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 are used for preparation and storage of food products for commercial purposes. This equipment includes cooking equipment, storage & handling equipment, ware washing equipment, food & beverage preparation equipment, and serving equipment. These equipment are used in the food service industry such as restaurants, hotels, and other commercial kitchens. Development of the hospitality industry and increase in the use of temperature-controlled storage equipment for perishable and processed food items has driven the food service equipment market demand in commercial kitchens. Moreover, rise in the food service industry, coupled with the growing demand for multi-functional, efficient, space & time saving, and reduced labor fuels the food service equipment market growth. Additionally, the food service equipment market analysis is done on the basis of regions, key players and segments.
Disruption in growth of the food service equipment market in 2020 is attributed to the COVID-19 outbreak. 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.
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).
By End Use
The Full-service Restaurant & Hotel segment dominates the global FOOD SERVICE EQUIPMENT market and is expected to retain its dominance throughout the forecast period.
By product type, it is classified in to cooking equipment, storage & handling equipment, ware washing equipment, food & beverage preparation equipment and serving equipment. The cooking equipment segment accounted for the highest food service equipment market share in 2019, growing at a CAGR of 5.3%. Rise in popularity of creative cooking and baking has resulted in variety of dine out options for consumers. Thus, to offer best services to customers, restaurants invest in different types of cooking equipment, which fuel the food service equipment market growth. However, the storage & handling segment is expected to grow at the highest CAGR of 6.8% during the forecast period. Storage & handling was the second highest revenue contributor in 2019, owing to increase in use of temperature-controlled storage equipment for perishable and processed food .
By end use, the market is divided into full-service restaurants & hotels, quick service restaurants & pubs, and catering. In 2019, the full-service restaurants & hotels segment accounted for the highest food service equipment market share in the global food service equipment market. Inclination of consumers toward new cuisines at reasonable prices has supplemented the adoption of new food service equipment technologies for preparing, storing, and serving foods among full-service restaurants. However, quick-service restaurants & pubs are anticipated to grow at the highest CAGR of 7.7%. Rapid changes in the supporting factors such as consumer preferences for fast food, increase in working women population, rise in disposable income, and rapid urbanization have resulted into rise in number of quick-service restaurants & pubs, thereby, driving the growth of the market.
By Product Type
The Cooking Equipment segment dominates the global FOOD SERVICE EQUIPMENT market and is expected to retain its dominance throughout the forecast period.
Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America accounted for the highest market share in 2019. The North America food service market dominates the use of food service equipment. This is attributable to the early adoption of advanced kitchen equipment and rise in demand for processed food in the region. However, Asia-Pacific is anticipated to grow at the highest CAGR of 7.7% during the food service equipment market forecast period.
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.
The North America segment dominates the global FOOD SERVICE EQUIPMENT market and is expected to retain its dominance throughout the forecast period.
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.
Food Service Equipment Market Report Highlights
By End Use
Key Market Players
DUKE MANUFACTURING CO. INC., CAMBRO MANUFACTURING CO. INC., WELBILT, INC., ALTO-SHAAM, INC., MIDDLEBY CORPORATION, ILLINOIS TOOL WORKS (ITW), INC., DOVER CORPORATION, ALI GROUP S.R.L. A SOCIO UNICO, COMSTOCK-CASTLE STOVE CO., INC., ELECTROLUX
The market players have adopted key developmental strategies such as new product launch and acquisition to maintain their position in the food service equipment market, in terms of value sales. They also emphasize on continuous innovations in their products to keep a strong foothold in the market and to boost the sales of food service equipment.
According to the key market players, kitchen space constraints encourage restaurants, hotels, bars, and others to seek for effective solutions for their commercial kitchens. Therefore, players are investing in R&D activities and making continuous efforts to launch new and improved food service equipment, which are space saving and can perform multiple functions. Thus, providing consumers effective solutions for their problem. This in turn is increasing the demand for food service equipment in the market contributing to the growth of the food service equipment market.
Moreover, as per the key players, the increasing adoption of automation in the industry has contributed in driving the growth of the market amidst of covid 19. For instance, product such as automated cooking & beverage systems, touchless pick-up & delivery equipment, cloud based IoT solution, and other automated equipment are in demand as they are addressing the evolving foodservice environment accelerated due the covid 19 pandemic. This in turn is also anticipated to offer immense opportunity for the growth of the industry even aftermath of covid 19 in terms of value sales.
The Key players further added that growth in the food service industry and rising preference for quick service restaurants has boosted the growth of the food service equipment market. However, high installation costs and integration capabilities required for the initial setup of the food service equipment are anticipated to hamper the market growth.