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Global Food Service Equipment Market to Reach US$ 47.2 Billion by 2027, Catalyzed by Significant Growth in the Hospitality Industry

Published on Jun 10, 2022

The latest report by IMARC Group, titled “Food Service Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global food service equipment market size reached US$ 34.3 Billion in 2021. Food service equipment comprises various tools, utensils, cutlery, and crockery used in different food service areas. Some of the commonly utilized equipment includes stoves, ovens, slicers, fryers, wet grinders, mixers, blenders, peelers, refrigerators, dishwashers, trolleys, and storage racks. It assists in preparing, cooking, serving, handling, and storing food items efficiently. As a result, food service equipment is widely employed in households, restaurants, and commercial kitchens to reduce human effort, save time, and improve productivity. 

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.          

Global Food Service Equipment Market Trends:

Significant growth in the hospitality sector and changing food consumption patterns represent the primary factors driving the market growth. In addition, there has been an escalating demand for fast food due to the expanding working population, hectic lifestyles, inflating disposable incomes, and rapid urbanization. Along with this, the implementation of stringent food control standards by governing agencies of various countries has augmented the demand for advanced food service equipment. Besides this, with the rising health consciousness among consumers, various commercial food service establishments are offering healthy meal options and focusing on improving food safety, thereby positively influencing the market growth. Furthermore, the leading equipment manufacturers are introducing automated multi-use equipment integrated with innovative technologies, such as the Internet of Things (IoT) and big data, to facilitate remote maintenance and self-diagnosis. In line with this, the surging popularity of smart food service equipment that enables restaurants to ensure food safety, reduce costs, minimize food wastage, and improve traceability has accelerated the product adoption rate. Other factors, including the increasing popularity of outdoor and takeaway dining, emerging food tourism trends, rising adoption of energy-efficient appliances, rapid digitalization, and technological advancements, are also creating a favorable market outlook. Looking forward, IMARC Group expects the market value to reach US$ 47.2 Billion by 2027, expanding at a CAGR of 5.4% during the forecast period (2022-2027).

Market Summary:

  • Based on the product type, the market has been divided into cooking, storage and handling, warewashing, food and beverage preparation, and serving equipment. 
  • On the basis of the distribution channel, the market has been bifurcated into online and offline channels.
  • The market has been classified based on the end use into full-service restaurants and hotels, quick-service restaurants and pubs, and catering. 
  • Region-wise, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
  • The competitive landscape of the market has also been examined, with some of the key players being AB Electrolux, Ali group s.r.l. a Socio Unico, Alto-Shaam Inc., Cambro Manufacturing, Comstock-Castle Stove Co. Inc, Dover Corporation, Duke Manufacturing, Illinois Tool Works Inc., The Middleby Corporation, and Welbilt Inc. 
     

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