The Food Service Equipment Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Food Service Equipment Global Market Report 2024, The food service equipment market size has grown strongly in recent years. It will grow from $36.84 billion in 2023 to $39.28 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to growth in the foodservice and hospitality industry, expansion of quick service and fast casual restaurants, increased in demand for commercial kitchen efficiency, rise in consumer preferences for dining out and takeout, focus on sustainability and energy efficiency in commercial kitchens.
The food service equipment market size is expected to see strong growth in the next few years. It will grow to $51.18 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to adoption of smart and iot-enabled kitchen appliances, customization of equipment for unique culinary concepts, integration of contactless and touchless technology in food service, demand for compact and space-saving kitchen equipment, research and development in next-generation food service equipment. Major trends in the forecast period include modular and customizable kitchen solutions, energy-efficient and eco-friendly appliances, advanced cooking techniques and sous vide equipment, high-speed cooking and oven technologies, smart kitchen management systems, augmented reality (ar) and virtual reality (vr) in culinary training.
The growing online food service sector is significantly contributing to the growth of the food service equipment market. Online food service is growing due to the convenience offered, accessibility to all, expanding choices, reasonable prices, and others. Specifically, during the COVID-19 pandemic, as people needed to maintain social distancing and follow safety guidelines, customers started online ordering more frequently to reduce physical interaction between the customer and facilitator. This growth of the online food service sector required more food service equipment to be deployed to fulfill the market demand, resulting in a significant demand for food service equipment. For instance, according to a report by one of the big four management consulting firms Deloitte, the online food delivery sector is expected to grow by more than 10% yearly to approximately $25 billion across Europe by 2023. This growth is a result of quicker, more convenient options associated with rising incomes. In addition, according to a report by Google and Boston Consulting Group (BCG), the Indian online food industry is expected to reach $8 billion by the end of 2022, growing at 25-30%. Thus, the growing online foodservice sector will drive the growth of the food service equipment market.
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The food service equipment market covered in this report is segmented –
1) By Equipment: Food Preparation Equipment, Drink Preparation Equipment, Heating And Holding Equipment, Cooking Equipment, Refrigerators And Chillers, Baking Equipment, Merchandisers, Ware Washing Equipment, Other F&B Service Equipment
2) By Distribution Channel: Online, Offline
3) By End-User: Full Service Restaurant, Quick Service Restaurant, Institutional, Other End-Users
Technological advancement is a key trend gaining popularity in the food service equipment market. The market is witnessing the implementation of advanced technologies such as automation, virtual control systems, sensory systems, robots, fusion tech machinery, and others to enable more efficient operations of food service equipment. Major companies operating in the foodservice equipment market are focused on providing technologically-advanced equipment to strengthen their market position. For instance, in March 2021, a US-based cooking technologies firm TurboChef Technologies LLC, and Middleby Corporation, a US-based commercial, and residential kitchen equipment company introduced PLEXOR, a next-generation automated ventless oven. It is a multi-technology, flexible cooking platform that allows the automated operation of different oven modules with a single user interface and a single plug. This technology benefits the company by simplifying customers’ preferences, optimizing labor, and increasing service speed without compromising product/service quality standards.
The food service equipment market report table of contents includes:
- Executive Summary
- Food Service Equipment Market Characteristics
- Food Service Equipment Market Trends And Strategies
- Food Service Equipment Market – Macro Economic Scenario
- Global Food Service Equipment Market Size and Growth
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- Global Food Service Equipment Market Competitive Benchmarking
- Global Food Service Equipment Market Competitive Dashboard
- Key Mergers And Acquisitions In The Food Service Equipment Market
- Food Service Equipment Market Future Outlook and Potential Analysis
- Appendix
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