Food Service Equipment Market

Food Service Equipment Market was estimated at USD 38,208 Million in 2022 and projected to grow at 5.1% CAGR over the forecast period.

The food service equipment is mainly used to complement the outlet theme and to elevate the guest experience. These equipment can be categorized into different groups such as equipment used for kitchen purpose, cooking, ware washing, food holding and storing, and other types of equipment. Glassware, including glass and drinkware items are usually made up of glass and used for drinking purposes. Various other types of tableware such as crockery cutlery and linen, are often used for serving and eating meals.

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Major Food Service Equipment Market Drivers

The primary factor boosting the demand of the global food service equipment market is the continuous expansion in the food service industry driven by the growing demand for food and rising population rate. The changing lifestyle of the working-class population is leading to a surge in demand for ready-to-cook food products to save time. This fundamental shift will have a positive impact on the growing demand of the market in the coming years. The food service equipment is used for serving food items, storing the left over food, and to heat the cooked food in microwave. Various market players are mainly focusing on bringing technological innovation in the market, such as the introduction of the Internet of Things (IoT), to gain a competitive advantage over the other players. Food service equipment vary in size and range depending on the type of hospitality businesses and their individual needs. The growing number of government initiatives supporting cleanliness and hygiene requirements in the commercial kitchens across hotels and restaurants will further accelerate the demand of the market. Moreover, the rapid digitization and the rising adoption of technologically advanced products will complement the growing demand of the global food service equipment market over the forecast period.

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Product – Segment Analysis

Based on the Product, the market is segmented into kitchen purpose, cooking equipment, ware washing, food holding & storing, and others. The Kitchen purpose segment is projected to grow at a higher CAGR during the forecast period. The rising need for modern amenities and the significant shift in the consumer’s preference towards modular kitchen are the two major drivers boosting the demand of this segment. With the coming trend of smart kitchen and other innovations in the food service industry, the kitchens in restaurants and hotels have become more efficient and manageable. The restaurant owners are now looking for smart appliances, thereby driving growth of the market.

End-Use – Segment Analysis

Based on the End-User, the market is segmented into Full Service Restaurant (FSR) and Quick Service Restaurant, Institutional and Others. The Quick Service Restaurant segment is anticipated to lead the market during the forecast period owing to the increasing usage of food service equipment in these restaurants. Mostly in these restaurants, fast food is prepared in bulk quantity with standardized procedure, which in turn, requires many food equipment to complete the process. All these factors will complement the growing demand of this segment.

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Region – Segment Analysis

Based on the Region, the North America region is expected to grow at a higher CAGR over the forecast period owing to the increasing need to adopt the latest technology, followed by the rising working population and demand for fast food in this region. With the changing lifestyle of people, the demand for ready-to-eat food products has drastically increased, thereby generating a strong demand for hotels and restaurants. This factor will further strengthen the demand of the market in the North America region. On the other hand, the Asia-Pacific region is anticipated to lead the market over the forecast period. The growing adoption of modern lifestyle, especially in developing economies such as China, India, and Japan along with the rising number of nuclear families are the two major factors driving the growth in this region. The rapid expansion in the hotel and food industry is further complementing the demand of the market.

Top Market Players

Various notable players operating in the market, include AB Electrolux, Ali Group, Dover Corporation, Duke Manufacturing, Fujimak Corporation, Haier Inc., Hoshizaki, Illinois Tool Works Inc., The Middleby Corporation, Manitowoc, among others.

Key Developments:

• • In 2020, Dover Corporation announced to acquire Systech International. The acquisition will enhance implementation scale, accelerate innovation and help to better serve both our client base and partners of both the companies.
  • In 2020, Duke Manufacturing announced an agreement with the Compass Group North America. Through this agreement, Duke Manufacturing will become an approved food service equipment supplier of Compass Group.

The global Food Service Equipment market has been segmented on the basis of product, end-user and region. Based on product, the market is segmented into Kitchen Purpose, Refrigeration, Ware Washing, Food Holding and Storing. Based on end-user, the market is segmented into FSR, QSR, Institutional and Others.

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Key questions answered in this research report:

• • At what pace is global Food Service Equipment market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Food Service Equipment market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Food Service Equipment market?
  • Which product generated maximum revenues in 2022 and identify the most promising products during the forecast period?
  • What are the various end-user areas of global Food Service Equipment market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Food Service Equipment Market by Product

• • Kitchen Purpose
  • Refrigeration
  • Ware Washing
  • Food Holding
  • Storing

Global Food Service Equipment Market by End-User

• • FSR (Full Service Restaurant)
  • QSR (Quick Service Restaurant)
  • Institutional
  • Others

Global Food Service Equipment Market by Region

• • North America Food Service Equipment Market (Option 1: As a part of the free 25% customization)

    • By Product
    • By End-User
    • United States of America (US) Market All-Up
    • Canada Market All-Up

  • Europe Food Service Equipment Market (Option 2: As a part of the free 25% customization)

    • By Product
    • By End-User
    • United Kingdom (UK) Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Food Service Equipment Market (Option 3: As a part of the free 25% customization)

    • By Product
    • By End-User
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Food Service Equipment Market (Option 4: As a part of the free 25% customization)

    • By Product
    • By End-User
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Global Food Service Equipment Leading Market Players (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • AB Electrolux
  • Ali Group
  • Dover Corporation
  • Duke Manufacturing
  • Fujimak Corporation
  • Haier Inc.
  • Hoshizaki
  • Illinois Tool Works Inc.
  • The Middleby Corporation
  • Manitowoc