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.
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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.
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 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 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.
Some of the leading manufacturers and suppliers of insulated dog house include
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.
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