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| Global Food Service Equipment Market Size |
Food service equipment such as ovens, refrigerators,
dishwashers, mixers, and slicers are used across commercial establishments like
hotels, restaurants, cafeterias, and catering units for food preparation and
storage purposes. These equipment help simplify tasks, improve productivity,
and maintain hygienic standards. The growing food & beverages industry has
boosted the need for advanced commercial kitchen equipment.
The global
Food Service Equipment Market is estimated to be valued at US$ 35.84 billion in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period
2023 to 2030, as highlighted in a new report published by Coherent Market
Insights.
Market key trends: The rising demand from commercial sectors like hotels,
restaurants, and catering businesses has accelerated the growth of the food
service equipment market over the recent years. Rapid urbanization, growing
number of food joints, and changing food consumption patterns have increased
the need for sophisticated commercial kitchen equipment across establishments.
Moreover, equipment with enhanced features of efficiency, productivity, and
automation are gaining traction. This has prompted market players to invest in
research & development of advanced equipment integrated with latest technologies
to cater to the evolving requirements of commercial sectors.
Segment Analysis
The global food service equipment market is dominated by commercial
refrigeration and food & beverage preparation equipment subsegment.
Commercial refrigeration equipment segment held largest share of over 30% in
2023 owing to large scale production and demand from restaurants, hotels, cafes
among others. Food & beverage preparation equipment subsegment is expected
to witness highest growth during forecast period due to rising demand for fast
and high volume cooking solutions from cafes, quick service restaurants along
with growing organized food retail sector.
Key Takeaways
The Global
Food Service Equipment Market Size is expected to witness high growth.
Regional analysis related content comprises
The Asia Pacific region is expected to dominate the global food service
equipment market during the forecast period. Countries like China, India are
witnessing fastest growth due rapid urbanization, growing working population,
rising number of food joints and restaurants. The region accounted for over 35%
share of global market in 2023.
Key players
Key players operating in the food service equipment market are ALI GROUP S.R.L.
A SOCIO UNICO, ALTO-SHAAM, INC., AMBRO MANUFACTURING CO. INC., COMSTOCK-CASTLE
STOVE CO., INC., DOVER CORPORATION, and DUKE MANUFACTURING CO. INC. Major
players are focusing on product innovation and development to cater to growing
demand for energy efficient and multifunctional food equipment from food
services sector. The players are also expanding their business geographic reach
through mergers and acquisitions to strengthen market presence.
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