by The food service equipment market comprises a wide range of products that are used to store, prepare, display and serve food and beverages by the catering industry and restaurants. Some of the common types of products in this market are cooking equipment, refrigeration equipment, warewashing equipment, food & beverage preparation equipment and storage & handling equipment. These equipment facilitate operations in restaurants including quick-service restaurants, full-service restaurants, hotels, caterers and other foodservice providers.
The global food service equipment market is estimated to be valued at US$ 35.84 billion in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
The growing number of chain restaurants is driving the demand for food service equipment. Various restaurant chains are focusing on expanding their footprint globally, which has led to rising demand for professional kitchen equipment including cooking appliances, refrigerators, and storage & handling equipment. Growing urbanization and rising disposable income are increasing the frequency of dining out, thereby positively impacting the growth of chain restaurants. Between 2023-2030, it is expected that the number of chain restaurants will increase by over 30% globally. This rapid growth of chain restaurants is projected to propel the food service equipment market during the forecast period.
Another major factor fueling the market growth is growing emphasis on food quality & safety. Restaurants and caterers are investing significantly in high-quality equipment to ensure food safety standards, maintain hygiene, store food properly and serve it in an attractive manner. State-of-the-art refrigeration equipment, cooking appliances with advanced technology and automated warewashing systems are being increasingly adopted to meet evolving consumer demands for quality food prepared in clean environments. These factors collectively are expected to drive the global demand for food service equipment over the next seven years.
Segment Analysis
The global food service equipment market is dominated by commercial food service equipment sub-segment accounting for over 50% of the market share. Commercial food service equipment caters to large scale foodservice requirements of restaurants, hotels, hospitals etc. The demand for commercial food service equipment is high given the growing food service industry worldwide with increasing number of food chains, cafes and quick service restaurants.
PEST Analysis
Political: The food service equipment market is influenced by various food safety regulations introduced by governments worldwide. Stringent regulations regarding hygiene and sanitation are driving the demand for technologically advanced commercial kitchen equipment.
Economic: A strong economic growth in developing countries is propelling the expansion of foodservice industry which in turn is fueling the food service equipment market. Additionally, the rising per capita income and spending capacity of consumers is positively impacting the market.
Social: Changing lifestyle and dietary habits are influencing the food consumption patterns. Busy schedules and increasing number of working professionals are boosting the demand for food delivery and takeaway services augmenting the need for efficient food service equipment.
Technological: Manufacturers are focusing on incorporating new technologies like IoT, automation, robotics to develop smart food service equipment. Smart equipment offers benefits like remote monitoring, predictive maintenance and enhanced food safety.
Key Takeaways
The Global Food Service Equipment Market Size is expected to witness high growth over the forecast period supported by fast expanding foodservice industry across the world. Regionally, Asia Pacific accounts for the largest share of over 35% of the global market led by countries like China and India. The growth in Asia Pacific region can be attributed to growing consumer base, rising middle class population and increasing number of food chains and quick service restaurants.
Key players operating in the food service equipment market are ALI GROUP S.R.L. A SOCIO UNICO, ALTO-SHAAM, INC., AMBRO MANUFACTURING CO. INC., COMSTOCK-CASTLE STOVE CO., INC., DOVER CORPORATION, and DUKE MANUFACTURING CO. INC. Manufacturers are focusing on developing advanced technological solutions to gain a competitive edge in the industry. Additionally, companies are also expanding their geographic footprint through partnerships and mergers & acquisitions to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
