Food Service Equipment Market

Global Food Service Equipment Market Size 2024 to 2029

Food Service Equipment Market size is expected to be USD 35.24 billion in 2024 and develop to USD 43.08 billion, recording a CAGR of 4.1% throughout the outlook period 2024 to 2029.

The foodservice equipment includes kitchen utensils, preparation, storage, and service equipment, which are used to cook and preserve food products for commercial purposes. These are widely adopted in hotels, restaurants, commercial institutes, and cheap hotels for the preparation of various menus. The increase in business travel and the hike in the number of sales channels such as hotels and restaurants are driving growth in the hotel industry, which in turn further drives the demand for foodservice equipment. The development of the hospitality industry and the increased use of temperature-controlled storage equipment for perishable and processed food products has driven the market demand for catering equipment. In addition, the boom in the foodservice industry, coupled with the growing demand for multifunctional, efficient, space- and time-saving products and reduced manpower, is driving the growth of the foodservice equipment market.

MARKET DRIVERS AND RESTRAINTS

Growing awareness of food safety, along with smart kitchen appliances, will create a great demand for advanced food service machinery in the years to come. Therefore, the introduction of IoT, Big Data and Industry 4.0 has led to the emergence of smart food industries to manufacture technology-based equipment. This helps restaurants achieve the highest level of food safety, reduce waste, improve traceability, and lower costs as well as risks associated with various foodservice techniques that are becoming a key market trend. Equipment manufacturers aim to focus on cost-effective services that can be provided to improve food quality. In the current market scenario, it has become mandatory to monitor and provide the qualitative services of any equipment. Self-diagnosis and remote maintenance functions are implemented for interconnected and intelligent operations, thus recognizing the operation of catering machines. This food service equipment allows to maintain the hygiene, the precise temperature and the sterilization of the utensils used for the preparation of food, with regard to the safety of consumers. Companies in the sector are developing products based on AI and IoT technology to improve the user experience. For example, in July 2018, Samsung launched an IoT-enabled refrigerator with a 21-inch screen and Bixby voice control.

Food safety is the fundamental objective of any manufacturer of food equipment, in which the manufacture of these machines requires skilled workers who can operate both traditional and automated machines. The integration of automatic food service machines is more expensive and satisfies the demand for skilled labor and other automated facilities. This leads to an increase in the total cost of installing and maintaining the machines, which makes it difficult for the global food service equipment market to grow.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Food Service Equipment Market Analysis By Equipment Type

Among all types of equipment, cooking and preparation equipment is expected to experience exponential growth due to its demand in general stores and convenience stores, full and quick service restaurants, etc. Refrigeration equipment is supposed to see remarkable growth due to its efficiency in the food and beverage industry in storing frozen food products and providing healthy and hygienic food products.

Global Food Service Equipment Market Analysis By Sales Channel

Offline sales are expected to grow exponentially in the coming years, with growing demand for large quantities of food products in the food and beverage industry. Offline sales help customers to personally identify the technical specifications of foodservice machines, analyzing the correct operation of the equipment. Buying this equipment offline provides a wide range of after-sales services, which is driving the global market for food service equipment.

Global Food Service Equipment Market Analysis By End-user

Full-service restaurants (FSR) are in higher demand in metropolises and mini-cities due to the increasing demand for ready-to-eat catering services, as a large portion of the population includes professionals working across the world. The increasing dependence of customers on full service restaurants in developed and developing countries increases day by day with the availability of high levels of disposable income of the population. Quick Service Restaurants (QSR) are expected to see remarkable growth with better food delivery services. For example, McDonald's, Dominos, KFC, Subway, and many more are the global franchise of quick-service restaurants that offer take-out to their customers.

REGIONAL ANALYSIS

The Global Food Service Equipment Market has been categorized based on geography as North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. Asia-Pacific has the largest share of the foodservice equipment market and is expected to show exponential growth during the forecast period due to the emergence of the hotel industry in India, China and Japan. North America is expected to show dynamic growth during the projection period due to the increasing number of food stamps in the region. Restaurants in the United States and Canada are making significant investments to improve customer service. Hence the use of various hospitality equipment such as kitchen equipment, refrigerators and dishwashers, etc. will help restaurants improvise their catering services. The restaurant sector in Europe is expected to experience rapid market growth, with an increase in hotels and restaurants and the development of the travel and tourism sector in the region. Restaurants tend to adopt catering equipment based on advanced technology to improve their services, thus accelerating the growth of the market.

Furthermore, the increasing demand for bakery and confectionery food products in Germany, the UK, and France is supposed to generate a large demand for foodservice machines in the coming years. Countries in the Middle East and Africa are shifting their preferences towards packaged and frozen food products due to increased disposable income and lifestyle. The governments of the United Arab Emirates and Saudi Arabia are announcing new foreign direct investment (FDI) in the restaurant sector. Likewise, Brazil is estimated to represent the largest share in the foodservice equipment industry in Latin America due to changes in customer preferences and increased investment from major market players around the world.

KEY PLAYERS IN GLOBAL FOOD SERVICE EQUIPMENT MARKET

Key players in the Global Food Service Equipment Market include Cambro Manufacturing Co. Inc., Comstock-Castle Stove Co., Inc., Alto-Shaam, Inc., Middleby Corporation, Welbilt, Inc., Ali Group S.r.l. a Socio Unico, Illinois Tool Works (ITW), Inc., Dover Corporation, Electrolux, and Duke Manufacturing Co. Inc.

RECENT HAPPENINGS IN THE MARKET

• In July 2020, Hydro Systems, a brand of dishwashing equipment from PSG Dover (Pump Solutions Group, acquired by Dover Corporation) launched two new integrated rinse pumps, EvoWash and EvoRinse. This equipment is integrated with an optional solid or powder detergent remover, ideal for commercial and non-commercial catering operations.
• In July 2018, Welbilt, a global supplier of commercial catering equipment, announced the agreement with NexGen Procurement Group, a professional catering equipment procurement group for Cleveland and Delfield. These organizations have become the leading providers of refrigeration, steam and service systems for the NexGen Procurement Group.

DETAILED SEGMENTATION OF GLOBAL FOOD SERVICE EQUIPMENT MARKET INCLUDED IN THIS REPORT    

This research report on the Global Food Service Equipment Market has been segmented and sub-segmented based on equipment type, sales channel, end-user & region.           

By Equipment Type

• Storage & Handling Equipment
• Ware washing Equipment
• Refrigeration Equipment
• Cooking & Preparation Equipment  

By Sales Channel

• Offline
• Online

By End-user

• Hotels & Pub Bar Clubs
• Quick Service Restaurant
• Full-Service Restaurant
• Others

By Region

• North America Europe
• Asia Pacific
• Europe
• Latin America
• Middle East and Africa