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

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.