Food Service Equipment - Global Market Outlook (2019-2027)
According to Stratistics MRC, the Global Food Service Equipment Market is accounted for $34.20 billion in 2019 and is expected to reach $64.72 billion by 2027 growing at a CAGR of 8.3% during the forecast period. Some of the key factors propelling the market growth include development of the hospitality industry, increase in the use of temperature-controlled storage equipment for perishable and processed food items, rise in the food service industry, rise in business related travel, surge in urban population, and rise in number of food joints such as hotels and restaurants. However, high price of food equipment and lack of skilled operators are identified as key factors hindering the market growth.
The food service equipment is required to store, prepare, and transport food products for commercial & industrial purposes. The various Food Service Equipment includes a range of ware washing equipment, storage equipment, food & beverage preparation equipment, heating & holding equipment, refrigerators & chillers, baking equipment to name a few. With advancement in technologies like Machine Learning & Artificial intelligence Food Service Equipment Market industry is highly expected to grow. This equipment is used across food service industries such as hotels, restaurants, and any commercial kitchens.
By sales channel, offline sales channel is projected to grow exponentially in the near future, owing to their demand for higher accuracy and capacity across the food and beverage industry. This sales channel allows the customer to review the technical specifications of the food service machines personally, offering a wider analysis and importance of the equipment. Offline sales of these equipment offers post purchase services and equipment warranty, thus surging the food service equipment market worldwide.
On the basis of geography, the European food service industry including hotel & restaurant is witnessing rapid growth owing to the rapidly developing travel & tourism industry. Restaurants across the region are adopting advanced food service machines to improve their services, thus supporting the Europe food service equipment market growth. Additionally, the growing demand for baked as well as frozen food products, especially in UK, Germany, and France will create huge demand for food service machinery over the forecast timeline. Food processing companies install large commercial refrigerators to store food products, keeping it fresh and hazard free.
Some of the key players in food service equipment market include Illinois Tool Works (ITW) Inc., Manitowoc Company Inc, Haier Electronics Group Co., Ltd., Ali Group, Fujimak Corporation, Welbilt, AB Electrolux, Dover Corporation, Middleby Corporation, ITW Food Equipment Group, Duke Manufacturing Co. Inc., Rational AG, Qingdao Haier Co., Ltd, Hoshizaki Corporation, Comstock-Castle Stove Co., Inc., Socio Unico, Cambro Manufacturing Co. Inc., Alto-Shaam, Inc., Castle Stove, and Meiko.
• Ware washing Equipment
• Drink Preparation Equipment
• Heating & Holding Equipment
• Baking Equipment
• Refrigerators & Chillers
• Cooking Equipment
• Storage & Handling Equipment
• Serving Equipment
• Food & Beverage Preparation Equipment
End Users Covered:
• Quick-service Restaurants & Pubs
• Indoor and Outdoor Caterers
• Full-service Restaurants & Bars
• Club Restaurants
• Hotels & Resorts
• Commercial Canteens
• Other End Users
Sales Channels Covered:
• Online Platforms
• Physical Stores
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
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- Covers Market data for the years 2018, 2019, 2020, 2024 and 2027
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
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- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
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