The commercial steam tables market size has been valued at US$ 1.3 Bn in 2023 and is expected to attain US$ 1.7 Bn by 2033, expanding at a CAGR of 3.3% during the forecast period of 2023-2033.
The growth factor determining the global commercial steam tables market includes the rising spending power of consumers, particularly the working-class population, who prefer to dine out at weekends. Further, since these steam tables or buffet serving tables hold multiple steam table pans for various food requirements at an appropriate temperature, the availability of a wide range of various different types and standard sizes of the pan is aiding the market growth.
Additionally, the sales of commercial steam tables are predicted to grow over the forecast period as a result of the rising number of food service establishments that require steam tables and are keen to obtain newer, advanced technology that helps expedite the process of warming the prepared food in commercial kitchens. Further, the rising focus of manufacturers to provide better-equipped commercial steam tables to boost operational efficiency and boost output in commercial kitchens is anticipated to stimulate market growth in the coming years.
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However, the market growth is likely to restrict over the stipulated time period owing to the development of newer technologies that have the potential to replace commercial steam tables. Additionally, several issues witnessed by end users during the usage of commercial steam tables, such as high operating costs, potential safety hazards, additional labor to replace water, etc., are also likely to restrain the demand for commercial steam tables. The key players in the market should consider all these factors before taking a move forward toward market development. New initiatives by key manufacturers to develop water-efficient technology are predicted to aid market growth in the coming years.
Key Takeaways
- The U.S. commercial steam table market is assessed to lead the market by attaining US$ 587.6 Mn by 2033. The market is projected to grow at a CAGR of 2.4% over the forecast period, significantly lower than 5.1% CAGR witnessed in between 2018-2022. The high receptance towards novel technologies emerging in the market that have the potential to replace commercial steam table can be attributed to the reduction in the CAGR over the forecast period.
- The relatively highest growth rate estimated for the U.S. market, i.e., CAGR of 2.4% between 2023-2033, can be ascribed to the high penetration of the product in the region. Additionally, the dense population of major competitors in the U.S. is also driving the market.
- On the basis of application, restaurants are expected to grow at the fastest CAGR of 3.1% over the coming years. Rising disposable income, rapid urbanization, increasing employed women, are some of the factors that are propelling the demand for commercial steam table from restaurants.
- On the basis of type, stainless steel segment is predicted to witness rapid growth, observing a CAGR of 3.2% between 2023-2033. The rising demand for stainless steel can be attributed to the availability of multiple types of food pans made of stainless steel, which include perforated pans, standard weight pans, non-stick food pans, etc. Further, they are a healthier choice to warm the food as it does not react or leach into acidic and salty foods, thereby boosting its preference.
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Competitive Landscape
The commercial steam tables market size is anticipated to be aided by growth opportunities, completion of acquisitions, formation of partnerships, and technological advancements. Following are the companies providing commercial steam tables in the market, as identified by FMI:
- Advance Tabco
- Duke Manufacturing
- Sunrise Kitchen Bath & More
- SYBO
- VEVOR
- TigerChef
- Vollrath Foodservice
- Universal Coolers
- Winco
- Unified Brands
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