The global Food Service Equipment Market size is estimated to reach USD 56.90 billion by 2030, registering an estimated CAGR of 6.3% from 2023 to 2030, according to a new report by Grand View Research, Inc The increasing trade activities in the food & beverage industry, upsurge in travel & tourism activities, changing food consumption habits, and rise in disposable incomes are some of the key factors driving the growth of this market.
Equipment
manufacturers are focusing on mergers & acquisitions to introduce
state-of-the-art product offerings for attaining a competitive edge in the
market. For instance, in 2019, SMEG S.p.A collaborated with Dolce & Gabbana
S.r.l. for special styling of Fab28 SMEG refrigerator, which was encouraged by
old Sicilian art. This collaboration was aimed at developing products in
captivating designs consumers would like to incorporate in their modular, open
commercial kitchen spaces.
The
pressing need to conserve energy has compelled manufacturers to focus on the
development of energy-efficient appliances for commercial kitchens. Appliances
are being integrated with bidirectional Internet of Things (IoT)
connectivity. These connected appliances can automatically alert kitchen staff
to increase preparation uptime. Additionally, the increasing number of
restaurants across the globe is also driving the market. As per the National
Restaurant Association, the U.S region itself accounts for more than 1 million
restaurants of different kinds and sizes.
The
COVID-19 pandemic and the subsequent lockdowns imposed by governments worldwide
to minimize its communal spread at the beginning of 2020 had a substantial
negative impact on the market. Various industries such as food & beverage,
travel & tourism, and hospitality have been severely impacted by the
temporary shutdown of manufacturing units, transportation, and logistic
operations. Relaxations announced by several governments in the mid of 2020 led
to the gradual increase in the online delivery business and take away from
restaurants & hotels, resulting in some recovery of the food & beverage
industry.
List of Key Players in the Food Service Equipment Market
- AB
Electrolux
- Ali Group
S.r.l. a Socio Unico
- Dover
Corporation
- Duke
Manufacturing
- Haier Group
- SMEG S.p.A.
- The Middleby
Corporation
Related Press
Release@ Food
Service Equipment Market Report
Food Service Equipment Market Report Highlights
- The Asia
Pacific region is estimated to emerge as the fastest-growing regional
market with a CAGR of close to 7.9% from 2023 to 2030
- In terms of
product, the kitchen purpose equipment segment dominated the market with a
revenue share of over 38.8% of the overall market in 2022
- Expanding at
a CAGR of around 5.5% from 2023 to 2030, the Full Service Restaurant (FSR)
end-user segment is estimated to dominate the food service equipment
industry over the forecast period
Food Service Equipment Market
Report Scope
|
Report Attribute |
Details |
|
Market size value in 2023 |
USD 35.97 billion |
|
Revenue forecast in 2030 |
USD 56.90 billion |
|
Growth rate |
CAGR of 6.3% from 2023 to 2030 |
|
Base year for estimation |
2022 |
|
Historical data |
2018 - 2021 |
|
Forecast period |
2023 - 2030 |
Food Service Equipment Market Segmentation
Grand
View Research has segmented the global food service equipment market based on
product, end-user, and region:
Food Service Equipment Product Outlook (Revenue, USD
Billion, 2018 - 2030)
- Kitchen
Purpose Equipment
- Cooking
Equipment
- Food &
Beverage Preparation Equipment
- Refrigeration
Equipment
- Ware Washing
Equipment
- Food Holding
& Storing Equipment
- Others
Food Service Equipment End-user Outlook (Revenue, USD
Billion, 2018 - 2030)
- Full Service
Restaurant (FSR)
- Quick
Service Restaurant (QSR)
- Institutional
- Others
Food Service Equipment Regional Outlook (Revenue, USD
Billion; 2018 - 2030)
- North
America
- U.S
- Canada
- Mexico
- Europe
- Germany
- U.K.
- Asia Pacific
- China
- India
- Japan
- Central
& South America
- Brazil
- Middle East
& Africa
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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