Cooking Equipment Is Fastest Growing Segment Fueling The Growth Of Food Service Equipment Market
The global Food Service Equipment Market is estimated to be valued at Us$35.84 Bn in 2023 and is expected to exhibit a CAGR Of 5.7% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Food service equipment includes commercial cooking equipment, cooking appliances, warewashing equipment, storage equipment and other foodservice items used in commercial foodservice operations. These equipment help in food preparation and processing activities in commercial kitchens of restaurants, cafeterias, hotels and other foodservice establishments which ensures smooth functioning, improved food quality and hygiene.
Market key trends:
Growing habit of food consumption outside the home has been fueling the growth of full-service, quick-service and other commercial foodservice establishments globally. This has significantly increased the demand for time and space saving advanced commercial food equipment like cooking equipment across these establishments. In recent years, introduction of innovative cooking equipment feature like precise temperature control, automatic cook time setting, minimal energy and resource usage have dominated the industry. The cooking equipment segment is witnessing highest demand owing to increasing focus on specialty food menu, adoption of global cuisine and need for automation in commercial kitchens.
Segment Analysis
The global food service equipment market is segmented by product into food preparation equipment, drink preparation equipment, cooking equipment, heating and holding equipment, refrigerators and storage equipment, warewashing equipment, and others. The food preparation equipment segment dominates the market accounting for over 25% share in 2020. Food preparation equipment helps in reducing labor costs and improves operational efficiency in commercial kitchens which is driving the growth of this segment.
Key Takeaways
The Global Food Service Equipment Market Size is expected to witness high growth, exhibiting CAGR of 5.7% over the forecast period, due to increasing demand for energy-efficient and durable food service equipment from commercial foodservice operators.
The global food service equipment market size was valued at US$ 35.84 billion in 2023.
North America dominates the global market with over 30% share in 2023 due to strong presence of well-established foodservice chains in countries like US and Canada. Asia Pacific is expected to witness fastest growth due to growing foodservice industry and increasing number of retail food outlets in developing countries like China and India.
Key players operating in the food service equipment market are 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. Strategic partnerships and new product launches have been the key strategies adopted by these players to gain competitive advantage in the market.
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