Food Service Equipment Market Size, Sales Volume, Status Till 2030

 

Food Service Equipment Market

The global food service equipment market size was estimated at USD 45.9 billion in 2022 and it is projected to hit around USD 76.9 billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 6.10% from 2023 to 2030.

Changing food consumption patterns, increased demand for takeaways and the expanding hospitality sector are some of the key factors driving the market. Furthermore, factors such as increasing digitalization, the need for sustainable & eco-friendly equipment, and stringent consumer safety norms are expected to create promising growth opportunities for the market in the near future.The market has rapidly evolved following the changing needs of clients for outfitting their kitchen spaces. Changing social customs coupled with technological progressions, have created a dynamic marketplace for the equipment used in the end-use sector.

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The market has quickly changed in response to clients' shifting requirements for kitchen area furnishings. Technological advancements and shifting social norms have generated a vibrant market for the equipment used in the end-use industry. Over the years, a variety of technologically advanced and innovative products have entered the market, and it is anticipated that these products will support market growth in the long run. These products range from the discovery of equipment for preparing and storing food, such as cooking stoves, ranges, and electrical refrigerators, to the availability of custom foodservice appliances to cook different cuisines. Appliance manufacturers may now provide their customers with technology-driven efficiency thanks to quick technical breakthroughs made possible by ongoing Research & Development (R&D) initiatives.

Market Dynamics:

The food service equipment industry includes cooking equipment, refrigeration and storage systems, food preparation appliances, and cleaning and sanitizing appliances. The demand for these appliances is growing due to the increasing adoption of advanced kitchen technologies in commercial food services establishments. Key players are focusing on developing energy efficient and space saving products with high performance capabilities. Moreover, they are also incorporating robotics, machine intelligence, and cloud connectivity to help restaurant businesses construct efficient smart kitchens. The emergence of quick-service restaurants among the millennial and Gen Z population is fueling the growth of this market. This is due to the growing preference for processed and easy-to-prepare foods that offer convenience as well as nutrition and quality. As a result, the food service equipment market is expanding at an accelerated pace as consumers favor products with high ROI and lower maintenance costs.

Key features of the study:

This report provides in-depth analysis of the global food service equipment market, and provides market size (US$ Billion) and compound annual growth rate (CAGR%) for the forecast period (2023-2030), considering 2022 as the base year

It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market

This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players

It profiles key players in the global food service equipment market based on the following parameters - company highlights, products portfolio, key highlights, financial performance, and strategies

Key companies covered as a part of this study include ALI GROUP S.R.L. A SOCIO UNICO, ALTO-SHAAM, INC., AMBRO MANUFACTURING CO. INC., COMSTOCK-CASTLE STOVE CO., INC., DOVER CORPORATION, and DUKE MANUFACTURING CO. INC.

Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics

The global food service equipment market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts

Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global food service equipment market

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Food Service Equipment Market Segmentation

Food Service Equipment Market, by Product

Cooking Equipment

Storage & Handling Equipment

Ware Washing Equipment

Food Holding & Serving Equipment

Others

Food Service Equipment Market, by Application

Full-Service Restaurants

Quick Service Restaurants

Caterers

Hotels & Clubs

Others

Food Service Equipment Market, by Regional

North America

US

Canada

Europe

Germany

France

UK

Italy

Spain

Rest of Europe

Asia-Pacific

China

Japan

India

Australia

South Korea

Australia

Rest of Asia-Pacific

Rest of the World

Middle East

Africa

Latin America

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