The restaurant equipment global market report 2024from 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.
Restaurant Equipment Market, 2024 The restaurant equipment global market report 2024
Market Size –
The restaurant equipment market size has grown strongly in recent years. It will grow from $3.59 billion in 2023 to $3.88 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The growth in the historic period can be attributed to driving demand for specialized equipment, shifts towards healthier eating, diverse cuisines, demand for quicker service, investments in restaurants, and upgrades to equipment.
The restaurant equipment market size is expected to see strong growth in the next few years. It will grow to $5.30 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to food safety and hygiene standards, regulations on energy efficiency, urbanization, the influence of international cuisines, and university dining facilities. Major trends in the forecast period include increasing adoption of smart and connected kitchen appliances, deployment of automation and robotics in the kitchen, equipment designed to support online and mobile ordering, demand for modular and customizable equipment, and integration of data analytics and IoT (internet of things).
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Scope Of Restaurant 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.
Restaurant Equipment Market Overview
Market Drivers -The rising demand for ready-to-eat meals is expected to enhance the growth of the restaurant equipment market in the upcoming years. Ready-to-eat meals are fully cooked, prepared, and packaged food products that can be consumed without any further cooking or preparation. This demand is increasing for several reasons, including convenience, busy lifestyles, time efficiency, and urbanization. Restaurant equipment is essential for efficiently preparing, cooking, and packaging ready-to-eat meals, ensuring the delivery of high-quality, convenient food products. For instance, in March 2024, the Bank of Ayudhya Public Company Limited, a Thailand-based commercial banking institution, forecasted that the domestic market for Thai-made ready-to-eat food would grow by 3.0% to 4.0% annually from 2024 to 2026. Additionally, in 2022, the ready-to-eat food industry recorded a total domestic and export sales volume of 482.4 thousand tons, valued at USD 2.0 billion. Therefore, the increasing demand for ready-to-eat meals is driving the growth of the restaurant equipment market.
Market Trends –
Major companies operating in the restaurant equipment market are focusing on developing innovative products, such as next-generation combi ovens, to enhance cooking efficiency and versatility. Next-generation combi ovens refer to advanced kitchen appliances that combine steam and convection cooking methods for greater efficiency, precision, and versatility. For instance, in November 2023, UNOX Inc., a US-based manufacturer of food machinery products, launched its next-generation combi ovens, named the X-Generation, aiming to revolutionize the food service industry. These ovens are designed with advanced technology to enhance cooking speed, uniformity, and energy efficiency, while also featuring food-load sensitivity and intelligent climate management. The X-Generation ovens have a sleek, modern design characterized by verticality and symmetry, made from durable, high-strength materials. They are equipped with the new Digital.ID operating system, which enables seamless interaction and control.
The restaurant equipment market covered in this report is segmented –
1) By Type: Cooking Equipment, Restaurant Work Table, Food Holding And Warming, Food Preparation Equipment
2) By Distribution Channel: Online, Offline
3) By Application: Hotel, Fast Food Chain, Food Truck, Cart Or Stand, Cafe, Other Applications
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Regional Insights –
North America was the largest region in the restaurant equipment market in 2023. The regions covered in the restaurant equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies in the market are Libbey Incorporated, Cambro Manufacturing Co, The Vollrath Company, Hobart Food Equipment, Provisur Technologies Inc., Broaster Company, Blodgett Oven Company, Falcon Foodservice Equipment ltd, Victory Refrigeration, AMTek Microwaves, Adexa Direct, Riddhi Display Equipments Pvt Ltd, TAG Catering Equipment UK Ltd, Bakers Pride, Roundstone Catering Equipment Ltd, Cater-kwik Ltd, Target Catering Equipment, Canadian Restaurant Supply, Permul Ltd, Babak Food Equipment, Empura Equipment, Thomasnet, Apollo Kitchen Equipments and Services Pvt Ltd
Table of Contents
1. Executive Summary
2. Restaurant Equipment Market Report Structure
3. Restaurant Equipment Market Trends And Strategies
4. Restaurant Equipment Market – Macro Economic Scenario
5. Global Restaurant Equipment Market Size and Growth
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32. Global Restaurant Equipment Market Competitive Benchmarking
33. Global Restaurant Equipment Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Restaurant Equipment Market
35. Restaurant Equipment Market Future Outlook and Potential Analysis
36. Appendix
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