Factors Such as Rising Number of the Starred Restaurants, Large Eateries, Luxury Food Outlets, and Huge Canteens Are Amongst the Major Factor Projected to Impel Growth of Bespoke Units Market.
Hyderabad, India - July 14, 2021 /MarketersMedia/ —
Bespoke Units Market size was valued at $789 million in 2020, and is poised to reach $998 million by the end of 2026 growing at a CAGR of 8.2% during the forecast period 2021-2026. The industry growth rate of the bespoke unit can be attributed to the diversification of culinary operations, such as the introduction of different types of cooking equipment as a result of increased technological advancement, which is expected to bring new opportunities. Bespoke units are a type of equipment that can be tailored to meet a customer's specific needs or specifications such units includes lounge cabinet, fitted wardrobes, etc. Customization range from color to complete overhauls of the unit's architecture, including measurements, decals, and detailing. Bespoke units are not only more aesthetically appealing, but they are also more practical as they are tailored for the consumers. Many Manufacturers provide floating shelves with invisible hooks.
Bespoke Units Market Segment Analysis - By End Users
On the basis of end users, starred restaurants segment accounted for the largest segmental revenue of the bespoke units market in 2020. The large share can be attributed to the Rise in disposable income among people and frequent travels have been the major driver for the starred restaurants category in the end user segment of the bespoke units market. On the other hand, high premium café segment is projected to dominate over the forecast period 2021-2026 with a CAGR of 8.5%. Owing to the fact that high-end cafés have become increasingly popular as a result of globalization, the high-end café is expected to rise at a healthy rate. As people's schedules have become more hectic, their reliance on fast food has increased significantly. The rise in customer preference for fast food for nutrition is driving the demand for this category in the end user segment of the bespoke units market.
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Bespoke Units Market Segment Analysis - By Geography
Europe is the major region dominating the Bespoke Units market with a market share of 35.60% in the year 2020. This can be attributed to Europe being one of the major tourist attractions with an established food and hospitality industry. Over the last few years, the number of quick-service restaurants, premium full-service restaurants, cafés, luxury hotels, and canteens has increased significantly. Additionally, hospitality in European countries is consolidating its ownership and corporate structure. And with international travels, the demand for luxury hotels has grown substantially. Furthermore, the demand for personalized food equipment by chefs in large hotels, restaurants, and canteens is driving the Europe units market.
Bespoke Units Market Drivers
Rising Number of Large Food Joints to Fuel Demand
The Bespoke Units market is poised to receive upswing owing to rising number of large eateries, starred restaurants, luxury food outlets, and huge canteens. The market for bespoke units is being fueled by the diversity of culinary activities around the world. Besides, product innovations, in terms of designs, and technological advancements, such as the use of smartphones to control the temperature of oven, and the application of appropriate marketing techniques will create lucrative growth opportunities for this market during the forecast period 2021-2026.
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Bespoke Units Market Challenges
Inflated Cost And Preferable Alternative
Despite a variety of factors, one of the most significant roadblocks is the high cost of installing bespoke units, which attracts a small number of customers. However, the popularity of cooking shows and celebrity chefs has transformed the conventional view of the kitchen into an entertainment hub, as open plan kitchens have given way to kitchens that are not only practical but also aesthetically appealing, and as a result, are being designed and launched to meet such challenges, resulting in market development.
Bespoke Units Market Landscape
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Bespoke Units Market. In 2020, Bespoke Units market share is fragmented by the top ten players present in the market. The Bespoke Units market top companies are Molteni, Marrone, Maestro, Athanor and others.
Key Takeaways
Europe dominated the Bespoke Units market with a share of 35.60% in the year 2020.
The factors such as rising number of the starred restaurants, large eateries, luxury food outlets, and huge canteens are amongst the major factor projected to impel growth of Bespoke Units market.
Additionally, factors such as wide-ranging application of the bespoke units in the restaurants, commercial kitchens, hotels, and canteens are to create opportunities paving a way for the growth in the market during forecast period 2021-2026.
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