Global Food Service Equipment Market Set to Reach USD 51.68 Billion by 2032, Driven by Growing Hospitality Industry and Technological Advancements

The global food service equipment market, valued at USD 32.18 billion in 2021, is projected to reach USD 51.68 billion by 2032, growing at a robust CAGR of 6.1% during the forecast period, according to Straits Research's latest report on the market.

Market Overview:

Food service equipment refers to the range of tools, utensils, and machines required for food preparation, cooking, storage, washing, and serving in commercial kitchens. This includes cooking equipment, ware-washing machines, food preparation units, storage systems, and serving tools. The increasing demand for restaurant services, the rise in business-related travel, and the growing number of hotels and restaurants worldwide are significant drivers of market expansion. Furthermore, evolving consumer preferences for fast, high-quality, and safe food, combined with the increasing popularity of junk food, continue to fuel the demand for food service equipment.

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Market Scope Segmentation:

The global food service equipment market is segmented by product type, end-use, and region:

• By Product Type:

  • Cooking Equipment
  • Storage Handling Equipment
  • Ware-washing Equipment
  • Food Beverage Preparation Equipment
  • Serving Equipment

• By End-Use:

  • Full-service Restaurants Hotels
  • Quick Service Restaurants Pubs
  • Catering

• By Region:

  • North America
  • Europe
  • Asia Pacific
  • Middle East Africa (MEA)
  • Latin America (LATAM)

Table of Contents for the Food Service Equipment Market Report: https://straitsresearch.com/report/food-service-equipment-market/toc

Regional Analysis:

North America remains the largest market for food service equipment, driven by a high demand from hotels, fast food restaurants, and institutional cafeterias. The region's food service industry has seen tremendous growth, particularly with the increasing adoption of innovative and automated food service equipment solutions. Additionally, labor shortages and a rising focus on hygiene and safety in commercial kitchens have spurred the need for automated, high-tech solutions.

The Asia Pacific region, with a market share of USD 16,164 million in 2022, is expected to be the fastest-growing market, driven by the booming hospitality industry in countries like China and India, rapid urbanization, and increasing household incomes. The shift towards modern kitchen solutions, digitization in commercial kitchens, and growing adoption of global food safety certifications are key factors contributing to this rapid growth.

Key Drivers and Trends:

• Growth in the Food Service Industry: The expansion of the food service industry, especially the increasing number of quick-service restaurants (QSRs) and full-service restaurants, continues to drive the need for food service equipment.
• Technological Advancements: Automation, energy-efficient equipment, and the adoption of eco-friendly solutions are significant trends reshaping the food service equipment market.
• Preference for Energy-Efficient Solutions: There is growing consumer awareness and demand for energy-efficient, cost-effective equipment that reduces energy consumption, especially in refrigeration and cooking devices.

Market Segmentation: https://straitsresearch.com/report/food-service-equipment-market/segmentation

Key Restraints:

• High Capital Investment: One of the significant restraints for market growth is the high initial capital investment required for setting up commercial kitchens with advanced equipment. Moreover, ongoing maintenance and the integration of sophisticated technologies make these solutions expensive.

Opportunities:

• Sustainability and Eco-Friendly Equipment: There is increasing demand for energy-efficient, sustainable, and low-emission food service equipment, especially natural refrigerants and solar-powered systems. Manufacturers’ efforts to introduce green technologies are expected to present lucrative growth opportunities.
• Rising Demand for Quick-Serve and Ready-to-Eat Meals: The demand for quick-service restaurants, along with the growing number of food delivery services, further drives the need for advanced, efficient kitchen equipment.

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Key Players in the Market:

• Duke Manufacturing Co. Inc.
• Electrolux
• Dover Corporation
• Illinois Tool Works (ITW), Inc.
• Ali Group S.r.l.
• Welbilt, Inc.
• Middleby Corporation
• Alto-Shaam, Inc.
• Comstock-Castle Stove Co., Inc.
• Cambro Manufacturing Co. Inc.

Recent Developments:

• Electrolux introduced its innovative kitchen concept “GRO” at Europe's leading kitchen trade show EuroCucina, focusing on inspiring healthier and more sustainable choices.

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