Food Service Equipment Market To Reach $56.90 Billion By 2030

Food Service Equipment Market Growth & Trends

The global food service equipment market size is expected to reach USD 56.90 billion by 2030, registering a CAGR of 7.1% during the forecast period, according to a new report by Grand View Research, Inc. The increasing trade activities in the food & beverage industry, upsurge in travel & tourism activities, changing food consumption habits, and rise in disposable incomes are some of the key factors driving the growth of this market.

Equipment manufacturers are focusing on mergers & acquisitions to introduce state-of-the-art product offerings for attaining a competitive edge in the market. For instance, in 2019, SMEG S.p.A collaborated with Dolce & Gabbana S.r.l. for special styling of Fab28 SMEG refrigerator, which was encouraged by old Sicilian art. This collaboration was aimed at developing products in captivating designs consumers would like to incorporate in their modular, open commercial kitchen spaces. 

The pressing need to conserve energy has compelled manufacturers to focus on the development of energy-efficient appliances for commercial kitchens. Appliances are being integrated with bidirectional Internet of Things (IoT) connectivity. These connected appliances can automatically alert kitchen staff to increase preparation uptime. Additionally, the increasing number of restaurants across the globe is also driving the market. As per the National Restaurant Association, the U.S region itself accounts for more than 1 million restaurants of different kinds and sizes.

The COVID-19 pandemic and the subsequent lockdowns imposed by governments worldwide to minimize its communal spread at the beginning of 2020 had a substantial negative impact on the market. Various industries such as food & beverage, travel & tourism, and hospitality have been severely impacted by the temporary shutdown of manufacturing units, transportation, and logistic operations. Relaxations announced by several governments in the mid of 2020 led to the gradual increase in the online delivery business and take away from restaurants & hotels, resulting in some recovery of the food & beverage industry.

 Request a free sample copy or view report summary: Food Service Equipment Market Report

Food Service Equipment Market Report Highlights

• The Asia Pacific market accounted for the highest revenue share of close to 36% in 2023 and is expected to retain its dominance in the market over the forecast period.

• In terms of product, the kitchen purpose equipment segment dominated the market with a revenue share of over 35% of the overall market in 2023

• The Full Service Restaurant (FSR) end-user segment is estimated to dominate the food service equipment industry over the forecast period.

Food Service Equipment Market Segmentation

Grand View Research has segmented the global food service equipment market report on the basis of product, end-use, sales channel, and region:

Food Service Equipment Product Outlook (Revenue, USD Billion, 2018 - 2030)

• Kitchen Purpose Equipment

  • Cooking Equipment

    • Grills

    • Fryers

    • Ovens

    • Toasters

    • Others

  • Food & Beverage Preparation Equipment

    • Slicers & Peelers

    • Mixers & Grinders

    • Blenders

    • Juicers

    • Ice Crushers

    • Others

• Refrigeration Equipment

• Ware Washing Equipment

• Food Holding & Storing Equipment

• Others

Food Service Equipment End-user Outlook (Revenue, USD Billion, 2018 - 2030)

• Full Service Restaurant (FSR)

• Quick Service Restaurant (QSR)

• Institutional

• Others

Sales Channel Outlook (Revenue, USD Billion, 2018 - 2030)

• Online

• Offline

Regional Outlook (Revenue, USD Billion, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

• Asia Pacific

  • China

  • India

  • Japan

  • Australia

  • South Korea

• Central & South America

  • Brazil

  • Argentina

• Middle East & Africa

  • Saudi Arabia

  • South Africa

List of Key Players in the Food Service Equipment Market

• AB Electrolux

• Ali Group S.r.l. a Socio Unico

• Dover Corporation

• Duke Manufacturing

• Haier Group

• SMEG S.p.A.

• The Middleby Corporation