.3. Others
5.4. Y-o-Y Growth Trend Analysis By Types, 2018 to 2022
5.5. Absolute $ Opportunity Analysis By Types, 2023 to 2033
6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application
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