The global food service equipment market size is estimated to reach USD 57.31 billion by 2030, registering an estimated CAGR of 6.4% from 2022 to 2030, 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.
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The Asia Pacific region is estimated to emerge as the fastest-growing regional market with a CAGR of close to 7.9% from 2022 to 2030
In terms of product, the kitchen purpose equipment segment dominated the market with a revenue share of over 38.3% of the overall market in 2021
Expanding at a CAGR of around 5.5% from 2022 to 2030, the Full Service Restaurant (FSR) end-user segment is estimated to dominate the food service equipment industry over the forecast period
Grand View Research has segmented the global food service equipment market based on product, end-user, and region:
Food Service Equipment Product Outlook (Revenue, USD Billion, 2017 - 2030)
Kitchen Purpose Equipment
Cooking Equipment
Food & Beverage Preparation Equipment
Refrigeration Equipment
Ware Washing Equipment
Food Holding & Storing Equipment
Others
Food Service Equipment End-user Outlook (Revenue, USD Billion, 2017 - 2030)
Full Service Restaurant (FSR)
Quick Service Restaurant (QSR)
Institutional
Others
Food Service Equipment Regional Outlook (Revenue, USD Billion, 2017 - 2030)
North America
U.S.
Canada
Europe
U.K.
Germany
Asia-Pacific
China
India
Japan
Latin America
Brazil
Mexico
Middle East & Africa (MEA)
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
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