Food Service Equipment Industry Overview
Food service equipment refers to a diverse range of appliances, machinery, and tools used in commercial food establishments to prepare, cook, serve, and store food. These equipment are essential for ensuring the smooth operation and efficiency of restaurants, hotels, cafeterias, catering businesses, and other foodservice establishments.
Moreover, increasing application areas of foodservice equipment across the food & beverage industry escalate the market growth to furthered height. In its foodservice equipment report, Market Research Future (MRFR) asserts that the market is expected to reach 32,014.0 million in 2022 to USD 45,046.9 million by 2030. MRFR, in its recent COVID 19 analysis on the global food service equipment market, also states that the market would register approximately 5.0% CAGR during the period (2022 -2030).
Besides, the rapidly growing food industry, including bakery & confectionaries, fosters the growth of the market. Increasing demand for energy-efficient products from quick-service restaurants and the quadrupling chain restaurants provide impetus to the market growth. Augmented uptake and demand for foodservice equipments worldwide encourage food service equipment manufacturers to bring more novelty in quality products.
The Food Service Equipment Industry encompasses a wide range of products and technologies used in commercial kitchens, restaurants, hotels, and institutional settings. With a focus on reliability, efficiency, and innovation, the industry experiences steady growth driven by the demand for advanced cooking, refrigeration, and food preparation equipment. Factors such as technological advancements, regulatory standards, and changing consumer preferences shape the dynamics of the global food service equipment industry.
Major Players:
Players leading the food service equipment market include
- Duke Manufacturing Co. Inc. (US)
- Meiko (Germany)
- Tupperware Hobart Corporation (US)
- Manitowoc Company Inc. (US)
- Ali Group SpA (Italy)
- Hoshizaki Electric Co., Ltd (Japan)
- Dover Corporation (US)
- Fujimak Corporation (Japan)
- Electrolux AB (Sweden)
- Brands Corporation (US)
Food Service Equipment Market Segmentation
The report is segmented into three dynamics;
- By Product: Cooking Equipment, Storage & Handling Equipment, and others.
- By Application: Full-Service Restaurants, Quick Service Restaurants, Caterers, Hotels & Clubs, and others.
- By Regions: Europe, North America, APAC, and Rest-of-the-World.
Market USP covered:
Drivers:
- Growth in the Hospitality Industry: Increasing demand for hotels, restaurants, and other food service establishments due to factors like rising disposable income, urbanization, and growing tourism fuels the need for equipment.
- Changing Food Consumption Patterns: The popularity of convenience foods, fast food, and diverse cuisines necessitates equipment for various cooking styles and preparation methods.
- Advancements in Food Service Technology: Development of new equipment like energy-efficient appliances, automated cooking systems, and smart kitchen solutions improves efficiency and attracts customers seeking innovative dining experiences.
- Rising Demand for Quick and Convenient Meals: The fast-paced lifestyle and growing popularity of online food delivery services increase the need for equipment that facilitates rapid food preparation.
Restraints:
- High Initial Investment Costs: Food service equipment, especially advanced models, can be expensive, posing a challenge for new businesses or smaller establishments.
- Skilled Labor Shortage: Operating and maintaining sophisticated equipment may require specialized skills, and a shortage of trained personnel can hinder adoption.
- Rapid Technological Advancements: The fast pace of innovation can lead to equipment becoming obsolete quickly, requiring frequent upgrades and potentially increasing costs.
Regional Analysis
The study offers market insights for food service equipment market across different regions: North America, Europe, Asia-Pacific, and the Rest of the World. The Asia-Pacific food service equipment market had a value of USD 13,384.9 million in 2021 and is projected to experience substantial growth with a significant Compound Annual Growth Rate (CAGR) throughout the study period. This growth is primarily attributed to the rising demand for food service equipment in the Asia-Pacific region, driven by the rapid westernization of dining habits and the expansion of the tourism industry, particularly in countries like Singapore, Malaysia, Indonesia, and Australia. As more customers in the region explore new culinary experiences and develop a palate for diverse cuisines, restaurants are adapting by incorporating a variety of cuisines into their menus.
Food Service Equipment Industry Developments
July 2020: Pump Solutions Group (Pump Solutions Group, acquired by Dover Corporation) launched two integrated rinse pumps, EvoWash and EvoRinse. The equipment is equipped with an optional powder or solid detergent dissolver, making it ideal for food service operations, both commercial and non-commercial.
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