Dublin, Oct. 04, 2024 (GLOBE NEWSWIRE) — The “Food Service Equipment – A Global Market Overview” report has been added to ResearchAndMarkets.com’s offering.
Worldwide, the demand for Food Service Equipment is projected to reach US$60.3 billion by 2030 from an estimated US$43.4 billion in 2024 at a CAGR of 5.6% between 2024 and 2030.
The design of latest food service equipment allows enhancing speed of preparing and quality of prepared food to make sure that hot and fresh meals are served in a prompt manner. The sector has evolved over the years owing to innovations, leading to the development of appliances that are energy-efficient and provide multiple functionalities. As a result, the day-to-day operations of establishments, such as restaurants, cafeterias, pubs, hotels and catering services have improved considerably.
Some of the key factors driving the market for food service equipment include rapid urbanization, change in food consumption patterns, expanding hospitality sector, growing demand for advanced machinery and integration of automated & smart technologies into equipment. Manufacturers of equipment now offer products based on AI and IoT technology that provide real-time data.
This equipment provides remote maintenance and self-diagnosis features for interconnectivity and smart operations. The number of food delivery services and the proliferation of cloud kitchens are also contributing to overall demand for food service equipment. Moreover, establishment of new FSRs and QSRs and replacing old equipment with new further increase the demand for this equipment.
Food Service Equipment Regional Market Analysis
With regard to region, the global market for Food Service Equipment is led by Asia-Pacific, with an estimated share of about 37% in 2024. Primary reasons for this include rapid adoption of the western culture of dining out, growth in the region’s tourism industry and restaurants incorporating multi-cuisine menus, as more and more customers seeking to experiment with their food choices.
FSR and QSR chains from western countries are expanding their ”foodprint” into Asian markets because of this, thereby propelling the need for new food service equipment. In countries, such as China and India, factors, such as urbanization and people with rising disposable incomes are widely frequenting FSRs and QSRs, which is furthering demand.
Food Service Equipment Market Analysis by Type
By type, Kitchen Purpose Equipment is expected to account for the largest share of around 36% of the global market for Food Service Equipment in 2024 and is also likely to register the fastest growth over the analysis period. This category includes cooking equipment and food & beverage preparation equipment, which forms the backbone of any food service establishment. Whether setting up a new food service establishment or refurbishing an existing operation to improve work efficiency, the importance and need for Kitchen Purpose Equipment is unquestionable.
Food Service Equipment Market Analysis by End-Use Establishment
Full Service Restaurants (FSRs) are anticipated to be the largest end-users of food service equipment market worldwide, with an estimated share of nearly 45% in 2024. While FSRs have had a significant presence the all the major metro cities across the globe since a long time, their expansion into mini metros and smaller cities has further boosted the demand for food service equipment.
This can be attributed to a growing demand for ready to eat food services, especially for the increasing number of working professionals who have limited time for home cooking and high disposable income. On the other hand, the global market for Food Service Equipment in Quick Service Restaurants (QSRs) & Pubs is likely to record the fastest growth.
Key Metrics
- Historical Period: 2021-2023
- Base Year: 2023
- Forecast Period: 2024-2030
- Units: Value market in US$
- Companies Mentioned: 30+
Food Service Equipment Market by Geographic Region
- North America (The United States, Canada and Mexico)
- Europe (France, Germany, Italy, Russia, Spain, The United Kingdom and Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea and Rest of Asia-Pacific)
- South America (Argentina, Brazil and Rest of South America)
- Middle East & Africa
Food Service Equipment Market by Equipment Type
- Food Holding & Storing Equipment
- Kitchen Purpose Equipment
- Refrigeration Equipment
- Ware Washing Equipment
- Other Food Service Equipment
Food Service Equipment Market by End-Use Establishment
- Full Service Restaurants (FSRs)
- Quick Service Restaurants (QSRs) & Pubs
- Other End-Use Establishments
Key Global Players
- ACP Solution Inc.
- Ali Group S.r.L.
- Alto-Shaam, Inc
- Blue Star Limited
- Cambro Manufacturing Co, Inc.
- Dover Corporation
- Duke Manufacturing Co, Inc.
- Electrolux AB
- Fujimak Corporation
- Haier, Inc.
- Hatco Corp
- Henny Penny Corp
- Hobart Corp
- Hoshizaki Corp.
- ITW Food Equipment Group
- LG Electronics
- Manitowoc Foodservice, Inc.
- Meiko
- Panasonic Corporation
- Philips Electronics
- Rancilio Group
- Rational AG
- Robert Bosch
- Samsung Electronics
- Selecta
- Smeg SpA
- Standex International Corp
- The Middleby Corporation
- The Vollrath Company LLC
- Traulsen & Co, Inc.
- Tupperware Brands Corp
- Wellbilt, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/bv8no2
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
- Food Service Equipment Market
