USD 32.81 billion
Global Food Service Equipment Market Size, Share, Growth Analysis, By End-user(Full Service Restaurant (FSR), Quick Service Restaurant (QSR)), By Sales Channel(Online, Offline), By Product(Kitchen purpose equipment, refrigeration equipment) - Industry Forecast 2023-2030
Report ID: SQSG45J2031 | Region: Global | Published Date: November, 2022 | Pages: 157 | Tables: 91 | Figures: 76
Global Food Service Equipment Market Insights
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.
Market snapshot - 2023-2030
Global Market Size
Largest Segment
ware washing equipment
Fastest Growth
refrigeration equipment
Growth Rate
6.3% CAGR
Global Food Service Equipment Market 2021-2028 ($ Bn)
Country Share for Asia Pacific Region- 2021 (%)
Global Food Service Equipment Market Size By product type, 2021-2028 ($ Bn)
Global Food Service Equipment Market Size By product type, 2021-2028 (%)
To get more reports on the above market click here to Buy The Report
Global Food Service Equipment Market Segmental Analysis
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.
Global Food Service Equipment Market By product type, 2021 (%), 2021 (%)
To get detailed analysis on other segments, Request For Sample Report
Global Food Service Equipment Market Regional Insights
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.
Global Food Service Equipment Market By Geography, 2021-2028, 2023-2030
- Largest
- Fastest
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Global Food Service Equipment Market Dynamics
Driver
- The equipment manufacturers intend to concentrate on the low-cost services that can be provided to improve food quality. In today's market, it has become mandatory to monitor and cater the quality services of any equipment. For interconnected and smart operations, remote maintenance and self-diagnosis features are implemented, recognizing the operation of food service machinery. This equipment aids in the preservation of hygiene, accurate temperature, and sterilization of utensils used in food preparation, thereby ensuring consumer food safety. Companies in the industry are creating products based on AI and IOT to improve user experience.
Restraint
- Food safety is the primary goal of any food equipment manufacturer, and the production of these machines necessitates skilled laborers who can operate both traditional and automated machines. The integration of automated food service machines is more expensive and comes with a demand for trained laborers as well as other automated facilities. This raises the overall setup and maintenance costs of the machines, impeding market growth.
Speak to one of our ABIRAW analyst for your custom requirements before the purchase of this report
Global Food Service Equipment Market Competitive Landscape
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.
Top Player's Company Profiles
- Middleby Corporation
- Welbilt Inc.
- Ali Group S.p.A.
- Illinois Tool Works Inc. (ITW)
- Rational AG
- Manitowoc Company, Inc.
- Dover Corporation
- Hoshizaki Electric Co., Ltd
- Fujimak Corporation
- Electrolux AB
- Hatco Corporation
- The Vollrath Company LLC
- Duke Manufacturing Co. Inc.
- Alto-Shaam Inc.
- AB Electrolux
- Standex International Corporation
- Cambro Manufacturing Company
- The Middleby Corporation
- True Manufacturing Co., Inc.
- Tupperware Brands Corporation
Recent Developments
- In March 2022, Welbilt, Inc. announced that it has reached a contract to sell its Manitowoc Ice business to Pentair plc, an Ali Group company, for roughly $1.6 billion in cash, cash-free and debt-free. Manitowoc Ice designs, manufactures and sells a complete line of ice machines and related equipment. Manitowoc Ice will benefit from Pentair's focus on water solutions, as well as the company's diverse customer base and product lines.
- In 2022, Electrolux introduced GRO at Europe's leading kitchen trade show EuroCucina. GRO is a new and innovative kitchen concept to inspire people to make healthier and more sustainable choices.
Global Food Service Equipment Key Market Trends
- Rising demand for advanced refrigeration technology is one of the major factors fostering the growth of the Global Food Service Equipment Market. Changing lifestyle, westernization, growth and expansion of hospitality industry especially in the developing economies, growth in the number of quick service restaurants (QSRs) in developing regions and ever-rising global population are other important factors acting as global food service equipment market growth determinants. Improving distribution channels, growing focus of the manufacturers on providing innovative and quality food service equipment, surge in the use of efficient and environmentally friendly appliances and changing tastes and preferences of consumers will further induce growth in the global food service equipment market value.
Global Food Service Equipment Market SkyQuest Analysis
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.
| Report Metric | Details |
|---|---|
| Market size value in 2021 | USD 32.81 billion |
| Market size value in 2030 | USD 34.88 billion |
| Growth Rate | 6.3% |
| Base year | 2021 |
| Forecast period | 2023-2030 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| 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) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Food Service Equipment Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Food Service Equipment Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
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.
Analyst Support
Customization Options
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:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Food Service Equipment Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Want to customize this report?
Our industry expert will work with you to provide you with customized data in a short amount of time.
SPEAK TO AN ANALYSTSubscribe & Save
Get lifetime access to our reports
Basic Plan $5,000 Team Plan $10,000 SUBSCRIBE NOW
USA (+1) 617-230-0741
