Food Service Equipment Market Forecasts to 2028 - Global Analysis By Equipment Type (Refrigeration Equipment, Ware Washing Equipment, Cooking & Preparation Equipment and Other Equipments), By End User (Full-service Restaurants, Quick-service Restaurants, Hotels & Clubs and Other End Users) and Geography
|
Years Covered |
2020-2028 |
|
Estimated Year Value (2022) |
US $37.38 BN |
|
Projected Year Value (2028) |
US $60.65 BN |
|
CAGR (2022 - 2028) |
8.4% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
Asia Pacific |
|
Highest Growing Market |
North America |
According to Stratistics MRC, the Global Food Service Equipment Market is accounted for $37.38 billion in 2022 and is expected to reach $60.65 billion by 2028 growing at a CAGR of 8.4% during the forecast period. Cooking equipment, storage and handling equipment, ware washing equipment, food and beverage preparation equipment, and serving equipment comprise the food service equipment market. As the demand for technologically advanced kitchen equipment grows, manufacturers of foodservice equipment have significantly improved their product offerings. People's living standards in developing countries have given rise to restaurants and cafes, which has contributed to investments in the food industry.
According to a Google and Boston Consulting Group (BCG) report, the Indian online food industry is expected to reach $8 billion by the end of 2022, with a 25-30% growth rate. As a result, the growing online foodservice sector will propel the foodservice equipment market forward.
Market Dynamics:
Driver:
Integration of Automated Technologies
The equipment manufacturers intend to concentrate on the low-cost services that can be provided to improve food quality. In today's market, it has become mandatory to monitor and cater the quality services of any equipment. For interconnected and smart operations, remote maintenance and self-diagnosis features are implemented, recognising the operation of food service machinery. This equipment aids in the preservation of hygiene, accurate temperature, and sterilisation of utensils used in food preparation, thereby ensuring consumer food safety. Companies in the industry are creating products based on AI and IoT technology to improve the user experience which is fueling the market growth.
Restraint:
High Cost of Advanced Machinery
Food safety is the primary goal of any food equipment manufacturer, and the production of these machines necessitates skilled labourers who can operate both traditional and automated machines. The integration of automated food service machines is more expensive and comes with a demand for trained labourers as well as other automated facilities. This raises the overall setup and maintenance costs of the machines, impeding market growth.
Opportunity:
Rising demand for ready-to-eat meals
Consumers' shifting eating habits and increasingly hectic lifestyles have increased demand for ready-to-eat meals in recent years. Rapid shifts in supporting factors such as disposable income, consumer preferences, an increase in the working female population, and digitization have resulted in an increase in the number of restaurants offering quick service, pop & shop, and other types of dining options. Furthermore, an increase in the demand for processed foods increases the number of grocery stores, hypermarkets, and retail shops, which increases the demand for refrigeration and storage products, which is contributing to market growth.
Threat:
An Increase in Food Safety Concerns
According to the Centers for Disease Control and Prevention (CDC), one out of every six Americans becomes ill as a result of contaminated food or beverages, and 3,000 people die as a result. Furthermore, the United States Department of Agriculture (USDA) estimates that foodborne illnesses cost the country more than $15.6 billion per year. The rapid rise in food safety concerns is increasing the adoption of advanced food service storage and handling equipment, which is one of the major factors said to be restricting the growth of the Food Service Equipment Market Share.
Covid-19 Impact
Due to stringent social distancing and shelter-in-place norms imposed by governments worldwide, the COVID-19 pandemic resulted in the temporary shutdown of food service operations. Nonetheless, as governments ease lockdowns and the first vaccines arrive, the food service industry is expected to recover during the forecast period. While dine-in restaurant traffic is expected to take longer to recover, end customers are expected to recover via off-premise, takeaways, and online delivery services. The struggling market is expected to thrive in the coming years as a result of the subsequent increase in footfall in food service restaurants and institutional kitchens.
The Cooking & Preparation Equipment segment is expected to be the largest during the forecast period
Cooking and preparation equipment is expected to be the largest segment during the forecast period due to increased demand in general and convenience stores, full-service restaurants, and quick-service restaurants. Moreover, the growing demand for advanced kitchen equipment and the increased adoption of grill equipment in developed countries are the major factors driving the growth of the market. Additionally, to meet the growing demand for fried foods among the young population, key players around the world are focusing on developing advanced fryer equipment, which is also fueling the market.
The Quick Service Restaurants segment is expected to have the highest CAGR during the forecast period
The quick-service restaurants segment is expected to grow at the highest CAGR during the forecast period due to rapid changes in supporting factors such as consumer preferences for fast food, increase in working women population, rise in disposable income, and rapid urbanisation, which has resulted in an increase in the number of quick-service restaurants & pubs, thereby driving market growth.
Region with largest share:
Due to the emerging hospitality industry in India, China, and Japan, Asia Pacific holds the largest food service equipment market share over the forecast period. According to National Restaurant Association of India (NRAI) statistics, the country's food service industry is expected to reach around USD 843 billion providing opportunities for market growth. Furthermore, rising demand for frozen food products in China and Japan, rising travel, tourism, and hospitality will fuel market growth in this region.
Region with highest CAGR:
The North America region is expected to grow at the fastest CAGR during the forecast period, rising number of food joints in the region. Restaurants across the United States and Canada are making significant investments to improve their customer service. As a result, using various food service equipment such as cooking equipment, refrigerators, and ware-washing equipment, among other things, will assist restaurants in improving their food services. According to the National Restaurant Association of the United States, the country has over one million restaurants, providing ample opportunities for market growth. Furthermore, the growing demand for technologically advanced equipment in the food industry in the United States will drive market growth in the coming years.
Key players in the market
Some of the key players profiled in the Food Service Equipment Market include Meiko, Welbilt, Haier Inc, ITW Food Equipment Group, Standex International Corporation, Duke Manufacturing Co. Inc., Hoshizaki Electric Co. Ltd, The Middleby Corporation, Fujimak Corporation, Tupperware Hobart Corporation, Dover Corporation, Brands Corporation, Electrolux AB, Ali Group SpA and Manitowoc Company Inc.
Key Developments:
In September 2021, Duke Manufacturing launched Readyflex holding units in the UK market. These units are designed to offer operators many advantages and make their working lives easier. Moreover, these units seamlessly interact with the third-party cloud and on-site solutions.
In August 2021, Electrolux has launched its TrinityPro range of tabletop food preparation equipment. This equipment is composed of a cutter mixer, vegetable slicer and an all-in-one combined cutter-slicer. This equipment has been designed to provide optimum results across a range of applications.
Equipment Types Covered:
• Refrigeration Equipment
• Ware Washing Equipment
• Cooking & Preparation Equipment
• Storage & Handling Equipment
• Food Holding & Storing Equipment
• Other Equipment Types
End Users Covered:
• Full-service Restaurants
• Quick-service Restaurants
• Hotels & Clubs
• Catering
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 End User Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Food Service Equipment Market, By Equipment Type
5.1 Introduction
5.2 Refrigeration Equipment
5.3 Ware Washing Equipment
5.4 Cooking & Preparation Equipment
5.5 Storage & Handling Equipment
5.6 Food Holding & Storing Equipment
5.7 Other Equipment Types
6 Global Food Service Equipment Market, By End User
6.1 Introduction
6.2 Full-service Restaurants
6.3 Quick-service Restaurants
6.4 Hotels & Clubs
6.5 Catering
6.6 Other End Users
7 Global Food Service Equipment Market, By Geography
7.1 Introduction
7.2 North America
7.2.1 US
7.2.2 Canada
7.2.3 Mexico
7.3 Europe
7.3.1 Germany
7.3.2 UK
7.3.3 Italy
7.3.4 France
7.3.5 Spain
7.3.6 Rest of Europe
7.4 Asia Pacific
7.4.1 Japan
7.4.2 China
7.4.3 India
7.4.4 Australia
7.4.5 New Zealand
7.4.6 South Korea
7.4.7 Rest of Asia Pacific
7.5 South America
7.5.1 Argentina
7.5.2 Brazil
7.5.3 Chile
7.5.4 Rest of South America
7.6 Middle East & Africa
7.6.1 Saudi Arabia
7.6.2 UAE
7.6.3 Qatar
7.6.4 South Africa
7.6.5 Rest of Middle East & Africa
8 Key Developments
8.1 Agreements, Partnerships, Collaborations and Joint Ventures
8.2 Acquisitions & Mergers
8.3 New Product Launch
8.4 Expansions
8.5 Other Key Strategies
9 Company Profiling
9.1 Meiko
9.2 Welbilt
9.3 Haier Inc
9.4 ITW Food Equipment Group
9.5 Standex International Corporation
9.6 Duke Manufacturing Co. Inc.
9.7 Hoshizaki Electric Co. Ltd
9.8 The Middleby Corporation
9.9 Fujimak Corporation
9.10 Tupperware Hobart Corporation
9.11 Dover Corporation
9.12 Brands Corporation
9.13 Electrolux AB
9.14 Ali Group SpA
9.15 Manitowoc Company Inc.
List of Tables
1 Global Food Service Equipment Market Outlook, By Region (2020-2028) ($MN)
2 Global Food Service Equipment Market Outlook, By Equipment Type (2020-2028) ($MN)
3 Global Food Service Equipment Market Outlook, By Refrigeration Equipment (2020-2028) ($MN)
4 Global Food Service Equipment Market Outlook, By Ware Washing Equipment (2020-2028) ($MN)
5 Global Food Service Equipment Market Outlook, By Cooking & Preparation Equipment (2020-2028) ($MN)
6 Global Food Service Equipment Market Outlook, By Storage & Handling Equipment (2020-2028) ($MN)
7 Global Food Service Equipment Market Outlook, By Food Holding & Storing Equipment (2020-2028) ($MN)
8 Global Food Service Equipment Market Outlook, By Other Equipment Types (2020-2028) ($MN)
9 Global Food Service Equipment Market Outlook, By End User (2020-2028) ($MN)
10 Global Food Service Equipment Market Outlook, By Full-service Restaurants (2020-2028) ($MN)
11 Global Food Service Equipment Market Outlook, By Quick-service Restaurants (2020-2028) ($MN)
12 Global Food Service Equipment Market Outlook, By Hotels & Clubs (2020-2028) ($MN)
13 Global Food Service Equipment Market Outlook, By Catering (2020-2028) ($MN)
14 Global Food Service Equipment Market Outlook, By Other End Users (2020-2028) ($MN)
15 North America Food Service Equipment Market Outlook, By Country (2020-2028) ($MN)
16 North America Food Service Equipment Market Outlook, By Equipment Type (2020-2028) ($MN)
17 North America Food Service Equipment Market Outlook, By Refrigeration Equipment (2020-2028) ($MN)
18 North America Food Service Equipment Market Outlook, By Ware Washing Equipment (2020-2028) ($MN)
19 North America Food Service Equipment Market Outlook, By Cooking & Preparation Equipment (2020-2028) ($MN)
20 North America Food Service Equipment Market Outlook, By Storage & Handling Equipment (2020-2028) ($MN)
21 North America Food Service Equipment Market Outlook, By Food Holding & Storing Equipment (2020-2028) ($MN)
22 North America Food Service Equipment Market Outlook, By Other Equipment Types (2020-2028) ($MN)
23 North America Food Service Equipment Market Outlook, By End User (2020-2028) ($MN)
24 North America Food Service Equipment Market Outlook, By Full-service Restaurants (2020-2028) ($MN)
25 North America Food Service Equipment Market Outlook, By Quick-service Restaurants (2020-2028) ($MN)
26 North America Food Service Equipment Market Outlook, By Hotels & Clubs (2020-2028) ($MN)
27 North America Food Service Equipment Market Outlook, By Catering (2020-2028) ($MN)
28 North America Food Service Equipment Market Outlook, By Other End Users (2020-2028) ($MN)
29 Europe Food Service Equipment Market Outlook, By Country (2020-2028) ($MN)
30 Europe Food Service Equipment Market Outlook, By Equipment Type (2020-2028) ($MN)
31 Europe Food Service Equipment Market Outlook, By Refrigeration Equipment (2020-2028) ($MN)
32 Europe Food Service Equipment Market Outlook, By Ware Washing Equipment (2020-2028) ($MN)
33 Europe Food Service Equipment Market Outlook, By Cooking & Preparation Equipment (2020-2028) ($MN)
34 Europe Food Service Equipment Market Outlook, By Storage & Handling Equipment (2020-2028) ($MN)
35 Europe Food Service Equipment Market Outlook, By Food Holding & Storing Equipment (2020-2028) ($MN)
36 Europe Food Service Equipment Market Outlook, By Other Equipment Types (2020-2028) ($MN)
37 Europe Food Service Equipment Market Outlook, By End User (2020-2028) ($MN)
38 Europe Food Service Equipment Market Outlook, By Full-service Restaurants (2020-2028) ($MN)
39 Europe Food Service Equipment Market Outlook, By Quick-service Restaurants (2020-2028) ($MN)
40 Europe Food Service Equipment Market Outlook, By Hotels & Clubs (2020-2028) ($MN)
41 Europe Food Service Equipment Market Outlook, By Catering (2020-2028) ($MN)
42 Europe Food Service Equipment Market Outlook, By Other End Users (2020-2028) ($MN)
43 Asia Pacific Food Service Equipment Market Outlook, By Country (2020-2028) ($MN)
44 Asia Pacific Food Service Equipment Market Outlook, By Equipment Type (2020-2028) ($MN)
45 Asia Pacific Food Service Equipment Market Outlook, By Refrigeration Equipment (2020-2028) ($MN)
46 Asia Pacific Food Service Equipment Market Outlook, By Ware Washing Equipment (2020-2028) ($MN)
47 Asia Pacific Food Service Equipment Market Outlook, By Cooking & Preparation Equipment (2020-2028) ($MN)
48 Asia Pacific Food Service Equipment Market Outlook, By Storage & Handling Equipment (2020-2028) ($MN)
49 Asia Pacific Food Service Equipment Market Outlook, By Food Holding & Storing Equipment (2020-2028) ($MN)
50 Asia Pacific Food Service Equipment Market Outlook, By Other Equipment Types (2020-2028) ($MN)
51 Asia Pacific Food Service Equipment Market Outlook, By End User (2020-2028) ($MN)
52 Asia Pacific Food Service Equipment Market Outlook, By Full-service Restaurants (2020-2028) ($MN)
53 Asia Pacific Food Service Equipment Market Outlook, By Quick-service Restaurants (2020-2028) ($MN)
54 Asia Pacific Food Service Equipment Market Outlook, By Hotels & Clubs (2020-2028) ($MN)
55 Asia Pacific Food Service Equipment Market Outlook, By Catering (2020-2028) ($MN)
56 Asia Pacific Food Service Equipment Market Outlook, By Other End Users (2020-2028) ($MN)
57 South America Food Service Equipment Market Outlook, By Country (2020-2028) ($MN)
58 South America Food Service Equipment Market Outlook, By Equipment Type (2020-2028) ($MN)
59 South America Food Service Equipment Market Outlook, By Refrigeration Equipment (2020-2028) ($MN)
60 South America Food Service Equipment Market Outlook, By Ware Washing Equipment (2020-2028) ($MN)
61 South America Food Service Equipment Market Outlook, By Cooking & Preparation Equipment (2020-2028) ($MN)
62 South America Food Service Equipment Market Outlook, By Storage & Handling Equipment (2020-2028) ($MN)
63 South America Food Service Equipment Market Outlook, By Food Holding & Storing Equipment (2020-2028) ($MN)
64 South America Food Service Equipment Market Outlook, By Other Equipment Types (2020-2028) ($MN)
65 South America Food Service Equipment Market Outlook, By End User (2020-2028) ($MN)
66 South America Food Service Equipment Market Outlook, By Full-service Restaurants (2020-2028) ($MN)
67 South America Food Service Equipment Market Outlook, By Quick-service Restaurants (2020-2028) ($MN)
68 South America Food Service Equipment Market Outlook, By Hotels & Clubs (2020-2028) ($MN)
69 South America Food Service Equipment Market Outlook, By Catering (2020-2028) ($MN)
70 South America Food Service Equipment Market Outlook, By Other End Users (2020-2028) ($MN)
71 Middle East & Africa Food Service Equipment Market Outlook, By Country (2020-2028) ($MN)
72 Middle East & Africa Food Service Equipment Market Outlook, By Equipment Type (2020-2028) ($MN)
73 Middle East & Africa Food Service Equipment Market Outlook, By Refrigeration Equipment (2020-2028) ($MN)
74 Middle East & Africa Food Service Equipment Market Outlook, By Ware Washing Equipment (2020-2028) ($MN)
75 Middle East & Africa Food Service Equipment Market Outlook, By Cooking & Preparation Equipment (2020-2028) ($MN)
76 Middle East & Africa Food Service Equipment Market Outlook, By Storage & Handling Equipment (2020-2028) ($MN)
77 Middle East & Africa Food Service Equipment Market Outlook, By Food Holding & Storing Equipment (2020-2028) ($MN)
78 Middle East & Africa Food Service Equipment Market Outlook, By Other Equipment Types (2020-2028) ($MN)
79 Middle East & Africa Food Service Equipment Market Outlook, By End User (2020-2028) ($MN)
80 Middle East & Africa Food Service Equipment Market Outlook, By Full-service Restaurants (2020-2028) ($MN)
81 Middle East & Africa Food Service Equipment Market Outlook, By Quick-service Restaurants (2020-2028) ($MN)
82 Middle East & Africa Food Service Equipment Market Outlook, By Hotels & Clubs (2020-2028) ($MN)
83 Middle East & Africa Food Service Equipment Market Outlook, By Catering (2020-2028) ($MN)
84 Middle East & Africa Food Service Equipment Market Outlook, By Other End Users (2020-2028) ($MN)
Frequently Asked Questions
In case of any queries regarding this report, you can contact the customer service by filing the “Inquiry Before Buy” form available on the right hand side. You may also contact us through email: info@strategymrc.com or phone: +1-301-202-5929
Yes, the samples are available for all the published reports. You can request them by filling the “Request Sample” option available in this page.
Yes, you can request a sample with your specific requirements. All the customized samples will be provided as per the requirement with the real data masked.
All our reports are available in Digital PDF format. In case if you require them in any other formats, such as PPT, Excel etc you can submit a request through “Inquiry Before Buy” form available on the right hand side. You may also contact us through email: info@strategymrc.com or phone: +1-301-202-5929
We offer a free 15% customization with every purchase. This requirement can be fulfilled for both pre and post sale. You may send your customization requirements through email at info@strategymrc.com or call us on +1-301-202-5929.
We have 3 different licensing options available in electronic format.
- Single User Licence: Allows one person, typically the buyer, to have access to the ordered product. The ordered product cannot be distributed to anyone else.
- 2-5 User Licence: Allows the ordered product to be shared among a maximum of 5 people within your organisation.
- Corporate License: Allows the product to be shared among all employees of your organisation regardless of their geographical location.
All our reports are typically be emailed to you as an attachment.
To order any available report you need to register on our website. The payment can be made either through CCAvenue or PayPal payments gateways which accept all international cards.
We extend our support to 6 months post sale. A post sale customization is also provided to cover your unmet needs in the report.
Request Customization
We provide a free 15% customization on every purchase. This requirement can be fulfilled for both pre and post sale. You may send your customization requirements through email at info@strategymrc.com or call us on +1-301-202-5929.
Note: This customization is absolutely free until it falls under the 15% bracket. If your requirement exceeds this a feasibility check will be performed. Post that, a quote will be provided along with the timelines.
WHY CHOOSE US ?
Assured Quality
Best in class reports with high standard of research integrity
24X7 Research Support
Continuous support to ensure the best customer experience.
Free Customization
Adding more values to your product of interest.
Safe & Secure Access
Providing a secured environment for all online transactions.
Trusted by 600+ Brands
Serving the most reputed brands across the world.