The Food service equipment market size is estimated to reach around USD 45 Billion by the end of 2025, registering a CAGR of 5% during the forecast period 2022 - 2030. Food service equipment is used for the commercial preparation and storage of food products, thus increasing the Food Service Equipment demand. Cooking equipment, storage, and handling equipment, ware washing equipment, food, and beverage preparation equipment, and serving equipment are all included in this category.
In the Food Service Equipment Market, such as restaurants, hotels, and other commercial kitchens, this equipment is employed. Food Service Equipment Market Growth in commercial kitchens have been driven by the growth of the hospitality industry and the increased usage of temperature-controlled food storage equipment for perishable and processed foods. Furthermore, the expansion of the foodservice equipment market is fueled by the growing need for multi-functional, efficient, space and time saving, and reduced labor. Furthermore, the foodservice equipment market is segmented by geographies, key players, and segments.
The COVID-19 epidemic is expected to slow the growth of the foodservice equipment industry. The hotel business is a major source of revenue for the Food Service Equipment Market Size and Food Service Equipment Market Share. The announcement of the closure of a significant sector of the hospitality business, including full-service restaurants, pubs & bars, and quick-service restaurants, has slowed the selling of foodservice equipment significantly. This business is focusing on automated technology-enabled equipment. To stay competitive in the market, foodservice equipment manufacturers are producing IoT (Internet of Things) infused new equipment and combining new features. As a result, such factors contribute to the value sales growth of the foodservice equipment market. Due to the tight social distance and shelter-in-place measures imposed by governments around the world in response to the COVID-19 epidemic, the foodservice industry has been temporarily shut down. This has resulted in the business's negative development, as both sales and output were small. However, during the projected period, the foodservice industry is expected to recover as governments loosen lockdowns and the arrival of the first vaccines.
During the projected period, the commercial kitchen appliances market is expected to rise at a rapid pace. Expanding tourism, growth in the hospitality sector, and the exponential growth in the number of food service facilities around the world are some of the primary factors that may be attributed to the Food Service Equipment Market Growth during the Food Service Equipment Market Analysis. Refrigerators, ovens, cooking utensils, and culinary utensils used in commercial enterprises are examples of Food Service Equipment. Food Service Equipment is used in restaurants, hotels, and clubs for cooking, cleaning, and storage. Restaurants are becoming more popular among customers as a result of changing lifestyles, an increase in the working population, and a growing demand for eating out, thus increasing the Food Service Equipment Market Share and Food Service Equipment Market Trends. The global growth of the online foodservice sector, increased processed food consumption, desire for fast service restaurants, and advanced cooking equipment are the main drivers of the Food Service Equipment Market. The market has also seen an increase in the need for shelf-stable food goods, resulting in a rise in the adoption of aseptic packaging and forming machines. Form, fill, and seal machines, bottle capping, and tray forming are just a few of the sectors that have seen significant growth. There are various input factors, such as the growing hospitality industry, changing dining patterns, and increased demand for takeout, that is propelling the market forward. Furthermore, factors such as the need for sustainable and environmentally friendly utensils, as well as tight standards governing end-user safety and expanding digitization, are expected to provide promising growth opportunities in the foodservice equipment market shortly.
The market's expansion is hampered by the high cost of culinary equipment and a scarcity of experienced operators. The rising per capita income in emerging nations, the rise in multi-function food appliances, the rise in Wi-Fi and Internet-enabled gadgets, and the expanding trend of the Food Service Equipment market are all creating prospects for market sellers.
Furthermore, technical advancements in the foodservice industry, such as the introduction of new and improved products as well as energy-efficient and cost-effective commercial kitchen equipment, are likely to create significant potential for market expansion in the coming years. Furthermore, the growing hotel business, rising food safety concerns, and a growing preference for fast-service restaurants over full-service restaurants are all factors that are anticipated to drive market expansion.
The Food Service Equipment Market Report has been bifurcated into various segments that will help the market to achieve the highest CAGR during the forecast period. The market segments are as follows:
Based on the product, the global market has been segmented as follows:
Based on the application, the global market has been segmented as follows:
Based on the region, the global market of foodservice equipment has been segmented as follows:
Due to the growing number of food service centers, rising number of nuclear families, and changing lifestyles in China and India, among other developing nations, the food service equipment market in Asia-Pacific is predicted to rise at a quick pace. Restaurants are expanding their menus to include a variety of cuisines as a result of a growing number of customers trying out new meals and developing a taste for strange cuisines. Furthermore, in the Asia Pacific area, the rising cost of processed foods is expected to drive up demand for food service equipment. Over the projection period, the North American market is expected to increase at a modest pace. The widespread acceptance of technologically improved items, as well as the increasing adoption of these products, are driving market expansion in the area. The market in Europe is predicted to develop at a remarkable rate throughout the forecast period, owing to the region's booming tourism industry and a diverse range of dining out alternatives for consumers. During the projected period, increased urbanization is expected to promote the expansion of the foodservice equipment market in the Middle East and Africa. Foodservice equipment is frequently utilized in full-service restaurants for food handling and processing purposes. In the foodservice industry, equipment is essential for cooking and serving a wide range of foods.
The Food Service Equipment market industry is capital-intensive and fragmented, with multiple competitors competing for a share of the market. With significant technical improvements, the sector is dynamic. The players are expanding their investments in product innovation. Because of the growing use of supporting technology, critical companies have been pushed to focus on commercial tactics such as mergers and acquisitions, and collaborations, which are beneficial to their business. The major manufacturers are partnering with the solution's source to develop client-centric equipment to combat food waste in supermarkets, hypermarkets, and grocery stores. The major key players in the market are as follows:
This study conducts a quantitative analysis of the global foodservice equipment industry's current trends, forecasts, and dynamics over the period to find market opportunities. The study examines the existing and emerging foodservice equipment market size, trends, and opportunities in-depth. The study includes a complete qualitative and quantitative analysis of current foodservice equipment industry trends as well as future projections to assist in evaluating the market's present foodservice equipment potential. The prognosis for the foodservice equipment market is included, as well as information on major drivers, restraints, and opportunities. Within the market framework, the foodservice equipment market study is accomplished by tracking key product positioning and monitoring the main competitors. The research contains in-depth qualitative information on the possible segments or locations that are experiencing favorable growth.
|CAGR||5% CAGR (2022-2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product, and Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Meiko (Germany), Duke Manufacturing Co. Inc. (US), Tupperware Hobart Corporation (US), Ali Group SpA (Italy), Manitowoc Company Inc. (US), Hoshizaki Electric Co., Ltd (Japan), Fujimak Corporation (Japan), Dover Corporation (US), Brands Corporation (US), and Electrolux AB (Sweden)|
|Key Market Opportunities||
|Key Market Drivers||
The food service equipment market is poised to market 5% CAGR.
Meiko, Tupperware Hobart Corporation, Duke Manufacturing Co. Inc., Ali Group SpA, Hoshizaki Electric Co., Ltd, Manitowoc Company Inc., Fujimak Corporation, Brands Corporation, Dover Corporation, and Electrolux AB and many others are the major participants of the food service equipment market
The segments of the food service equipment market on the basis of food holding & serving equipment, product are cooking equipment, ware washing equipment, storage & handling equipment, and others.
The segments of the food service equipment market, by application, are full-service restaurants, caterers, quick service restaurants, hotels & clubs and others.
By 2025, the expected valuation of the food service equipment market is supposed to reach USD 45 Bn.