The global Food Service Equipment Market is estimated to reach US$ 45,449.7 million by 2024 and US$ 82,099.3 million by 2034. The market is expected to surge at a CAGR of 5.6% by 2034.
Demand for food service equipment is increasing in emerging economies owing to consumers’ preference for ready-to-eat and convenience foods. This potential is surging due to changing consumer lifestyles, rising disposable income, improved brand awareness, and growing food product quality concerns. Several developing economies are expected to provide new revenue streams for the food service equipment industry.
A wide range of innovative and technologically advanced products are entering the market, from the investigation of food preparation and storage to the availability of programmable food service appliances to cook different cuisines. These products are anticipated to support market expansion in the long run.
The food service equipment industry’s key driving factor is the hotel sector. Food that is high-quality, nutritious, and requires less time and effort to make is preferred by busy consumers. This leads to a strong inclination toward quick-service eateries as well.
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Key Takeaways from the Food Service Equipment Market Study:
- The global market is expected to rise at a CAGR of 5.6% by 2034.
- The United States is projected to surge at a CAGR of 4.3% by 2034.
- Based on equipment type, the cooking equipment segment is expected to hold a market share of 43.3% in 2024.
- By end-use, the hotel segment is projected to account for 20.3% market share in 2024.
- The global market is expected to reach US$ 82,099.3 million by 2034.
“Food service equipment, including mixers, blenders, ice-cream machines, dishwashers, ovens, grills, and slicers, are being used more frequently as quick-service restaurants gain popularity. Integrating IoT and data analytics with food service equipment, including smart inventory management systems, touchscreen kiosks, integrated cooking equipment, and smart kitchens, contributes to waste reduction and increased restaurant efficiency,” says Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.).
Competitive Landscape
Leading companies in the market are Electrolux Professional, Dover Corporation, Middleby Corporation, Duke Manufactures, and Tupperware Hobart Corporation. The increasing use of environmentally friendly technology equipment is directing key players to concentrate on business plans that benefit their companies, such as joint ventures, mergers, and acquisitions.
Manufacturers are working with solution providers to offer equipment that is focused on the client’s needs and addresses food waste by supermarkets, hypermarkets, and grocery shops. Furthermore, technical developments and the Internet of Things specifications define the food service equipment industry.
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Key Companies Profiled
- Rational AG
- LG Electronics
- Robert Bosch
- Samsung Electronics
- ACP Solution Inc.
- Philips Electronics
- Selecta
- Haier Inc.
- Illinois Tool Works
- Electrolux Professional
- Dover Corporation
- Middleby Corporation
- Duke Manufactures
- Meiko
- Tupperware Hobart Corporation
- Ali Group SpA
- Panasonic Corporation
- Welbit
For instance,
- In 2020, Middleby Corporation acquired Zhuhai Guangdong, a China-based United Food Service Equipment Group.
- In May 2022, Welbilt, Inc. launched the Smart Restaurant Ecosystem.
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Food Service Equipment Market Segmentation
By Equipment:
- Food Preparation Equipment
- Drink Preparation Equipment
- Cooking Equipment
- Heating and Holding Equipment/ Buffet Service Equipment
- Table Tops
- Food Safety and Sanitation Equipment
- Small Wares (1 Unit = 6 Pieces)
- Dishwashers
- Bar Supplies (Set)
- Refrigerators and Chillers
- Baking Equipment
- Storage and Shelving Equipment
- Food Packaging and Wrapping Equipment
- Dinnerware (Set)
- Glassware (1 Unit = 6 Pieces)
By End-use Industry:
- Hotels
- Fine Dine Restaurants
- Casual Dining Restaurants
- Fast Food and Quick Service Restaurants
- Cafeteria
- Institutional Canteens and Catering
- Bakery
- Commercial Kitchens
- Travel Retail Services (Airways, Ships, Railways)
- Household
By Sales Channel:
- Online
- Offline
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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