Food Service Equipment Market

Food Service Equipment Market Industry Overview:

A Food service equipment is used for preparing, storing and serving food to the consumers. The food service equipment market can be categorized as cooking equipment, ware washing equipment, storage & handling equipment, food & beverage preparation equipment, and serving equipment. Some of the commonly used food service equipment includes tools, crockery, utensils, and cutlery. Food service equipment must be designed and manufactured in such a manner that they can be easily used, cleaned, and disinfected safely without any specific tools. The global food service equipment market was valued at around USD 35.1 billion in 2022 and is expected to register a CAGR of 4.2% during the review period to reach to around USD 48.6 billion by end of 2030.

Food Service Equipment Market Segmentation:

By product type, the global food service equipment market has been segmented into cooking equipment, refrigeration equipment, ware washing equipment, food holding & storing equipment and others. The cooking equipment segment accounted for the largest market share in 2020 and is expected to register significant growth during the review period. The segment growth can be attributed to widespread use of cooking equipment in the food service industry. Growing usage of innovative products in the commercial kitchens is the key factor driving the segment growth.  Increasing consumer emphasis on embedding sensors in the cooking equipment such as ovens, fryers and cooktops for the real-time monitoring of meal preparations is expected to add to the segment growth substantially. The refrigeration equipment segment is expected to grow at a considerable rate during the review period.  Increasing consumption of ready to eat and take away food products has resulted in increased need for refrigeration equipment to store the food products.

By application, the global food service equipment market has been segmented into full service restaurant (FSR), quick service restaurant (QSR), institutional, and others. The full service restaurant segment accounted for the largest market share in 2020 and is expected to grow at a significant CAGR during the review period. The segment growth can be attributed to increasing consumer spending on dine-out for formal events or parties or any other celebration which has resulted in increased requirement for modern cooking and serving equipment. Increasing footfall has resulted in a significant surge in the number of full service restaurants across the geographies. The quick service restaurant segment is expected to grow at a considerable CAGR during the review period on account of increasing number of QSR chains such as McDonald’s, Domino's Pizza, Inc. and Burger King among others.

Food Service Equipment Market Dynamics and Factors:

By geography, the market has been segmented into North America, Europe, Asia-Pacific, Latin America and the Middle East & Africa. The market in Asia-Pacific accounted for the largest share in 2018 and is expected to grow at a significant CAGR during the review period. China was the key revenue generating country in the region in 2020. The regional market growth can be attributed to increasing tourism sector and rising consumer spending on dining. In addition to this, growing demand for processed food products due to convenience particularly among millennial is likely to add to the global food service equipment market growth substantially during the review period.

The market growth in North America is driven by the established presence of the quick service restaurant brands such as McDonald's, Burger King and KFC among others. Growing demand for modern and advanced equipment in the food service industry is propelling the global food service equipment market growth in the region.

The European market is expected to grow at a considerable CAGR on account of expanding tourism industry in the region. Presence of key market players such as AB Electrolux (Sweden) and Ali Group S.r.L., a Socio Unico (Italy) is another important factor propelling the global food service equipment market growth in the region. Germany, France and UK were the key revenue generating countries in the region which can be attributed to presence of large number of fast food giants.

The market in Latin America and the Middle East & Africa is expected to be driven by the growth of the hospitality industry with increasing number of full service and quick service restaurants.

Food Service Equipment Market Geographical Analysis:

Geographically, the market has been segregated into North America, Europe, Asia-Pacific, Latin America and the Middle East & Africa. The market in Asia-Pacific region accounted for the largest share in global zipper market in 2022 and is expected to grow at a significant CAGR during the review period. The regional market growth can be attributed to presence of established textile and apparel industry particularly in the developing countries such as India and China. Increasing consumer spending on fashionable and branded clothing and bags is likely to boost the product demand further. In addition to this, rising consumer interest in sports games has surged the demand for sports shoes, which, in turn is likely to bolster the global zipper market growth at significant rate during the review period.

The market growth in North America region is expected to be driven by strong presence of apparel and shoes industries particularly in the US.  Growing emphasis on development of innovative and chemical resistant zippers is likely to propel the zipper market growth at a significant rate during the review period.

The European market is expected to grow at a considerable CAGR on account of presence of strong presence of the end-use industries s. The key countries propelling the regional market growth includes Germany, UK and France. Germany dominated the market share in the region. Rising demand for premium apparels is likely to propel the market growth substantially during the review period.

The market in Latin America and the Middle East & Africa is expected to be driven by increasing product demand across verticals coupled with rising per capita disposable income and changing fashion trends.

Food Service Equipment Market Report Scope

Key Market Segmentation

Food Service Equipment Market - By Product Type

 o   Cooking Equipment

 o   Refrigeration Equipment

 o   Ware Washing Equipment

 o   Food Holding & Storing Equipment

 o   Others

Food Service Equipment Market - By Application

 o   Full Service Restaurant (FSR)

 o   Quick Service Restaurant (QSR)

 o   Institutional

 o   Others

Food Service Equipment Market - By Region

North America

 o   US

 o   Canada

 o   Mexico

Europe

 o   Germany

 o    UK

 o    France

 o    Italy

 o   Spain

 o   Russia

 o   Benelux

 o   Nordics

 o   Rest of Europe

 Asia-Pacific

 o    China

 o    India

 o    Japan

 o    South Korea

 o    Rest of Asia-Pacific

 Middle East and Africa

 South America