USD 32.81 billion
Report ID: SQSG45J2031 | Region: Global | Published Date: November, 2022 | Pages: 157 | Tables: 91 | Figures: 76
Global Food Service Equipment Market size was valued at USD 32.81 billion in 2021 and is poised to grow from USD 34.88 billion in 2022 to USD 56.9 billion by 2030, growing at a CAGR of 6.3% in the forecast period (2023-2030).
Following the changing needs of clients for outfitting their kitchen spaces, the market has rapidly evolved. Changing social norms, combined with technological advancements, have created a dynamic marketplace for end-use equipment. From the discovery of food preparation and storage equipment such as cooking stoves, ranges, and electrical refrigerators to the availability of custom foodservice appliances to cook various cuisines, a wide range of technologically advanced and innovative products has entered the market over the years and is expected to favor market growth in the long run. Furthermore, rapid technological advancements made possible by continuous R&D activities have enabled appliance manufacturers to provide technology-driven efficiencies to their customers.
The expansion of the hospitality sector and the rising use of temperature-controlled food storage facilities for processed and perishable foods have both contributed to the growth of commercial kitchens. The foodservice equipment market is also rising as a result of consumer demand for products that are multi-functional, effective, space and time efficient, and need less work. Increasing takeaway demand, shifting food consumption patterns, and the burgeoning hospitality industry are some of the major market drivers. Furthermore, the market is anticipated to have potential growth possibilities in the near future as a result of factors like growing digitalization, the demand for environmentally friendly and sustainable equipment, and strict consumer safety regulations.
US Food Service Equipment Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 32.81 billion
ware washing equipment
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Global Food Service Equipment Market is classified based on product, end user, sales channel, and region. Segmentation based on product includes kitchen purpose equipment, refrigeration equipment, ware washing equipment, food holding & storing equipment. Based on end user, the market is segmented into Full Service Restaurant (FSR), Quick Service Restaurant (QSR), Institutional, Others. Based on sales channel, the market is segmented into online and offline. The region-wise segmentation of the global food service equipment market includes North America, Europe, Asia Pacific, and LAMEA.
Analysis by Product
The kitchen purpose equipment segment has the highest revenue share in 2021 and is expected to grow the fastest from 2022 to 2028. To ensure smooth operations, it is necessary to purchase appropriate kitchen appliances when starting a new business or renovating an existing one. The growth of the kitchen purpose equipment segment is highly dependent on the use of innovative products in commercial kitchens based on the kitchen's space and budget. The growing demand for meal preparation appliances in open food service kitchens has prompted manufacturers to place a greater emphasis on elements such as cutting-edge technology solutions and appliance exterior designs.
Analysis by End User
In 2021, the Full-Service Restaurant (FSR) segment held a commanding revenue share of more than 44.49% of the market. The advent of digital dining trends has compelled food service operators to deploy modern equipment to speed up the preparation process and reduce delivery uptime, which has contributed to FSRs' high market share. The subsequent shift in dine-out culture for formal events as well as informal gatherings during travel and tourism activities has increased foot traffic in full-service restaurants in recent years. As a result, the FSR segment is expected to maintain its dominance throughout the forecast period.
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Asia-Pacific held the largest global food service equipment market share in 2021 and is expected to grow rapidly due to increasing number of food service centers, growing number of small families and changing lifestyles in developing countries such as China and India. Restaurants are expanding their menus to include a variety of cuisines as more and more customers are trying new dishes and becoming more interested in exotic cuisines. Moreover, in the Asia-Pacific region, the demand for hospitality equipment is expected to increase due to rising cost of processed food.
The North American market is expected to grow at a moderate pace during the forecast period. The prevalence of technologically enhanced items and increasing acceptance of these products are driving the market expansion in this sector.
The European market is expected to grow at a staggering rate during the forecast period owing to the region's booming tourism industry and diverse dining options for consumers. The Middle East and Africa catering equipment market is expected to expand during the forecast period due to increasing urbanization. Foodservice equipment is commonly used in full-service restaurants for food handling and processing purposes. Equipment for preparing and serving a variety of dishes is essential in the hospitality industry.
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The increasing deployment of sustainable technology equipment has compelled key players to concentrate on business strategies such as collaborations, mergers, and acquisitions that are beneficial to their companies. Key manufacturers are working with solution providers to develop customer-centric equipment to reduce food waste in grocery stores, hypermarkets, and supermarkets. In 2018, for example, AB Electrolux collaborated with Karmalicious AB, a Swedish startup that develops food rescue applications. This collaboration aimed to introduce a new technologically advanced refrigerator for grocery stores in order to reduce food waste.
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SkyQuest’s ABIRAWA (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global food service equipment market analysis, some of the key factors driving the market are changing food consumption patterns, increased demand for takeaways, and the expanding hospitality sector. Furthermore, factors such as rising digitalization, the demand for sustainable and eco-friendly equipment, and stringent consumer safety regulations are expected to create promising growth opportunities for the market in the near future.
|Market size value in 2021||USD 32.81 billion|
|Market size value in 2030||USD 34.88 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Food Service Equipment Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Food Service Equipment Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Food Service Equipment Market:
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