The food service equipment global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Food Service Equipment Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The food service equipment market size has grown strongly in recent years. It will grow from $36.84 billion in 2023 to $39.28 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to growth in the foodservice and hospitality industry, expansion of quick service and fast casual restaurants, increased in demand for commercial kitchen efficiency, rise in consumer preferences for dining out and takeout, focus on sustainability and energy efficiency in commercial kitchens.
The food service equipment market size is expected to see strong growth in the next few years. It will grow to $51.18 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to adoption of smart and iot-enabled kitchen appliances, customization of equipment for unique culinary concepts, integration of contactless and touchless technology in food service, demand for compact and space-saving kitchen equipment, research and development in next-generation food service equipment. Major trends in the forecast period include modular and customizable kitchen solutions, energy-efficient and eco-friendly appliances, advanced cooking techniques and sous vide equipment, high-speed cooking and oven technologies, smart kitchen management systems, augmented reality (ar) and virtual reality (vr) in culinary training.
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Scope Of Food Service Equipment Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Food Service Equipment Market Overview
Market Drivers –
The growing online food service sector is significantly contributing to the growth of the food service equipment market. Online food service is growing due to the convenience offered, accessibility to all, expanding choices, reasonable prices, and others. Specifically, during the COVID-19 pandemic, as people needed to maintain social distancing and follow safety guidelines, customers started online ordering more frequently to reduce physical interaction between the customer and facilitator. This growth of the online food service sector required more food service equipment to be deployed to fulfill the market demand, resulting in a significant demand for food service equipment. For instance, according to a report by one of the big four management consulting firms Deloitte, the online food delivery sector is expected to grow by more than 10% yearly to approximately $25 billion across Europe by 2023. This growth is a result of quicker, more convenient options associated with rising incomes. In addition, according to a report by Google and Boston Consulting Group (BCG), the Indian online food industry is expected to reach $8 billion by the end of 2022, growing at 25-30%. Thus, the growing online foodservice sector will drive the growth of the food service equipment market.
The food service equipment market covered in this report is segmented –
1) By Equipment: Food Preparation Equipment, Drink Preparation Equipment, Heating And Holding Equipment, Cooking Equipment, Refrigerators And Chillers, Baking Equipment, Merchandisers, Ware Washing Equipment, Other F&B Service Equipment
2) By Distribution Channel: Online, Offline
3) By End-User: Full Service Restaurant, Quick Service Restaurant, Institutional, Other End-Users
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Regional Insights –
Asia-Pacific was the largest region in the food service equipment market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the food service equipment market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Key Companies –
Major companies operating in the food service equipment market include AB Electrolux, Ali Group Srl a Socio Unico, Dover Corporation, Duke Manufacturing, Haier Group Corporation, Smeg S.p.A., The Middleby Corporation, Meiko Maschinenbau GmbH & Co. KG, Hoshizaki Electric Co. Ltd., Fujimak Corporation, Tupperware Brands Corporation, Hobart Corporation, Manitowoc Company Inc., Alto-Shaam Inc., Cambro Manufacturing Co. Inc., Comstock-Castle Stove Co. Inc., Welbilt Inc., ITW Food Equipment Group, Standex International Corporation, The Vollrath Company LLC, The Vollrath Company, Rational AG, Hatco Corporation, Ice-O-Matic, Bunn-O-Matic Corporation, Grindmaster-Cecilware, Waring Commercial Inc., Robot Coupe USA Inc.
Table of Contents
1. Executive Summary
2. Food Service Equipment Market Report Structure
3. Food Service Equipment Market Trends And Strategies
4. Food Service Equipment Market – Macro Economic Scenario
5. Global Food Service Equipment Market Size and Growth
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31. Global Food Service Equipment Market Competitive Benchmarking
32. Global Food Service Equipment Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Food Service Equipment Market
34. Food Service Equipment Market Future Outlook and Potential Analysis
35. Appendix
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