What is the global market size of Food Service Equipment Market?

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).

Who are the key vendors in the Global Food Service Equipment Market?

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. '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'.

What is the key driver of Global Food Service Equipment Market?

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.

What is the key market trend for Global Food Service Equipment Market?

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.

Which region accounted for the largest share in Global Food Service Equipment Market?

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.

Food Service Equipment Companies

Food Service Equipment Market Competitive Landscape

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

FAQs

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 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. '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)'

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.

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.

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.

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What is the global market size of Food Service Equipment Market?

Who are the key vendors in the Food Service Equipment Market?

What is the key driver of Food Service Equipment Market?

What is the key market trend for Food Service Equipment Market?

Which region accounted for the largest share in Food Service Equipment Market?

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