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Future of Commercial Catering Equipment: 2024 Market Insights
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According to The Business Research Company's, The commercial catering equipment market size has grown strongly in recent years. It will grow from $11.37 billion in 2023 to $12.03 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to increasing disposable income, growth of the global hospitality and tourism sector, migration of populations to urban areas resulted in higher demand for food services, increasing the need for commercial catering equipment in restaurants and other food service, and rising number of restaurants, cafes, and quick-service.
The commercial catering equipment market size is expected to see strong growth in the next few years. It will grow to $15.32 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to growing emphasis on sustainability, increasing demand for equipment that enhances cleanliness and food safety, rising popularity of cloud kitchens, increasing urbanization, and rising energy costs. Major trends in the forecast period include integration of the Internet of Things (IoT) in commercial kitchen equipment, innovate in producing equipment that consumes less energy, equipment with advanced sanitization features, newer technologies such as molecular gastronomy, and smart kitchen solutions.
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Market Drivers and Trends:
The rising number of restaurants is expected to propel the growth of the commercial catering equipment market going forward. Restaurants are establishments where meals and beverages are prepared and served to customers in exchange for payment. The rising number of restaurants is due to the increasing demand for dining out, changing consumer preferences, and changing lifestyles. Commercial catering equipment is essential for restaurants to operate efficiently, maintain high food quality, ensure safety, and manage costs effectively. For instance, according to the National Restaurant Association, a US-based government organization, in 2023, there was a significant increase in the number of restaurants, with a total of 749,404 establishments, indicating a growth of approximately 625,081 restaurants over the two years. Therefore, the rising number of restaurants drives the commercial catering equipment market.
Major companies operating in the commercial catering equipment market are developing innovative products, such as hot holding cabinets, to meet the evolving needs of the food service industry. A hot holding cabinet, also known as a warming cabinet or hot box, is a piece of equipment used in commercial kitchens to keep prepared food at a safe, hot temperature until it is ready to be served. For instance, in September 2021, Duke Manufacturing Company, a US-based commercial foodservice equipment manufacturer, launched the ReadyFlex hot holding unit, a new product in the UK market for commercial kitchens. The new ReadyFlex holding units can accommodate various pan configurations, feature multiple heat zones per shelf, and have built-in connectivity. This connectivity enables seamless interaction with third-party cloud and on-site solutions through Duke's connected equipment platform (DCEP) and Bluetooth capabilities. This functionality allows for remote recipe management, ideal for multi-site operators. Additionally, the touchscreen interface has been enhanced to be more intuitive. These holding units have been submitted for the Commercial Kitchen show's Innovation Challenge, allowing visitors to experience their capabilities firsthand before casting their votes.
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Major Key Players of the Market:
Middleby Corporation, Franke Holding AG, Hoshizaki Corporation, Welbilt Inc., Electrolux Professional AB, Rational AG, Bizerba SE & Co. KG, ITW Food Equipment Group, Henny Penny Corporation, Fagor Industrial, Hatco Corporation, Alto-Shaam Inc., Lincat Limited, Imperial Commercial Cooking Equipment, Turbo Air Inc., MKN Maschinenfabrik Kurt Neubauer GmbH & Co KG, Robot Coupe, Waring Commercial, Kent Catering Equipment, Koolmax Group Ltd.
Commercial Catering Equipment Market 2024 Key Insights:
• The commercial catering equipment market size is expected to see strong growth in the next few years. It will grow to $15.32 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%.
• Rising Restaurant Numbers Propel Growth In The Commercial Catering Equipment
• Innovative Hot Holding Cabinets Transforming the Commercial Catering Equipment Market
• North America was the largest region in the commercial catering equipment market in 2023
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