New York, US, Feb. 21, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Food Service Equipment Market Information By Product, Application, and Region - Forecast till 2030”, In 2021, the Food Service Equipment Market was worth USD 30,489.5 million. The Food Service Equipment market industry is expected to increase at a rate of 5.0% from USD 32,014.0 million in 2022 to USD 45,046.9 million by 2030. (Between 2022 and 2030).
Food Service Equipment Market Overview
Food service equipment is used to prepare and store food for commercial use. These appliances include cooking appliances, storage and handling appliances, dishwashing appliances, food and beverage preparation appliances, and serving appliances. This equipment is used in the food service industry, including hotels, restaurants, and other commercial kitchens. The expansion of the hospitality sector has fueled demand for food service equipment in commercial kitchens. Furthermore, the expansion of the food service industry and the increasing need for multi-functional, effective, time and space-saving, and labor-saving equipment are driving the food service equipment market upward.
Market Competitive Landscape:
The important vendors in the food service equipment market include
- Meiko (Germany)
- Duke Manufacturing Co. Inc. (US)
- Hoshizaki Electric Co. Ltd (Japan)
- Fujimak Corporation (Japan)
- Tupperware Hobart Corporation (US)
- Dover Corporation (US)
- Brands Corporation (US)
- Electrolux AB (Sweden)
- Ali Group Spa (Italy)
- Manitowoc Company Inc.
- Among others.
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Some of the primary market drivers include rising takeout demand, evolving food consumption patterns, and a thriving hotel industry. Furthermore, the market is expected to have potential growth opportunities in the near future as a consequence of factors such as increasing digitization, desire for environmentally friendly and sustainable equipment, and tight consumer safety laws. The market has fast transformed in response to customers' changing needs for kitchen furnishings.
The surging deployment of sustainable technology equipment has prompted important companies to focus on business strategies such as collaborations, mergers, and acquisitions that are helpful to their enterprises. Key manufacturers are cooperating with solution providers to develop customer-centric technology to address food waste in grocery shops, hypermarkets, and supermarkets. Additionally, techniques such as new product launch targeted marketing are being adopted to get a competitive edge in the market.
|Market Size 2030||USD 45,046.9 million|
|CAGR during 2022-2030||5.0% CAGR|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product, Application, and Region|
|Key Market Opportunities||Increasing awareness of eco-friendly initiatives and energy consumption|
|Key Market Dynamics||Increasing digitalization, sustainability, and compliance with consumer safety standards|
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Food Service Equipment Market USP Covered:
Technological improvements and changing social conventions have developed a vibrant market for the equipment utilized in the end-use industry. Several highly advanced and new items have joined the market throughout the years, and it is expected that these products will sustain market growth in the long run. These items span from the discovery of equipment for preparing and eating materials, such as stoves, ranges, and electronic fridges, to the availability of specialized foodservice equipment to cook various cuisines. Because of continued Research & Development (R&D) operations, appliance manufacturers can now give their consumers technology-driven efficiency.
The development of many casual chain restaurants in both North America and Europe has substantially increased market demand. Businesses must sell commercial kitchen equipment that has been certified and tested, according to safety requirements established by many regulatory agencies across the world. These safety rules aim to create a safe environment for both customers and restaurant operators. The National Sanitation Foundation (NSF), a non-profit organization in the United States that performs product testing, inspections, and certifications while ensuring that sanitation and food safety requirements are upheld by the end-use industry, has established equipment safety standards. Standards for the materials used, the design, and the architecture of the equipment have been created since food safety is of the utmost importance.
Currently, advancements in kitchen equipment extend far beyond internet-connected appliances and smart refrigerators. They are intended to keep food at the right temperature while also increasing the efficiency of meal preparation. The Friulinox HiChef has distinguished itself from other commercial kitchen equipment due to its ability to conduct many operations that would ordinarily need to be completed independently. It is made up of five steps: blast chilling, blast freezing, leavening retarder, and slow cooking. It aids in food security management and increases kitchen efficiency. Instead of keeping paper records of refrigerator temperature and cleaning schedules, a range of software and mobile applications can be utilized to keep track of food safety records.
The hospitality industry is a significant revenue generator for the food service equipment industry. But the announcement of the closure of a substantial segment of the hospitality industry, including full-service restaurants, pubs and bars, and quick-service restaurants, has significantly slowed the sale of food service equipment. Furthermore, the high cost of advanced gear is limiting the growth of the Food Service Equipment Market. However, with the rising knowledge about energy use and eco-friendly activities, customers are adopting energy-efficient appliances, offering the potential for this industry.
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COVID 19 Analysis
Due to rigorous social distance and shelter-in-place norms implemented by governments worldwide, the COVID-19 pandemic led in the temporary cessation of food service activities. As a result, the industry had negative growth in 2020, with both output and sales being negligible. Nonetheless, when governments ease lockdowns and the first vaccines arrive, the food service industry is projected to recover during the projection period. While dine-in restaurant traffic is projected to take longer to recover, end customers are expected to recover via off-premise, takeaways, and online delivery services. The embattled market is predicted to thrive in the next years as a result of the following increase in footfall in food service restaurants and institutional kitchens.
Food Service Equipment Market Segmentation
Cooking equipment, storage, and handling equipment, ware washing equipment, food holding and serving equipment, and others are the product segments of the food service equipment market. In 2021, the cooking food service equipment sector held the biggest share, accounting for around 38-40% of the food service equipment market sales. This is mostly due to the use of innovative goods in commercial kitchens based on kitchen space and price. As the need for meal preparation appliances in open food service kitchens grows, manufacturers have increased their emphasis on features such as cutting-edge technology solutions and outside appliance designs.
Full-service restaurants, quick-service restaurants, caterers, hotels & clubs, and others are the application segments of the food service equipment industry. Full-service restaurants dominated food service equipment market data in 2021 and are expected to be the fastest-growing sector throughout the forecast period, 2022-2030. With the introduction of digital dining trends, food service businesses have been compelled to employ current equipment to speed up preparation and reduce delivery uptime. Full-service restaurants have seen an increase in foot traffic in recent years as a result of the change from formal occasions to informal gatherings during travel and tourism. As a result, all of these variables have a beneficial impact on the growth of the food service equipment industry.
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Food Service Equipment Market Regional Insights
The Asia-Pacific food service equipment market is predicted to develop at a substantial CAGR during the study period, accounting for USD 13,384.9 million in 2021. This is mostly owing to the region's increased need for food service equipment as a result of the rapid westernization of eating traditions and the rise of the tourism industry, particularly in Singapore, Malaysia, Indonesia, and Australia. Restaurants are progressively introducing diverse cuisines into their menus as a result of an expanding number of customers experimenting with new meals and developing a taste for different cuisines.
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