The global food service equipment market was valued at $34.2 billion in 2019, and is projected to reach $56.3 billion by 2027, registering a CAGR of 6.2% from 2020 to 2027. Food service equipment provide ease of food preparation, in addition to food safety in commercial kitchens. It consists of cookware and wash ware; and preparation, storage, & serving equipment, which are used to cook and preserve food products for commercial purposes. This equipment are widely adopted in hotels, restaurants, commercial institutes, and budgetary hotels for preparation and storage of various cuisines. Rise in business-related travel and increase in number of food joints such as hotels & restaurants fuel the growth of the hospitality industry, which, in turn, drives the demand for food service equipment.
Increase in demand for refrigerated food products and inclination toward junk food boosts the adoption of food service equipment worldwide. Moreover, shift toward modular kitchens with advanced features also propels the demand for cooking food service equipment. Furthermore, rise in number of caf?s & restaurants along with surge in demand for multi-functional, space & time saving equipment propel the growth of the food service equipment market. Implementation of stringent government regulations toward refrigerant leakages and emissions in last few years further drives the market toward replacement of products, as companies replace their existing equipment with new energy-efficient devices. However, high capital investment and complexities associated with the usage of these equipment restrict the market growth. Nevertheless, advancements in technology such as robotics is likely to bring new opportunities for the food service equipment market during the forecast period.
The global food service equipment market is segmented based on product type, end-use, and region. On the basis of product type, the market is divided into cooking equipment, ware washing equipment, storage & holding equipment, food & beverage preparation equipment, and serving equipment. By end-use, the market is categorized into full-service restaurants & hotels, quick-service restaurants & pubs, and catering. Based on region, the market is analyzed across North America, Europe, Asia-Pacific and LAMEA.
The major players profiled in this report include Duke Manufacturing Co. Inc, Electrolux, Dover Corporation, Illinois Tool Works (ITW), Inc., Ali Group S.r.l. a Socio Unico, Welbilt, Inc, Middleby Corporation, Alto-Shaam, Inc., Comstock-Castle Stove Co., Inc., and Cambro Manufacturing Co. Inc.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of the current trends, estimations, and dynamics of the global food service equipment market from 2020 to 2027 to identify the prevailing market opportunities.
- The key countries in four major regions are mapped depending their market share.
- Porter’s Five Forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
- In-depth analysis of the market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global industry.
- Market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of market players.
- The report includes the analysis of the regional as well as global market, key players, market segments, application areas, and growth strategies.
KEY MARKET SEGMENTS
- By Product Type
- ·Cooking Equipment
- ·Storage & Handling Equipment
- ·Ware washing Equipment
- ·Food and Beverage Preparation Equipment
- ·Serving Equipment
- By End-use
- ·Full-Service Restaurants & Hotels
- ·Quick-Service Restaurants & Pubs
- By Region
- ·North America
_ Rest of Europe
_ Rest of Asia-Pacific
_ South Africa
_ Rest of LAMEA