Commercial Foodservice Equipment Market Report 2024 - Market Size, Growth Rate, Major Drivers And Key Trends

"The Business Research Company recently released a comprehensive report on the Global Commercial Foodservice Equipment Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The commercial foodservice equipment market size has grown strongly in recent years. It will grow from $31.25 billion in 2023 to $33.28 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to increasing demand for quick service restaurants, growth in the food and beverage industry, increasing interest in healthier and gourmet food options, regulatory standards, and increasing demand for equipment that supports food packaging and transportation.

The commercial foodservice equipment market size is expected to see strong growth in the next few years. It will grow to $42.95 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to increasing urban populations, increased awareness about food safety and hygiene, the expansion of global food chains, the growing popularity of delivery and takeout services, and growing investment in culinary education and training facilities. Major trends in the forecast period include the increasing adoption of advanced technologies, integration of digital ordering and payment systems, remote monitoring and management, compact and space-saving designs, and robotic and automated solutions.

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Market Drivers and Trends:

The ongoing expansion of quick service and fast casual restaurants is expected to propel the growth of the commercial foodservice equipment market going forward. Quick-service restaurants (QSRs) are establishments offering fast food with minimal table service, while fast casual restaurants provide higher-quality food and a more relaxed dining experience without full table service. The expansion of quick service and fast casual restaurants is driven by growing consumer demand for convenient, high-quality, and affordable dining options. Commercial foodservice equipment in quick service and fast casual restaurants is utilized to streamline food preparation, enhance efficiency, and maintain high standards of food quality and safety. For instance, in June 2023, according to a report published by Aviko, the Netherlands-based food company, in the UK, the fast food industry grew from $26.57 million (£20.61 billion) in 2022 to $28.41 million (£22.04 billion) in 2023. By mid-2023, 45% of UK consumers were dining at fast food establishments. Additionally, 13% of the British population purchased takeaway food once a week during the same year. Therefore, the ongoing expansion of quick service and fast casual restaurants is driving the growth of the commercial foodservice equipment market.

Major companies operating in the commercial foodservice equipment market are focusing on developing innovative products, such as combi ovens, to enhance cooking efficiency and versatility. 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 two new advanced ovens, CHEFTOP-X and BAKERTOP-X. These ovens are set to revolutionize performance and user-machine interaction with fast, intuitive, and customizable interfaces featuring hyper-connectivity functions enhanced by AI. The CHEFTOP-X is tailored for gastronomy applications, while the BAKERTOP-X is designed for bakeries and pastry shops, adapting to their specific requirements. Both ovens are equipped with state-of-the-art technology, including voice operation through HEY.Unox and the brand-new OPTIC Cooking accessory, which simplifies the cooking process by allowing operators to insert food and let the oven visually recognize it and start the correct program automatically.

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Major Key Players of the Market:

Libbey Inc., Cambro Manufacturing Co, The Vollrath Company LLC, Tundra Restaurant Supply, Provisur Technologies Inc., Broaster Company, Blodgett Oven Company, Hatco Corporation, Falcon Foodservice Equipment ltd, Chefs'Toys, Victory Refrigeration, Energy Star, AMTek Microwaves, Adexa Direct, Riddhi Display Equipments Pvt Ltd, TAG Catering Equipment UK Ltd, Bakers Pride, Kitchenrama, Hobart Food Equipment, Roundstone Catering Equipment Ltd, Cater-kwik Ltd, Target Catering Equipment, Canadian Restaurant Supply, Permul Ltd

Commercial Foodservice Equipment Market 2024 Key Insights:

• The commercial foodservice equipment market size is expected to see strong growth in the next few years. It will grow to $42.95 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%.
• Quick Service And Fast Casual Restaurants Propel Growth Of The Commercial Foodservice Equipment Market
• Innovations In Restaurant Equipment Revolutionizing Efficiency And Versatility
• North America was the largest region in the commercial foodservice equipment market in 2023

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