MAFSI Releases 2016 Commercial Foodservice Market Forecast with Projected +4.5 Percent Growth in Commercial Foodservice Equipment, Supplies, Tabletop & Furniture Sales
By Business Wire News
By Business Wire News
The Manufacturers’ Agents Association for the Foodservice Industry (MAFSI) has released their 2016 Commercial Foodservice Market Forecast; a 24-page member-sourced report compiling industry intelligence from the leading sales and marketing agencies in the foodservice equipment industry in the United States and Canada.
MAFSI agent members are forecasting steady growth of +4.5 percent for 2016, representing an overall gain compared to 2015’s +4.1 percent. Growth is expected across all regions of North America, and across all product segments (equipment, supplies, tabletop, and furnishings), including equipment sub-categories (primary cooking equipment, refrigeration and ice machines, storage and handling equipment, food preparation equipment, serving equipment, warewashing and sanitation equipment, and ventilation).
For foodservice equipment and supplies, the percentage growth numbers across North America reflect the positive trend. Geographically, the Midwest and West lead the pack at +5.0 percent, followed by the South at +4.4 percent, the Northeast at +3.9 percent, and Canada at +3.4 percent. These numbers show greater balance between regions than has been reported over the last several years.
By major product category for North America, MAFSI forecasts growth for 2016 in Equipment at +4.4 percent, Supplies at +5.0 percent, Tabletop at +5.1 percent, and Furnishings at +4.6 percent.
For 2016 equipment sub-categories, respondents forecast Primary Cooking Equipment at +4.7 percent, Refrigeration & Ice Machines at +4.6 percent, Food Preparation Equipment at +4.4 percent, Storage & Handling at +4.3 percent, Warewashing & Sanitation Equipment at +4.1 percent, Ventilation at +3.9 percent, and Serving Equipment at +3.8 percent over 2015.
The US Economy is particularly strong with a steady decline in the unemployment rate to 5.0 percent, from a staggering 10 percent in 2009. The Federal Reserve predicts that number will shrink to 4.8 percent in 2016. Many of those jobs are being created in the retail foodservice sector, and crude oil is sitting around $45 a barrel due to an increase in domestic oil production.
Like the US, Canada is experiencing moderate growth, and continues to adjust to lower prices for oil and other commodity products. Unique to their economy is the depreciation of the Canadian dollar, and some level of inflation. Many monetary policies are in place to combat those concerns, and the results of these strategies are working their way throughout the country’s economy. Though the failing Canadian currency may not be ideal for everyone, it may be of particular benefit to many foodservice operators. A sharply lower dollar attracts tourists to an already affordable country, while also creating an increase in Canadian net exports. Despite notable foodservice sales in some provinces, operators across Canada continue to face challenges in regards to labor, food, and beverage costs.
The complete 24-page report is for MAFSI members and interested financial institutions only, and includes regional figures for all product categories and sub-categories and variances, foodservice consultant quoting activity, market segment growth, sales staff growth, end-user and dealer forecasts, as well as historical category price change reporting. To obtain the full 2016 MAFSI Commercial Foodservice Market Forecast, please call 404-214-9474, email firstname.lastname@example.org, or visit www.mafsi.org
The Manufacturers’ Agents Association for the Foodservice Industry (MAFSI) is a 66 year-old, professional trade association comprised of 265+ independent sales and marketing agencies and 260+ manufacturers of commercial foodservice equipment, supplies, tabletop and furnishings. Representing over 2,400 sales and marketing professionals and manufacturing executives across North America, MAFSI provides market forecasting, networking and partnership opportunities, industry stewardship, education and resources, and member advocacy for the $11 billion commercial foodservice E & S industry.
About The 2016 MAFSI Commercial Foodservice Market Forecast
This member-only benefit is one of the foodservice equipment industry’s foremost snapshots of market dynamics for the coming year. Cited in countless media outlets, and relied on by many Wall St. investment firms, the MAFSI Commercial Foodservice Market Forecast covers all pertinent areas of non-food foodservice items including equipment, supplies, tabletop, and furnishings. To obtain the full 24-page 2016 MAFSI Commercial Foodservice Market Forecast, please call 404-214-9474, email email@example.com, or visit www.mafsi.org
Tom Jedlowski, 404-214-9474