Meal Delivery Carts and Racks Market Forecast and CAGR
According to latest research study by Fact.MR, meal delivery carts and rack business is set to grow at a CAGR of over 10% during 2021-2031. The meal carts business is gaining high traffic from the end-use industry such as hospitals, food delivery services etc., in order to deliver fresh and hot food to the customers, which in turn is supporting the market growth.
The inclination of the end-users towards high-tech ones owing to myriad benefits is anticipated to create more opportunities for the key players in the future.
What is Driving Demand for Meal Delivery Carts and Racks?
Meal delivery carts are used to transport hot and fresh food, using it meals can be delivered in bulk depending upon the number of racks. They are extensively used by food service operators, hospitals, and hotels.
The end-users demand has been evolving for years in order to cater to their customer's inefficient way. The need for multiple racks, good insulation, and maneuverability in meal delivery carts is increasing among the end-users.
In addition, the requirement for automated/IOT based meal delivery carts for contactless delivery of food to the COVID-19 infected people in the hospitals to bolster the business of meal delivery carts. Thus, demand for such delivery modes is estimated to multiply the sales of the meal delivery carts and will project a double-digit CAGR by the end of 2031.
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Hospitals are Likely to Bolster Meal Delivery Carts and Racks Sales
The COVID-19 pandemic has positively affected the sales of meal delivery carts and racks projecting a CAGR of over 8% in 2020. Such an increase in sales is attributed to the fact that, in 2020 higher number of COVID-19 infections has forced the regulatory authorities to increase the number of hospitals in their regions.
This also, created a requirement for delivering hot and fresh food to the infected patients owing to which the demand for meal delivery carts and racks increased.
Even after the pandemic, the demand for meal delivery carts and racks in hospitals is estimated to skyrocket owing to increasing cases of post-COVID-19 affects such as white and black fungus.
US Meal Delivery Carts and Racks Market Outlook
US is one of the largest markets for meal delivery carts and racks globally. The US market is anticipated to swell by 1.6X times by 2031 compared to 2021. Demand is likely to increase in the next ten years, as a number of end-use industries make gradual recovery.
Despite of the rising cases of COVID-19 across the globe, the US has successfully recovered from it, owing to successful vaccination of more than 50% of the population by the governing body. The country announced full unlock, allowing all the industries to get back on track.
This has also allowed the restaurant and food operating services to resume at full pace. The food operating services are the major end-users of meal delivery carts and racks, using which they transport hot and cold food to various local destinations.
Key food service providers such as US Foods, North Star Foodservice and Alliant Logistics are the ones controlling food logistics business in the U.S and are active customers of meal delivery carts and racks. The players in the country have partnered with these service providers for trading meal carts and their replacement parts enabling them to have continuous business and profits for long-term.
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East Asia Demand Outlook for Meal Delivery Carts and Rack
East-Asia is a strategic region for meal delivery carts and racks business, China and Japan are the two potential hotspots for the business growth. The demand in the region is primarily driven by educational institutions and hospitals. In China, there are about 34,000 hospitals, whereas in Japan the count is 8,300 all of them are equipped with meal delivery carts.
The count of these hospitals are increasing and so, the demand for the meal carts. In addition, the life-cycle and mechanical properties of the carts will act as prime factor in affecting purchasing frequency.
The demand from hotels & restaurant and educational institution will remain muted till Q4 of 2021, owing to imposition of lockdown and prohibited public gathering by the regulatory authorities in the region. The recovery of this segment is subjected to reduction of COVID-19 cases in the respective zones.
The regional competition is fragmented with a large number of players involved in manufacturing traditional meal delivery carts and racks which have no insulation or any electronics incorporated in it. Thus, for any new player to enter in the regional business, the opportunity to attract large customer base is by introducing high-tech based meal carts at affordable price points.
Who are the Key Manufacturers and Suppliers of Meal Delivery Carts and Racks?
Some of the leading manufacturers and suppliers of insulated dog house include
- Cres Cor
- Imc Teddy
- Lockwood Manufacturing
- MYUNGSE CMK C0.Ltd.
- Shandong Boxing Youhe Kitchen Industry Co.Ltd.
- Zhangjiagang Bestran Technology Co. Ltd.
The leading manufacturers and suppliers in the business are focusing on establishing a long-term partnership with the end-users, in order to avail continuous business opportunity.
In addition, new entrants in this business are introducing low-cost delivery carts, which can sustain for a life-cycle of near about 18 years. Through such an offering, their major aim is to gain popularity in a shorter time period.
An Adaptive Approach to Modern-day Research Needs
Meal Delivery Carts and Racks Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
By No of Trays
- Below 10
- Between 10-20
- Between 21-31
- Above 31
By Power Fuel Type
By Insulation Type
By Storage Type
- Cold Storage
- Hot Storage
By Width Size
- Below 25"
- Between 26"-50"
- Between 50"-70"
- Above 70"
By Material Type
- Stainless Steel
- Hotels & Restaurants
- Educational Institutions
- Manufacturing Units
- North America
- US & Canada
- Latin America
- Brazil, Mexico, Argentina & Rest of Latin America
- Germany, France, Italy, Spain, U.K., Benelux, Russia, and Rest of Europe
- East Asia
- China, Japan, South Korea
- South Asia
- India, Thailand, Malaysia, Indonesia and Rest of South Asia
- Australia and New Zealand
- Middle East and Africa
- GCC Countries, Turkey, South Africa, and Rest of Middle East & Africa
- North America
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
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