by The Food Service Equipment Market is estimated to be valued at Us$ 35.84 Bn in 2023 and is expected to exhibit a CAGR Of 5.7% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The food service equipment industry manufactures a wide range of commercial food preparation and cooking devices used by foodservice operators in restaurants, catering businesses, industrial kitchens and other similar institutions. Major products include cooking equipment, food preparation equipment, refrigeration, storage and handling equipment and dishwashers. Commercial kitchens rely heavily on food service equipment for cooking, refrigerating, preparing, serving and cleaning needs. These equipment play an important role in ensuring food safety, quality and efficiency of food operations.
Market Dynamics:
Increased demand for prepared and ready-to-eat foods: The growing trend of households preferring ready-to-eat foods and food delivery services has fueled the demand for commercial kitchen equipment that can enable quick and efficient food preparation. Food service providers are investing in modern equipment to meet the demands of convenience-oriented customers.
Rising number of hotels and restaurants: The booming travel & tourism industry along with increasing disposable income has boosted the number of hotel properties and casual/fine dining restaurants globally in the last few years. This growing foodservice sector provides lucrative opportunities for food service equipment manufacturers. Growing adoption of energy-efficient equipment: Rising utility costs and focus on sustainability is driving the demand for highly efficient foodservice equipment with advanced features such as smart controls and energy recovery systems. Many countries have implemented energy efficiency standards that are projected to further encourage the replacement of aging kitchen equipment with new energy-efficient models.
Segment Analysis
The food service equipment market can be segmented into cooking equipment, food and beverage preparation equipment, food warming and holding equipment, merchandisers and serving equipment. Among these, cooking equipment dominates the market with around 30% share as it one of the basic equipment required for commercial kitchens and restaurants. The segment includes ovens, fryers, grills, griddles etc. and sees high demand due to growth in number of food chains and QSRs.
PEST Analysis
Political: Food safety regulations imposed by governments globally regarding commercial kitchen certification have encouraged establishments to invest in certified equipment to ensure hygiene and safety.
Economic: Growth in food service sector with rising number of restaurants, cafes, hotels have positively impacted demand. High disposable income have increased dine outs and out of home consumption.
Social: Changing lifestyles and preference towards convenience food have increased consumption from food businesses. Trends such as cloud kitchen have boosted orders and need for efficient food production.
Technological: Development of smart and energy efficient equipment integrated with automation, sensors and reporting features have improved productivity and optimised operations.
Key Takeaways
The Global Food Service Equipment Market Size is expected to reach US$ 58.13 Bn by 2030, exhibiting a CAGR of 5.7% during the forecast period. The growth can be attributed to rapid expansion of foodservice industry worldwide along with growing online food delivery sector.
Regionally, Asia Pacific dominates currently with a share of over 35% in 2023 led by China, India and other South Asian countries witnessing huge domestic food business growth. Emerging countries are expected to continue adoption of western food culture which will accelerate equipment demand.
Key players operating in the food service equipment market are ALI GROUP S.R.L. A SOCIO UNICO, ALTO-SHAAM, INC., AMBRO MANUFACTURING CO. INC., COMSTOCK-CASTLE STOVE CO., INC., DOVER CORPORATION, and DUKE MANUFACTURING CO. INC. Major players are focusing on launches of innovative and energy efficient appliances integrated with latest technologies to gain competitive edge.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
