Bespoke Units Market strategies, drivers, opportunities, key segment Porter’s Five Forces analysis, and competitive landscape
Allied Market Research published a new report, titled, ” Bespoke Units Market” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage
According to a new report published by Allied Market Research, titled, “Bespoke Units Market by End User: Opportunity Analysis and Industry Forecast, 2018 – 2025,” The bespoke units market size was valued at $213.9 million in 2018 and is predicted to reach $357.2 million in 2025 growing at a CAGR of 7.6% from 2018 to 2025. The starred restaurants category in the end user segment was the highest contributor in the bespoke unit market in 2018 and is projected to grow at a CAGR of 7.4% throughout the forecast period.
Bespoke units are a set of equipment, which can be customized according to the requirements of the customer. The customization may vary from changes to color to changes in the design of the unit such as dimensions, decals, and detailing. Bespoke is most commonly used in commercial kitchens, large restaurant establishments, hotels, and canteens. Bespoke units today have gained popularity not only due to being visually pleasing but also for its functionality and ergonomics.
The players in the bespoke units market have been utilizing partnership as the key strategy to overcome competition and increase or maintain their stance in the market. The key players profiled in the report include Molteni, Maestro, Marrone, and Athanor.
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Rise in the number of luxury food outlets, starred hotels, and large canteens drive the growth of the bespoke units industry. In addition, diversification in culinary activities has also paved the way for bespoke units in the global market. However, high installation cost that attracts only a limited number of customers is expected to restrain the market growth.
Conversely, technological advancements and innovations in terms of design such as use of smartphones to manage temperature of the oven coupled with usage of appropriate marketing techniques are expected to provide lucrative growth opportunities for this market. Bespoke pantries and larders have been the most popular options while designing custom kitchens and has contributed to the bespoke units market growth. In addition, customization around kitchens that resembles naked kitchen built around greenery has been quite popular.
In 2018, the starred restaurants category in the end user segment contributed the largest share in the bespoke unit market. This was attributed to rise in disposable income among people and frequent international travels. However, the high production kitchens segment was the fastest growing segment in 2018 with a CAGR of 8.1% throughout the bespoke units market forecast period. This was due to increase in affinity of consumer to opt for catering services and canteens for nutrition, which is supplemented by busy lifestyle of people and increase in dependency on cooked meals.
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Italy was the prominent country in 2018 with the highest share of 34.6% in the bespoke units market. This was attributed to the presence of prominent players in the region. Additionally, hospitality in Italy is consolidating its ownership and corporate structure. The demand for luxury hotels has grown substantially owing to international travels. The Italy units market is driven by rise in demand for customized food equipment by chefs in big hotels and large restaurants and canteens.
However, the Emirates region is expected to grow at the highest CAGR throughout the forecast period. The Emirates units market has rapidly expanding tourism and strong consumer demand for eating out. The demand for diversified and innovative cuisines have increased over the years due to increased frequency of international travel in the country. The market for this region is driven by increase in number of food chains and starred hotels in which professional chefs demand customized equipment.
Key Findings of the Bespoke Units Market :
In 2018, based on end user, the starred restaurants segment was the highest contributor in the bespoke units market share. It is expected to grow at a steady CAGR of 7.4% from 2018 to 2025.
In 2018, based on end user, the premium cafes was the fastest growing category in the bespoke units market and is expected to reach $20.6 million by 2025.
In 2018, based on the country segment, France held the highest share in the bespoke units market and is expected to grow at the CAGR of 8.1% throughout the forecast period.
In 2018, based on the country segment, Iberia is estimated to grow at the fastest CAGR of 9.0% throughout the forecast period.
In 2018, based on the country segment, Italy contributed 13.9% of the total share of bespoke units market and is estimated to grow at a CAGR of 8.5% from 2018 to 2025.
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