According to a new report published by Allied Market Research, titled, “Food Service Equipment Market by Product Type and End Use: Opportunity Analysis and Industry Forecast, 2021–2027,” The global food service equipment market size was valued at $34,252.0 million in 2019, and is projected to reach $44,810.8 million by 2027, registering a CAGR of 5.7% from 2021 to 2027. Food service equipment provides the ease of food preparation, in addition to food safety in the commercial kitchens. Products such as refrigerators & freezers, display cabinets, cutlery, and bakery oven are offered by prime companies, ensuring premium quality and low maintenance cost. Moreover, these equipment are necessary for providing food & beverage services by commercial kitchens including restaurants, hotels, and quick service restaurants. This in turn has fueled the food service equipment market demand in terms of value sales.
Key findings of the study
By product type, the cooking equipment segment accounted for the highest food service equipment market share in 2019, growing at a CAGR of 5.3% from 2021 to 2027.
By end use, the full-service restaurants and hotels segment occupied maximum share in the market in 2019 and is expected to dominate the market during the forecast period.
Region wise, North America accounted for highest share in 2019 and is expected to grow at a CAGR of 4.0% during the forecast period.
The key players operating in the global food service equipment market focus on prominent strategies including product launch, collaboration, acquisition, business expansion and partnership to overcome competition and maintain as well as improve their share worldwide. Some of the major players in the global food service equipment industry analyzed 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.
The outbreak of COVID-19 has severely hampered the food service equipment market growth. This is attributed to the fact that the food service equipment industry is majorly dependent on the hospitality sector for its revenue generation. The recent declaration regarding the shutdown of notable proportion of the hospitality industry, including full-service restaurants, pubs & bars, and quick service restaurants has dramatically hampered the sale of foodservice equipment.
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Moreover, changes in trends of food consumption and growth in need to reduce food wastage have led to the development of innovative kitchen equipment. These factors are anticipated to drive the food service equipment market growth during the food service equipment forecast period.
Additionally, new equipment featuring brighter colors, sleek designs, and shiny touch screens, are some of the food service equipment market trends. Another trend in food service equipment is multi-functional equipment. Due to space constraints, many restaurateurs tend to utilize equipment that could provide multiple functions and save kitchen space.
The global food service equipment market segments are categorized into product type, end use, and region. By product type, it is classified into cooking equipment, storage & handling equipment, ware washing equipment, and serving equipment. By end use, it is divided into full-service restaurants and hotels, quick service restaurants, and catering. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (China, India, Australia, Japan, and rest of Asia-Pacific), and LAMEA (Brazil, UAE, South Africa and Rest of LAMEA).