Releasing its 2015 Commercial Foodservice Market Forecast – a member-sourced report compiling intelligence from the leading sales and marketing agencies in foodservice equipment industry in the United States and Canada – MAFSI said reps are forecasting healthy growth of +4.1% for 2015, over 2014.
Growth is expected across all regions of North America and all product segments (equipment, supplies, tabletop, and furnishings) including MAFSI’s recent addition of new 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).
Geographically, overall sales for 2015 vs. 2014, the Northeast is forecasted at +4.1%, Midwest at +4.6%, South at +4.0%, West at +4.8% and Canada at +3.4%
By major product category for North America, Reps forecast Equipment at +4.1%, Supplies at +4.7%, Tabletop at +4.3%, and Furnishings at +3.1%.
By equipment sub-categories, Reps forecast Primary Cooking Equipment at +4.2%, Refrigeration & Ice Machines at +4.8%, Storage & Handling Equipment at +4.0%, Food Preparation Equipment at +4.3%, Serving Equipment at +4.0%, Warewashing & Sanitation Equipment at +3.9% and Ventilation at +3.9% for 2015 over 2014.
Though the numbers are beginning to dampen, this forecast predicts another year of continued growth since the “The Great Foodservice Recession.” Through reps’ continued efforts to move the market with increased quoting and a steady foodservice design consultant pipeline; 2015 continues to indicate another strong market year for the commercial foodservice industry.
The MAFSI Commercial Foodservice Market Forecast remains congruent with the overall state of the US economy. Though 2015 is poised to be better than 2014, it likely won’t be better by much. Overall GPD is forecasted at +4.1%, (with our forecast mirroring at +4.1%.) Fortunately, due to domestic crude oil production, prices are now less than $75 a barrel. This translates to an annual savings of $500 per family, and hopefully a few more trips to restaurants. Labor remains strong with the unemployment rate finally reduced to pre-recession levels. Auto sales are healthy, as is the housing market, and consumer confidence. The outlook in Canada strikes a similar cord, with the economy like the US predicted to outpace most of the G7.
In contrast to this positive outlook, expect continued conflict among policymakers in 2015 as a result of the recent congressional shift in power. With the stock market hitting all-time highs, Japan in a recession, Europe stalling, and China slowing down, many commodity prices are falling, and we may be approaching a tipping point after four years of advances.