The Market Statsville Group (MSG) publishes the new report on the "Food Service Equipment Market by Product Type Outlook (Cooking Equipment, Storage Handling Equipment, Warewashing Equipment, Food Beverage Preparation Equipment, and Serving Equipment), by End-Use Outlook (Full-service Restaurants Hotels, Quick Service Restaurants Pubs, and Catering), by Region – Global Share and Forecast to 2027". The food service equipment market size globally was valued at USD 23,839.4 million in 2020 and is estimated to be USD 44,810.8 million by 2027, growing a CAGR of 5.7% from 2021 to 2027. An increase in awareness to save water and electricity contributes toward the growth in demand for low-energy consuming products.
The refrigerators used in hotels and retail stores release greenhouse gases, such as hydrofluorocarbons (HFCs) and chlorofluorocarbons (CFCs) as refrigerants, which have a negative impact on the environment. In addition, the rise in consumption of such refrigerants leads to the low performance of compressors, which incur additional costs. European Union’s F-Gas Regulation and EPA standards mandate to limit the use of chlorofluorocarbons (CFCs) and hydrochlorofluorocarbons (HCFCs) in refrigerators. In addition, improved productivity and minimal emissions of greenhouse gases are vital factors expected to drive the adoption of commercial ovens and refrigerators.
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Global Food Service Equipment Market Segmentation
The overall food service equipment market has been segmented into the product, end-use, and region.
- By Product Type (Cooking Equipment, Storage Handling Equipment, Warewashing Equipment, Food Beverage Preparation Equipment, and Serving Equipment)
- By End-Use (Full-service Restaurants Hotels, Quick Service Restaurants Pubs, and Catering)
- By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)
Full-service restaurants hotels, by end-use, is estimated to hold the largest market share during the forecast period
By end-use, the global food service equipment market is segmented into full-service restaurants hotels, quick-service restaurants pubs, and catering. The full-service restaurant hotel segment was the highest contributor to the market, with a market share of 72.3% in 2020. Full-service restaurants hotels include upscale full-service facilities. These food chains offer a wide variety of food beverages along with other facilities such as accommodation and luxury amenities. Luxury dining is popular among high-income tourists and affluent customers.
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The inclination of consumers toward new cuisines at a reasonable cost boosts the adoption of new technologies for preparing quick-served foods among full-service restaurants. For instance, in October 2014, Greg Malouf opened Clé Dubai, a full-service restaurant, which offers contemporary and delicacies of traditional Arabian dishes. In 2015, Vikas Khanna launched his full-service restaurant chain, Junoon, in the Asian market. Similarly, Sergi Arola launched PC in the European market in the same year. Ongoing trends of luxury dining and tourism are expected to drive the demand for full-service restaurants. In addition, high disposable income boosts the spending capacity of consumers on luxury amenities. Furthermore, an upsurge in shopping centers at business hubs across the globe leads to the proliferation of full-service restaurants.
North America accounts for the largest market share in the food service equipment market 2020
Based on the regions, the global food service equipment market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East Africa. In 2020, North America accounted for the highest market share of 34.6% in the global food service equipment market and was anticipated to maintain its dominance throughout the forecast period.Food service equipment manufacturing companies operating in the global market, namely Ali Group North America, Dover Corporation, Illinois Tool Works Inc., and others, are headquartered in North America, making it a competitive market. Food service solutions find applications in a wide variety of industries, including hotels, fast food outlets, and institutional cafeterias in North America. The North American hospitality market dominates in using food service equipment, owing to the high adoption of advanced products and an increase in demand for processed food in the region.
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Over the past years, the food service industry has witnessed significant growth in terms of technology and affordability of products. Commercial food joints, including cafes, pubs, and restaurants, prefer using automated equipment. Belshaw Adamatic Bakery Group (a subsidiary of Ali Group North America) introduced divider rounder, donut systems, and makeup lines to produce donuts and bread rolls. Market players have heavily invested in food equipment solutions for automating their processes and delivering high-quality products to cater to customers' growing needs. In terms of growth, the fast-food chain restaurant segment dominate the North American food service market. The key factor driving the growth of the North America food service equipment market is the early adoption of automation in commercial kitchens. The availability of affordable, high-quality, and safety equipment in the market allows small companies to explore and implement kitchen solutions for various applications. In addition, the rise in the cost of skilled labor drives companies toward the adoption of food service equipment.
This research report includes a study on the development and marketing strategies, along with the product portfolios and winning strategy of the leading companies operating in the food service equipment market. It also consists of the profiles of leading companies such as Duke Manufacturing Co. Inc., Illinois Tool Works (ITW), Inc., Welbilt, Inc., Middleby Corporation, Electrolux, Dover Corporation, Ali Group S.r.l. a Socio Unico, Comstock-Castle Stove Co., Inc., Alto-Shaam, Inc., Alto-Shaam, Inc., and Cambro Manufacturing Co. Inc. These market players have focused on acquisitions and expansion to gain a larger market share in the food service equipment market.
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About Market Statsville Group
Market Statsville Group (MSG) is a business research and consulting platform of Statsville Consulting Private Limited, based in Oklahoma, USA. MSG is the leading market research and strategy builder with the depth and breadth of solutions that perfectly suit your every need. MSG provides solutions in a wide range of industry verticals in market sizing, analysis, and intelligent business insights. MSG has experienced research analysts who are proficient at digging deep and providing various customizable data that help you make decisions with clarity, confidence, and impact. Furthermore, Market Statsville Group already benefited more than 1,000 companies each year for their revenue planning. It helped them take their disruptions/innovations early to the market by providing them research ahead of the curve.
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