Food service equipment market Analysis, Size, share, growth, Global demand & prospect Outlook 2023

The global food service equipment market is predicted to expand significantly at a CAGR of 5.7% over the forecast period i.e. 2016-2023. Moreover, the market of food service equipment accounted for USD 28.8 Billion in 2015 and the market is further estimated to garner USD 45.2 Billion by 2023.
The demand for drink preparation and cooking equipment are predicted to witness a significant growth in near future, owing to cost-effectiveness and availability of advanced energy efficient equipment. In 2015, the drink preparation and cooking equipment segments cumulatively accounted for USD 12.56 Billion.
North America accounted for over half of the total revenue of the market of food service equipment globally. The market of North America region is expected to continue its dominance over the forecast period i.e. 2016-2023 owing to rapid urbanization and increasing hospitality sector across the region. The market is predicted to expand at a CAGR of 4.5% over the forecast period i.e. 2016-2023.
On the other hand, Asia-Pacific is expected to be the second largest share contributor across the globe in the market of food service equipment due to presence of emerging nations such as India, China, etc. and rising adoption of cost-effective technologically advanced food service equipment across the region.

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Growth Drivers and challenges

Rise in hotels, food junctions, and hospitals and their increasing demands for food service equipment in order to deliver best quality food, rising concerns towards reducing energy consumption and shifting towards eco-friendly equipment are some of the key elements which pave the market of food service equipment in near future.
In addition to this, factors such as rising concern towards health and hygiene among the population, growing culture of consuming ready to cook food, hectic lifestyle of working population owing to urbanization, availability of advanced multi-tasking food service equipment with internet connectivity are some of the major factors likely to foster the demand for food service equipment over the forecast period i.e. 2016-2023.
Moreover, increase in gross disposable income of the population in developing regions is attracting the demand for food service equipment for house hold purposes. Rising sanitation, less time-consuming requirements are accrediting to the adoption of food service equipment for household and commercial purposes.
However, high cost of food service equipment which results in increasing the cost of ready to cook and processed food, presence of stringent regulations from food regulatory authorities, high capital investment and complexities related with the installation of equipment are some of the factors which is curbing the growth of food service equipment market across the globe.

Food service equipment are used for handling and processing food by various processes such as grinding, peeling, cooling, roasting, etc. for commercial purposes in hospitality sector.
Global food service equipment market is expected to witness a significant growth in near future owing to rising hospitality sectors across the globe and growing trend of consuming ready to eat and process food among the population. In, addition to this, adoption of energy efficient food service equipment is carried out in hospitality sector in order to serve better quality of food to consumers. The less time-consuming process characteristics and increase in shelf-life of equipment are predicted to gain traction of food service equipment across the globe.

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Rapid growth in urbanization leads to busy schedule of working population across the globe, thus shifting of consumers towards quick-service and quality food further expected to showcase a positive growth in food service equipment market.Moreover, intensification of multi-cuisine restaurants offers numerous food items and beverages of consumer’s choice, technologically advanced and efficient food service equipment with internet enabled technology are some of the factors expected to have a positive impact on the demand of food service equipment.

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