Press release
Restaurant Equipment Market Report, Size, Share, Growth, Trends, Industry Analysis, Forecast to 2033
Restaurant Equipment Market
The new report published by The Business Research Company, titled Restaurant Equipment Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033, delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.
As per the report, the restaurant equipment market size has grown strongly in recent years. It will grow from $3.59 billion in 2023 to $3.88 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The restaurant equipment market size is expected to see strong growth in the next few years. It will grow to $5.30 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%.
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What Is Driving The Growth Of The Global Restaurant Equipment Market?
Ready-To-Eat Meals Propel Growth Of The Restaurant Equipment Market
The increasing demand for ready-to-eat meals is expected to propel the growth of the restaurant equipment market going forward. Ready-to-eat meals are food products that are fully cooked, prepared, and packaged in a way that allows them to be consumed without further cooking or preparation. Demand for ready-to-eat meals is rising due to several reasons, including convenience, busy lifestyles, time efficiency, and urbanization. Restaurant equipment is utilized in ready-to-eat meals for efficient preparation, cooking, and packaging to ensure high-quality, convenient food products. For instance, in March 2024, according to the Bank of Ayudhya Public Company Limited, a Thailand-based commercial banking company, the domestic market for Thai-made ready-to-eat food is expected to grow by 3.0-4.0% annually from 2024 to 2026. Additionally, in 2022, the ready-to-eat food industry had a total domestic and export sales volume of 482.4 thousand tons, with a value of USD 2.0 billion. Therefore, the increasing demand for ready-to-eat meals is driving the growth of the restaurant equipment market.
What Is The Key Trend In The Global Restaurant Equipment Market?
Innovations In Restaurant Equipment Revolutionizing Efficiency And Versatility
Major companies operating in the restaurant equipment market are focusing on developing innovative products, such as next-generation combi ovens, to enhance cooking efficiency and versatility. Next-generation combi ovens refer to advanced kitchen appliances that combine steam and convection cooking methods for greater efficiency, precision, and versatility. For instance, in November 2023, UNOX Inc., a US-based manufacturer of food machinery products, launched its next-generation combi ovens, named the X-Generation, aiming to revolutionize the food service industry. These ovens are designed with advanced technology to enhance cooking speed, uniformity, and energy efficiency, while also featuring food-load sensitivity and intelligent climate management. The X-Generation ovens have a sleek, modern design characterized by verticality and symmetry, made from durable, high-strength materials. They are equipped with the new Digital.ID operating system, which enables seamless interaction and control.
How Is The Global Restaurant Equipment Market Segmented?
The restaurant equipment market covered in this report is segmented -
1) By Type: Cooking Equipment, Restaurant Work Table, Food Holding And Warming, Food Preparation Equipment
2) By Distribution Channel: Online, Offline
3) By Application: Hotel, Fast Food Chain, Food Truck, Cart Or Stand, Cafe, Other Applications
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How Is The Competitive Landscape Of The Global Restaurant Equipment Market?
Major companies operating in the restaurant equipment market are Libbey Incorporated, Cambro Manufacturing Co, The Vollrath Company, Hobart Food Equipment, Provisur Technologies Inc., Broaster Company, Blodgett Oven Company, Falcon Foodservice Equipment ltd, Victory Refrigeration, AMTek Microwaves, Adexa Direct, Riddhi Display Equipments Pvt Ltd, TAG Catering Equipment UK Ltd, Bakers Pride, Roundstone Catering Equipment Ltd, Cater-kwik Ltd, Target Catering Equipment, Canadian Restaurant Supply, Permul Ltd, Babak Food Equipment, Empura Equipment, Thomasnet, Apollo Kitchen Equipments and Services Pvt Ltd
Contents Of The Global Restaurant Equipment Market
1. Executive Summary
2. Restaurant Equipment Market Report Structure
3. Restaurant Equipment Market Trends And Strategies
4. Restaurant Equipment Market - Macro Economic Scenario
5. Restaurant Equipment Market Size And Growth
…..
27. Restaurant Equipment Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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