The Global Food Service Equipment Market was valued at USD 23.65 billion in 2020 and is predicted to reach USD 53.78 billion by 2030 with a CAGR of 8.9% from 2021-2030.
Food service equipment are used in the commercial kitchens for the preparation and storage of food in large quantities, which not only saves time and money but also reduces the operational cost. This includes different types of equipment such as oven, refrigerator, freezer, grills, and many others. Food service equipment are also used to complement the theme and improve aesthetic appearance of the outlet and thereby enhance the guest experience. These equipment’s play a vital role in food service industry for preparing and serving a variety of food items and are extremely popular in hotels and other full-service restaurants. They differ depending on the type of hospitality businesses and their requirements.
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Competitive Landscape
Lucrative growth opportunities make the food service equipment market extremely competitive. Some of the major players in the market are Cambro Manufacturing Co. Inc., Alto-Shaam, Inc., Duke Manufacturing Co. Inc., Castle Stove, Electrolux, Dover Corporation, Ali S.p.A, Illinois Tool Works Inc., Welbilt, Inc. and Middleby Corporation among others. Strategic alliances, acquisitions, innovations and R&D are key strategies adopted by market players to maintain the market dominance. For instance, in November 2019, Middleby Corporation has acquired Brava Home Inc. as Middleby continues to focus on the most progressive technologies.
Market Dynamics and Trends
At present, surge in the use of temperature-controlled equipment to store perishable food products is expected to drive the food service equipment market growth. Also, constant demand for multipurpose, efficient, and cost-effective food service equipment to cater to the rising consumption of processed food all over the world are among the other factors expected to propel the market growth in future. Additionally, growing online food service industry and introduction of technologically advanced kitchen equipment are driving the growth of this market. Moreover, evolution of smart kitchens, cloud kitchens and other such establishments are contributing to the market growth. However, high cost of food service equipment is expected to restrain the market growth during the forecast period.
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Market Segmentations and Scope of the Study:
The global food service equipment market is segmented on the basis of product type, end user and geography. On the basis of product type, the market is segmented into cooking equipment, storage and handling equipment, ware washing equipment, food and beverage preparation equipment and serving equipment. On the basis of end user, the market is segmented into full service restaurants and hotels, quick service restaurants and pubs and catering. Based on geography the market is segmented into North America, Europe, Asia Pacific and RoW.
Geographical Analysis
North America is anticipated to hold the lion share of the market due to the early adoption of advance kitchen equipment along with growing demand for processed food in this region. Other factors such as rising working population and popularity of fast food are also contributing to the market growth.
However, Asia-Pacific region is predicted to show rapid and consistent growth in terms of the market share within the forecast period owing to the presence of major economies such as China, India, and Japan among others. Also, the improving standard of living in these countries has resulted in the expansion of hotels and restaurants, which in turn propels the food service equipment market growth in this region.
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