May 18, 2024
Food Service Equipment Market

Global Food Service Equipment Market Attaining Value Of $136.74 Billion By 2031 Driven By Growing Food Service Industry

The food service equipment market encompasses various products used for the preparation and storage of food items in commercial food service establishments such as restaurants, hotels, catering businesses and healthcare facilities. Major types of food service equipment include cooking appliances, refrigerators, ware-washing equipment, storage equipment and serving items. Growing demand for processed and ready-to-eat food has fueled the need for food service equipment in commercial kitchens. Their ability to simplify preparation, improve efficiency, lower costs and meet rising demand makes them an important investment for food businesses.

The global Food Service Equipment Market is estimated to be valued at US$ 41.29 Bn in 2024 and is expected to exhibit a CAGR of 8.1% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Advancements in technology is one of the key trends driving the Global Food Service Equipment Market Size. Manufacturers are focusing on developing energy-efficient and sustainable equipment with smart connectivity features. For instance, smart refrigerators can be monitored remotely and alert the user in case of temperature fluctuations. Similarly, cooking appliances are integrated with advanced controls and sensors to precisely monitor cooking time and temperatures. Growing health-consciousness among consumers has also led to demand for equipment supporting preparation of low-calorie, nutritional meals. Equipment allowing versatile ingredient combinations, portion control and less oil/fat usage are gaining popularity. Environmental regulations regarding energy usage and waste disposal are further accelerating the replacement of older, less efficient equipment with modern energy-star certified models across food businesses.

Porter’s Analysis

Threat of new entrants: New entrants find it difficult to enter the food service equipment market due to high initial capital investment requirements.

Bargaining power of buyers: Buyers have moderate bargaining power due to the presence of multiple equipment manufacturers in the market.

Bargaining power of suppliers: Equipment manufacturers source raw materials from global suppliers giving suppliers low bargaining power.

Threat of new substitutes: There are no close substitutes for food service equipment, giving it less threat from substitutes.

Competitive rivalry: The market has major players differentiating themselves through innovation and branding resulting in high competitive rivalry.

Key Takeaways

The global food service equipment market is expected to witness high growth. The global Food Service Equipment Market is estimated to be valued at US$ 41.29 Bn in 2024 and is expected to exhibit a CAGR of 8.1% over the forecast period 2024 to 2031.

Regional analysis comprises The North American region dominates the global market owing to the presence of major manufacturers and end users in the region. The Asia Pacific region is expected to witness the fastest growth rate over the forecast period due to growing food service industry in countries like China and India.

Key players operating in the food service equipment market are BASF SE, Bayer Cropscience AG, Bioworks Inc., Syngenta AG, Agrauxine by Lesaffre, Germains Seed Technology, Koppert Biological Systems, Novozymes, Marrone Bio Innovations, and Groundwork BioAg. Food service equipment manufacturers are focusing on product innovation and partnerships with farmers to increase their market share.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it