The global food service equipment market size was valued at $34,252.0 million in 2019, and is projected to reach $44,810.8 million by 2027, registering a CAGR of 5.7% from 2021 to 2027.
Food Service Equipment Market by Product Type (Cooking Equipment, Storage & Handling Equipment, Ware Washing Equipment, and Serving Equipment) and End Use (Full-Service Restaurants & Hotels, Quick Service Restaurants & Pubs, and Catering): Global Opportunity Analysis and Industry Forecast, 2021–2027.
Food service equipment provides the ease of food preparation, in addition to food safety in the commercial kitchens. Products such as refrigerators & freezers, display cabinets, cutlery, and bakery oven are offered by prime companies, ensuring premium quality and low maintenance cost. Moreover, these equipment are necessary for providing food & beverage services by commercial kitchens including restaurants, hotels, and quick service restaurants. This in turn has fueled the food service equipment market demand in terms of value sales.
The global demand for food service equipment is expected to increase due to growth of the food service industry, along with rise in demand for multi-functional, space & time saving equipment. Development of the hospitality industry is anticipated to drive the growth of the food service equipment market. Moreover, rise in business related travel, surge in urban population, and rise in number of food joints such as hotels and restaurants fuel the growth of the hospitality industry, thereby driving the growth of the food service equipment market. Change in food habits and busy lifestyle of consumers have led to increase in demand for ready-to-eat meals. Rapid changes in the supporting factors such as disposable income, consumer preferences, increase in working women population, and digitization have resulted into rise in number of quick-service, pop & shop, and other types of restaurants.
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The outbreak of COVID-19 has severely hampered the food service equipment market growth. This is attributed to the fact that the food service equipment industry is majorly dependent on the hospitality sector for its revenue generation. The recent declaration regarding the shutdown of notable proportion of the hospitality industry, including full-service restaurants, pubs & bars, and quick service restaurants has dramatically hampered the sale of foodservice equipment.
The food service industry is focusing on equipment embedded with automated technology. Thus, food service equipment manufacturers are launching IoT (Internet of Things) infused new equipment and are incorporating new features to remain competitive in the market. Thus, such factors contribute to the growth of the food service equipment market, in terms of value sales.
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The global food service equipment market segments are categorized into product type, end use, and region. By product type, it is classified into cooking equipment, storage & handling equipment, ware washing equipment, and serving equipment. By end use, it is divided into full-service restaurants & hotels, quick service restaurants& pubs, and catering. Region wise, the food service equipment market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (China, India, Australia, Japan, and rest of Asia-Pacific), and LAMEA (Brazil, UAE, South Africa and Rest of LAMEA).
The key players operating in the global food service equipment market focus on prominent strategies including product launch, collaboration, acquisition, business expansion and partnership to overcome competition and maintain as well as improve their share worldwide. Some of the major players in the global food service equipment industry analyzed in this report include Duke Manufacturing Co. Inc., Electrolux, Dover Corporation, Illinois Tool Works (ITW), Inc., Ali Group S.r.l. a Socio Unico, Welbilt, Inc., Middleby Corporation, Alto-Shaam, Inc., Comstock-Castle Stove Co., Inc., and Cambro Manufacturing Co. Inc.
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Key Benefits For Stakeholders
This report provides a quantitative analysis of the current trends, estimations, and dynamics of the global food service equipment market for the period of 2019–2027 to identify the prevailing market opportunities.
The report provides an extensive analysis of the current and emerging food service equipment market size, trends and opportunities.
The report provides detailed qualitative and quantitative analysis of the current food service equipment market trends and future estimations that help evaluate the prevailing food service equipment market opportunities in the market.
The food service equipment market forecast is offered along with information related to key drivers, restraints, and opportunities.
The food service equipment market analysis is conducted by following key product positioning and monitoring the top competitors within the market framework.
The report provides extensive qualitative insights on the potential segments or regions exhibiting favorable growth.
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