Food Service Equipment Market - Forecast (2022-2027)

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The Food Service Equipment Market Size is estimated to reach $45.2 billion by 2027 and is poised to grow at a CAGR of 4.1% over the forecast period of 2022-2027.

Food Service Equipment Market - Forecast (2022-2027)

Food Service Equipment Market Overview

The Food Service Equipment Market Size is estimated to reach $45.2 billion by 2027 and is poised to grow at a CAGR of 4.1% over the forecast period of 2022-2027. Food Service equipment is used for the preparation and storage of food products for commercial use. Food service equipment includes kitchen equipment, catering equipment, storage & handling equipment, ware washing equipment, food & beverage preparation equipment and serving equipment. The food service equipment industry is undergoing a revolution and is also continuing to innovate rapidly to keep up with the ever-evolving demands from commercial kitchens and restaurants. The rise in the availability of catering equipment in the region and the growing investment by the key players are the major factors driving the growth of the Food Service Equipment Market Share. Manufacturers of food service equipment have recognized the possibilities of cloud technology and have created a variety of devices that can communicate with operators via Bluetooth or Wi-Fi. The rise in the demand for advanced food service equipment and technological advancements in restaurants & the catering industry are contributing to the growth of the Food Service Equipment Industry during the forecast period 2022-2027.

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Food Service Equipment Market Report Coverage

The report: “Food Service Equipment Market Forecast (2022-2027)" by Industry ARC, covers an in-depth analysis of the following segments in the Food Service Equipment Market.

by Type: Cooking Equipment, Storage & Handling Equipment, Ware Washing Equipment, Serving Equipment and Others.

by End-user: Full-Service Restaurants (FSR), Quick Service Restaurants (QSR), Institutions and Others.

by Geography: North America (the US, Canada and Mexico), Europe (Germany, the UK, France, Italy, Spain, Russia and the Rest of Europe), Asia-Pacific (China, Japan India, South Korea, Australia and New Zealand and the Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia and the Rest of South America) and the Rest of the World (the Middle East and Africa).

Key Takeaways

Geographically, North America held a dominant market share in the year 2021, owing to the presence of key players in the region. In addition, the companies are developing innovative Food Service Equipment for various applications. A robust economy and a growing trend in full-service restaurants are driving demand for Food Service Equipment Industry in this region.
The technological advancements in the restaurant and catering industry are driving the growth of the Food Service Equipment Market Size. However, the rise in food safety issues is expected to hinder the growth of the target market to a certain extent.
A detailed analysis of strengths, weaknesses, opportunities and threats would be provided in the Food Service Equipment Market Report.

Food Service Equipment Market Segmentation Analysis - by Type

The Food Service Equipment Market, based on type, can be further segmented into Cooking Equipment, Storage & Handling Equipment, Ware Washing Equipment, Serving Equipment and others. Cooking Equipment held a dominant market share in 2021. The rise in the adoption of grill equipment and the growing demand for advanced kitchen equipment in developed nations are the major factors propelling the growth of the Food Service Equipment Market Size. The key players across the world are focusing on developing advanced fryer equipment due to the growing demand for fried foods among the young population. However, the Storage and Handling Equipment segment is estimated to be the fastest-growing, with a CAGR of 5.2% over the forecast period of 2022-2027. Companies are inclining toward optimum food safety and regularly clean & sanitize temperature-controlled food holding equipment. These are some of the major factors driving the growth of the Food Service Equipment Market Size.

Food Service Equipment Market Segmentation Analysis - by End-user

The Food Service Equipment Market, based on end-user, can be further segmented into Full-Service Restaurants (FSR), Quick Service Restaurants (QSR), Institutions and others. The Full-Service Restaurants (FSR) segment held a dominant market share in the year 2021. The introduction of digital dining trends has driven food service operators to implement modern equipment to speed up the preparation process and reduce delivery uptime. This has helped Food Service Restaurants to have a large market share. However, Quick Service Restaurants (QSR) is estimated to be the fastest-growing, with a CAGR of 6.0% over the forecast period of 2022-2027. Continuous product advancements in the food service equipment sector have been recognized as an additional stimulus, allowing time-pressed consumers to have faster access to high-quality cooked foods.

Food Service Equipment Market Segmentation Analysis - by Geography

The Food Service Equipment Market, based on Geography, can be further segmented into North America, Europe, Asia-Pacific, South America and the Rest of the World. North America held a dominant market share of 42% in 2021. The growing adoption of catering equipment, handling equipment and kitchen equipment in the United States and the presence of key players in the region are contributing to the growth of the Food Service Equipment Industry. Key manufacturers are leading the Food Service Equipment market in this region with several developments and expansions. However, the Asia-Pacific region is estimated to be the fastest-growing, with a CAGR over the forecast period of 2022-2027. The rise in the availability of catering equipment in the region and the growing investment by the key players are the major factors driving the growth of the Food Service Equipment Market Share.

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Food Service Equipment Market Drivers

Rapid Growth in the Food Service Industry:

According to the US Department of Agriculture (USDA), the food service and retailing industries supplied about $1.79 trillion worth of food in 2019. Food service facilities contributed $978.2 billion to the total. Moreover, the majority of food-away-from-home spending was spent at commercial food service facilities. Full-service restaurants, quick food outlets, caterers, some cafeterias and other businesses that prepare, serve and sell food to the general public for profit fall under this category.

Technological Advancements in Restaurants and Catering Industry:

According to the latest statistics, 80% of caterers used cutting-edge technical devices in 2020. It has also been observed that they are using these innovations as new products in the market. They are also understanding the impact of technology during operations to frame an impression on the customer, ease of doing so and, above all, customer and self-satisfaction levels. This is one of the major factors propelling the growth of the Food Service Equipment Market Share.

Food Service Equipment Market Challenge

A Rise in the Food Safety Issues:

According to the Centers for Disease Control and Prevention (CDC), 1 in every 6 Americans falls sick as a result of contaminated food or beverages and 3,000 people die as a result of food poisoning. In addition, according to the United States Department of Agriculture (USDA), foodborne illnesses cost the country more than $15.6 billion each year. This rapid rise in food safety issues is enhancing the adoption of advanced food service storage and handling equipment, which is one of the major factors that is said to reduce the growth of the Food Service Equipment Market Share.

Food Service Equipment Industry Outlook

Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Food Service Equipment Market. The top 10 Food Service Equipment Market companies are: