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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