Food Service Equipment Market Size, Share, Growth Analysis, By Product (Kitchen Purpose Equipment, Refrigeration Equipment), By End User (Full-Service Restaurant (FSR), Quick Service Restaurant (QSR)), By Sales Channel (Online and Offline), By Region - Industry Forecast 2024-2031

Global Food Service Equipment Market size was valued at USD 33.59 billion in 2022 and is poised to grow from USD 35.97 billion in 2023 to USD 58.14 billion by 2031, growing at a CAGR of 7.1% in the forecast period (2024-2031).

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.