USD 32.81 billion
Food Service Equipment Market Size, Share, Growth Analysis, By Product(Kitchen Purpose Equipment, Refrigeration Equipment, Ware Washing Equipment, Food Holding & Storing Equipment), By End User(Full-Service Restaurant (FSR), Quick Service Restaurant (QSR), Institutional, Others), By Sales Channel(Online, and Offline), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45J2153 |
Region:
Global |
Published Date: September, 2024
Pages:
157
|Tables:
91
|Figures:
76
Food Service Equipment Market Insights
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).
The emerging segment within the global hospitality industry is facilitating the growth of this market. Another reason for the increasing need for such equipment is the rapid growth of the food service industry especially in the European and Asian countries. Hotels, catering companies, and restaurants have to incorporate advanced and energy-efficient service equipment for efficient functioning of the kitchen. The industry is expanding due to the enhanced lifestyle brought forth by increased consumer disposable income. The COVID-19 pandemic has put the entire planet in danger, and physical separation is becoming increasingly important to reduce the disease's spread.
In the coming years, there will be a high need for advanced food service equipment owing to an increase in knowledge about food safety as well as the rise of intelligent kitchen devices. Therefore, in response to the aforementioned changes, the Industrial Revolution 4.0, Big Data and IoT have led to the proliferation of smart food businesses manufacturing technology advanced machines. This helps restaurants meet the strictest standards for food safety, minimise waste, enhance traceability, minimise expenses, and lower the risks related to different food serving methods that are quickly emerging as major market trends. The goal of equipment producers is to concentrate on the reasonably priced services that may be offered to raise the standard of food.
US Food Service Equipment Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
ware washing equipment
Fastest Growth
refrigeration equipment
Growth Rate
6.3% CAGR
Global Food Service Equipment Market ($ Bn)
Country Share by North America (%)
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Food Service Equipment Market Segmental Analysis
Global Food Service Equipment Market is segmented on the basis of product, end user, sales channel, and region. By product, the market is segmented into Kitchen Purpose Equipment, Refrigeration Equipment, Ware Washing Equipment, Food Holding & Storing Equipment, and Others. By end-user into Full-Service Restaurant (FSR), Quick Service Restaurant (QSR), Institutional, and Others. By sales channels, market is segmented into online and offline. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Food Service Equipment Market Analysis by End Use
As per categorization by end use, the market is classified as full-service restaurants & hotels, quick-service restaurants & pubs and catering. Among these, the full-service restaurants & hotels earned the largest share and continue to dominate the market. Full-service restaurants and hotels are experiencing immense innovations and usage in the global food service equipment market due to improvements in energy-efficient cooking technologies, smart kitchen devices, and advanced food storage facilities. Such outlets occupy the greatest market share owing to their main objective of offering unique food experiences, which leads to more expenditure on superior equipment. In addition, the rise of experience-based dining and sustainability concerns also aids them in strengthening their market position as they are adjusting to changes in consumer behavior.
Quick-service restaurants (QSRs) and pubs are poised to be the fastest-growing segments in the global food service equipment market, primarily due to shifting consumer preferences for convenience and speed. According to the growing popularity of delivery and takeaway services, there is a need for kitchen appliances that can work fast without compromising quality. Furthermore, the self-service kiosks or mobile ordering systems used in the restaurants to place orders have also improved the efficiency of the operations and customer satisfaction. In addition, the pandemic period has created a shift in consuming habits, whereby locals prefer eating together in restaurants such that there is rise in demand food service innovations development in this regard.
Food Service Equipment Market Analysis by Product
Innovation in cooking equipment within the global food service equipment market is characterized by the adoption of energy-efficient technologies, smart appliances, and advanced cooking methods, such as induction and combi ovens. These advancements improve not only the timeliness and accuracy of cooking but also consider sustainability by lowering energy use and emissions. Since cooking equipment is intrinsic to every food service operation in terms of outlining the food for presentation and consumption, it accounts for the largest share of the market. In addition, the increasing inclination towards tailored and varied menu offerings entails the need for equipment that can perform different cooking methods which in turn reinforces its significance in food service.
Storage and handling equipment is set to become the fastest-growing segment in the global food service equipment market due to increasing emphasis on food safety and inventory management. As the world becomes more concerned with food safety, more and more businesses are purchasing modern refrigerators, shelves or temperature control instruments to conform to the law and enhance food preservation. The growing popularity of online grocery delivery and meal kits raises the need for efficient storage solutions that enclose as much space as possible without compromising the products. Moreover, the environmental practices advancement advocates inclusion of green materials for storage equipment which enhances its marketability.
Global Food Service Equipment Market By End Use(%)
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Food Service Equipment Market Regional Insights
North America dominates the global food service equipment market due to a combination of robust consumer spending, a diverse food service industry, and high demand for innovative technology solutions. Carrying capacity is the most important factor in assessing the dynamics of survival. All these factors motivate investments in hotels, restaurants, and catering services. Also, another aspect of improvement in the gastronomy business is the food delivery and take-away service. The use of sophisticated equipment for cooking and food storage cannot be exempted in this case. Moreover, food quality and environmental sustainability are among the top priorities for North American consumers, hence the need for s cooking and refrigeration. In addition, most of the food service equipment manufacturers in the country are based here, which bolsters this region's dominance.
Increasing trends of dining out and sustainable innovation are the major contributors to strengthening Europe as the most rapidly evolving region in the global food service equipment market. Europe’s wide varieties of cuisines encourage the investment in better cooking appliances and technologies that help in improving the food quality and efficiency of preparation. Consumerism has also made it imperative for establishments to employ sustainable and energy-efficient solutions. The development of casual dining trends and online food delivery services, among others, creates the need for more adaptive equipment. Besides this, the need to comply with strict food handling and safety standards as well as the insistence on regional sourcing leads many food service businesses to modernize their facilities and equipment.
Global Food Service Equipment Market By Geography
- Largest
- Fastest
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Food Service Equipment Market Dynamics
Food Service Equipment Market Driver
Rising Consumer Demand for Convenience
- The increasing consumer demand for convenience significantly drives the global food service equipment market. As lifestyles become busier, customers prefer quick-service and ready-to-eat meals, prompting restaurants and food establishments to invest in efficient cooking and storage equipment. This trend enhances operational efficiency, enabling businesses to meet evolving consumer expectations.
Leaping Advancements in Specific Food Service Equipment
- The global commercial kitchen equipment market is influenced by technological progression, which is one of the major factors. Revolutionary concepts like intelligent kitchen tools, green kitchen appliances, and robots help increase efficiency and lower the cost of operations. Such developments improve food quality and safety for the customers and help businesses enable processes in order to satisfy customers of the modern age.
Restraints
Initial Investment Costs Being High
- High initial investment costs pose a significant restraint on the Global food service equipment market. The requirement to invest in sophisticated equipment might limit the competition of several small and medium-sized food service establishments. The inability to meet such demands also creates a challenge to the growth of the market. As a result, companies are more likely to opt for cheaper alternatives as opposed to more effective innovations.
Common Supply Chain Disruptions
- Factors such as global pandemics and wars contribute to the crisis in the supply chain which as a result hampers the growth of the global food service equipment market. When the raw materials and parts are not available for use, the production time and cost can increase in a big manner. Such hitches affect manufacturers over capability to supply demanded goods which in the end affects the growth of the entire market.
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Food Service Equipment Market Competitive Landscape
The global food service equipment market has been characterized by the presence of several dominant, as well as developing players trying to gain a quantum share in the food service equipment industry. Leading international players in the global food service equipment market include Welbilt, Inc., Middleby Corporation, Ali Group, Hoshizaki Corporation, and Electrolux Professional, all of whom are involved in innovation through cutting-edge technology and sustainability. These players are engaged in enhancing product quality, efficiency, and customer service owing to the rising needs of the food service industry which in turn is resulting to increased competition and growth of the market.
Food Service Equipment Market Top Player's Company Profiles
- AB Electrolux (Sweden)
- Ali Group S.r.l. (Italy)
- Dover Corporation (US)
- Duke Manufacturing (US)
- Haier Group (China)
- SMEG S.p.A. (Italy)
- The Middleby Corporation (US)
- Welbilt (US)
- Standex International Corporation (US)
- Hoshizaki America, Inc. (US)
- FUJIMAK CORPORATION (Japan)
- ITW FOOD EQUIPMENT GROUP (US)
- The Vollrath Company, LLC (US)
- Rational AG (Germany)
- LG Electronics (South Korea)
- Robert Bosch (Germany)
- Samsung Electronics (South Korea)
- ACP Solution Inc. (US)
- Philips Electronics (Netherlands)
- Selecta (Switzerland)
Food Service Equipment Market Recent Developments
- In July 2023, Welbilt, Inc. unveiled the Welded Cold Wall Refrigerator targeted at increasing the energy efficiency of commercial kitchens and lowering operational costs for food service operators. This remarkable piece of equipment is developed with improved insulation and interface technology, thus improving temperature control and storage capacity for food within the commercial kitchens.
- In August 2023, Middleby Corporation revealed that it has acquired Vulcan, a company that provides commercial cooking equipment solutions. The objective of this acquisition is to bolster Middleby’s food service equipment range, thus enabling the company to provide different types of high standard cooking solutions in response to the changing demands of the industry.
- In September 2023, In the professional kitchen appliance market, Ali Group has come out with a new range of energy-performing kitchen equipment called the Innova Line. This new Innovative Equipment line for professional kitchens is also very ‘Green’ in that it uses cutting-edge technology that helps in saving energy and emissions and meets the rising needs for ‘green’ products in the food service sector.
Food Service Equipment Key Market Trends
- Increasing Demand for Sustainable Equipment: Sustainability and energy efficient supplies is an important trend in the global food service equipment market. Stressed with the need to conserve energy and reduce waste, operators are opting for green equipment. This is in response to the world’s global sustainability efforts and the dining market’s shift towards more responsible and eco-friendly equipment resulting in better efficiency.
- Growth of Smart Kitchen Technologies: The merging of the smart consumer kitchen with food service equipment is another significant trend. Operations are being transformed with modern tools that have been tailored with IoT, automation and data analytics making it easier and faster for operations to run as well as providing food safety benefits. This development is an indication of the growing trends in the industry in regard to digitization and innovation to satisfy changing consumer needs.
Food Service Equipment Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the global food service equipment market is on a remarkable trajectory, driven by evolving consumer demands and innovations in technology. With the hospitality industry expanding rapidly, particularly in Europe and Asia, the need for advanced, energy-efficient equipment is paramount.
The factors behind this trend include improved spending capabilities and greater concern for food hygiene and incorporation of smart technologies. With the modernization of the food service processes, operators are putting more emphasis on quality and efficiency, which has led to trends in the market towards environmentally sustainable practices and use of advanced equipment. The market dynamics offer a wide range of prospects for producers; thus the sector is active and has favorable chances for expansion.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 33.59 billion |
| Market size value in 2031 | USD 58.14 billion |
| Growth Rate | 7.1% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| 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:-
|
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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 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 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 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 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 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 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.
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