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Food Service Equipment Global Market Sales Estimated to Hit $51.18 Billion By 2028 | Says The Business Research Company
Food Service Equipment Global Market
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According to The Business Research Company's, The food service equipment market size has grown strongly in recent years. It will grow from $36.84 billion in 2023 to $39.28 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to growth in the foodservice and hospitality industry, expansion of quick service and fast casual restaurants, increased in demand for commercial kitchen efficiency, rise in consumer preferences for dining out and takeout, focus on sustainability and energy efficiency in commercial kitchens.
The food service equipment market size is expected to see strong growth in the next few years. It will grow to $51.18 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to adoption of smart and iot-enabled kitchen appliances, customization of equipment for unique culinary concepts, integration of contactless and touchless technology in food service, demand for compact and space-saving kitchen equipment, research and development in next-generation food service equipment. Major trends in the forecast period include modular and customizable kitchen solutions, energy-efficient and eco-friendly appliances, advanced cooking techniques and sous vide equipment, high-speed cooking and oven technologies, smart kitchen management systems, augmented reality (ar) and virtual reality (vr) in culinary training.
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Market Drivers and Trends:
The growing online food service sector is significantly contributing to the growth of the food service equipment market. Online food service is growing due to the convenience offered, accessibility to all, expanding choices, reasonable prices, and others. Specifically, during the COVID-19 pandemic, as people needed to maintain social distancing and follow safety guidelines, customers started online ordering more frequently to reduce physical interaction between the customer and facilitator. This growth of the online food service sector required more food service equipment to be deployed to fulfill the market demand, resulting in a significant demand for food service equipment. For instance, according to a report by one of the big four management consulting firms Deloitte, the online food delivery sector is expected to grow by more than 10% yearly to approximately $25 billion across Europe by 2023. This growth is a result of quicker, more convenient options associated with rising incomes. In addition, according to a report by Google and Boston Consulting Group (BCG), the Indian online food industry is expected to reach $8 billion by the end of 2022, growing at 25-30%. Thus, the growing online foodservice sector will drive the growth of the food service equipment market.
Technological advancement is a key trend gaining popularity in the food service equipment market. The market is witnessing the implementation of advanced technologies such as automation, virtual control systems, sensory systems, robots, fusion tech machinery, and others to enable more efficient operations of food service equipment. Major companies operating in the foodservice equipment market are focused on providing technologically-advanced equipment to strengthen their market position. For instance, in March 2021, a US-based cooking technologies firm TurboChef Technologies LLC, and Middleby Corporation, a US-based commercial, and residential kitchen equipment company introduced PLEXOR, a next-generation automated ventless oven. It is a multi-technology, flexible cooking platform that allows the automated operation of different oven modules with a single user interface and a single plug. This technology benefits the company by simplifying customers' preferences, optimizing labor, and increasing service speed without compromising product/service quality standards.
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Major Key Players of the Market:
AB Electrolux, Ali Group Srl a Socio Unico, Dover Corporation, Duke Manufacturing, Haier Group Corporation, Smeg S.p.A., The Middleby Corporation, Meiko Maschinenbau GmbH & Co. KG, Hoshizaki Electric Co. Ltd., Fujimak Corporation, Tupperware Brands Corporation, Hobart Corporation, Manitowoc Company Inc., Alto-Shaam Inc., Cambro Manufacturing Co. Inc., Comstock-Castle Stove Co. Inc., Welbilt Inc., ITW Food Equipment Group, Standex International Corporation, The Vollrath Company LLC, The Vollrath Company, Rational AG, Hatco Corporation, Ice-O-Matic, Bunn-O-Matic Corporation, Grindmaster-Cecilware, Waring Commercial Inc., Robot Coupe USA Inc.
Food Service Equipment Market 2024 Key Insights:
• The food service equipment market size is expected to see strong growth in the next few years. It will grow to $51.18 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%.
• The Impact Of The Growing Online Food Service Sector On The Food Service Equipment Market
• Rising Technological Advancement Reshaping The Food Service Equipment Market
• Asia-Pacific was the largest region in the food service equipment market in 2023
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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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