Food Service Equipment Market: Current Analysis and Forecast (2021-2027)

Food Service Equipment Market: Current Analysis and Forecast (2021-2027)

Equipment such as cooking, washing, storage, and handling equipment are used in the foodservice industry for the preparation and storage of food products for commercial purposes. Owing to the significant growth in the hospitality industry and increased use of temperature-optimized storage equipment for perishable food; the need for foodservice equipment worldwide is increasing. The increased per capita spending of consumers on food has inclined them towards online food delivery and restaurant dine-in. For instance, Japan has the highest per capita spending on food that is USD 4,417.5 per person followed by Australia, Canada, and France with per-person spending of USD 3,003.6, USD 2,986.9, and USD 2,983.4, respectively. This has led to the demand for foodservice equipment at restaurants, cafes, and hotels.

The number of hotels continues to grow, albeit at a moderate pace. The total number of hotels world’s population reached 1,84,299 by 2018, having added 14,252 hotels since 2008. This number is continuously increasing with the increase in demand for ready-to-eat food. With the significant increase in the total number of hotels worldwide the demand for installation of foodservice equipment such as cooking appliances, refrigerators, storage equipment, and other such equipment is also increasing and is expected to boost the market in the coming years. Furthermore, with the increase in employment population, the demand for ready-to-eat food has been subsequently increased. Owing to this the demand for full-service restaurants (FSR) and quick service restaurants (QSR) has also boosted. For instance, according to Organization for Economic Co-operation and development, in countries such as Japan, U.S.A, Canada, and the U.K., the female employment rates are valued at 67.5%, 64.9%, 70.6%, and 69.7% respectively. The increase in employment rate along with the increased consumption of ready-to-eat food is driving the market for full-service restaurants.

Welbilt, The Middleby Corporation, Standex International Corporation, ITW Food Equipment Group, Dover Corporation, Haier Inc., AB Electrolux, The Manitowoc Company, Inc., Ali Group S.R.L, and Duke Manufacturing, etc are some of the prominent players operating in the global Foodservice Equipment market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products.

Insights Presented in the Report

“Amongst Equipment Type, Cooking & Preparation segment holds the major share”

Based on the Equipment Type, the market is fragmented into Cooking & Preparation Equipment, Refrigeration Equipment, Ware Washing Equipment, Storage & Handling Equipment, and Others. The cooking & preparation segment dominated the market with a share of XX% in 2020 and is expected to maintain its dominance during the forecast period owing to their demand for all types of restaurants, hotels; etc.

“Amongst Sales Channel, Offline is anticipated to grow at the highest CAGR during the analyzed period”

Based on the Sales Channel, the market is fragmented into Online and Offline. In 2020, offline accounted for a maximum market revenue share of XX% and is expected to remain dominant during the analyzed period. Through offline purchase, end-users can easily analyze the technical specification and functioning of the product, owing to this offline segment is anticipated to grow at the highest CAGR over the forecast period and reach a market evaluation of USD XX billion.

Amongst End-User, Full-Service Restaurant segment holds the major share”

Based on the End-Users, the market is fragmented into Full-Service Restaurant, Quick Service Restaurant, Hotels & Pub Bar Clubs, and Others. The full-service restaurants dominated the market in 2020 with revenue of USD XX billion and is anticipated to maintain its dominance during the analyzed period.

“North America signifies one of the largest markets of Food Service Equipment Market”

For a better understanding of the market dynamics of the Food Service Equipment Market, a detailed analysis was conducted for different regions across the globe including North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Owing to the increased adoption of technologically advanced equipment, North America dominated the market and generated revenue of USD XX billion in 2020.

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• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
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• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry