Food Service Equipment Market: Huge Growth Opportunities | Industry Trends | Market Analysis & Global Forecast to 2025

The global food service equipment market was valued at $31,088 million in 2017, and is projected to reach $50,039 million by 2025, registering a CAGR of 6.4% from 2018 to 2025. Food service equipment are used for preparation and storage of food products for commercial purpose. These equipment are used in food service industry such as restaurants, hotels, and other commercial kitchens. The revenue source for food service equipment market is based on the sales, after service, and replacement of food service equipment. Development of the hospitality industry and increase in use of temperature-controlled storage equipment for perishable and processed food items drive the demand for food service equipment in commercial kitchens.

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The major players profiled in this report include Alto-Shaam, Inc., Cambro Manufacturing Co. Inc., Castle Stove, Duke Manufacturing Co. Inc., Dover Corporation, Electrolux, Illinois Tool Works Inc., Ali S.p.A, Middleby Corporation, and Welbilt, Inc.

In 2017, North America accounted for the highest market share in the global food service equipment market. The North American hospitality market dominates in the use of food service equipment, owing to early adoption of advanced kitchen equipment and increase in demand for processed food in the region. However, Asia-Pacific is anticipated to grow at the highest CAGR of 8.4% during the forecast period.

Food service equipment provides ease in food preparation in addition to food safety in commercial kitchens. Such equipment are needed to prepare, cook, and store food items. Products such as refrigerators & freezers, display cabinets, cutlery, and bakery oven are offered by prime companies, ensuring premium quality and low maintenance cost. The food service equipment market is segmented based on product and end use.

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Change in food habits and busy lifestyle of consumers have led to increase in demand for ready-to-eat meals. Rapid changes in the supporting factors such as disposable income, consumer preferences, increase in working women population, and digitization have resulted in rise in number of quick-service, pop & shop, and other types of restaurants. Moreover, changes in trends of food consumption and growth in need to reduce food wastage have led to the development of innovative kitchen equipment. These factors are anticipated to drive the growth of food service equipment market during the forecast period. Furthermore, continuous developments in cooling technologies and favorable government regulations to promote the production of eco-friendly refrigerators & ovens are expected to open new avenues for the food service equipment manufacturers. However, higher installation cost of equipment is anticipated to act as a restraining factor for their adoption, particularly in the developing regions.

Based on product, the market is segmented into cooking equipment, storage & handling equipment, warewashing equipment, and serving equipment. Cooking equipment generated the highest revenue in 2017, and is expected to dominate the market in the near future. Based on end use, the market is segregated into full-service restaurants & hotels, quick-service restaurants, and catering. Full-service restaurant & hotels held the maximum share in 2017, owing to the fact that they ensure premium quality food with high hygienic ambience and fuller table services. In addition, high disposable income results in increased dining out with entertainment options. These factors drive the growth of full-service restaurants & hotels.

By region, the food service equipment market is segmented across North America, Europe, Asia-Pacific, and LAMEA. In 2017, North America dominated the overall market, in terms of revenue, owing to high adoption of advanced technology and rise in demand for processed food in the market. The region is expected to maintain its dominant position throughout the analysis period, registering a CAGR of 4.7% from 2018 to 2025. However, Asia-Pacific food service equipment market is anticipated to grow at the highest CAGR of 8.4%.

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