by Food service equipment comprises machines and appliances that are essential for operating restaurants and catering businesses efficiently. This includes cooking appliances, refrigerators and freezers, storage and handling equipment and dishwashers. The growing food service industry is driving demand for innovative and energy-efficient food service equipment. Energy-efficient equipment helps reduce overall operating costs and minimizes environmental footprint.
The global Food Service Equipment Market is estimated to be valued at US$ 35.84 Bn 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:
Development of energy-efficient food service equipment is a key trend in the market. Manufacturers are focusing on designing equipment that consumes less energy and offers substantial savings on energy bills. For example, commercial refrigerators are being manufactured using innovative technologies that improve compressors and thermal insulation efficiency. Eco-friendly refrigerants are also being utilized to reduce the carbon footprint of operations. Advancements in energy recovery systems and heat exchangers further improve the energy performance of kitchen ventilation and cooking equipment. The growth in demand for energy-efficient models is expected to drive the food service equipment market substantially over the forecast period.
SWOT Analysis
Strength: The food service equipment market has strong growth potential due to the increasing number of restaurants, cafes, hotels, and other food service establishments. It also benefits from the rising disposable incomes and changing food consumption patterns among consumers.
Weakness: Initial investments required for food service equipment are high. Return on investments may take some time. There are also maintenance and repair costs associated with food service equipment.
Opportunity: Expanding foodservice industry worldwide presents significant growth opportunities for players in the food service equipment market. Growing demand for advanced equipment with new technologies also offers opportunities.
Threats: Volatile raw material costs and price fluctuations pose major threats. Intense competition among existing players also acts as a threat.
Key Takeaways
The Global Food Service Equipment Market Size is expected to witness high growth during the forecast period of 2023 to 2030. The market size is projected to increase from US$ 35.84 billion in 2023 to US$ 52.63 billion by 2030, expanding at a compound annual growth rate of 5.7%.
Regional analysis: North America dominates the global food service equipment market currently, accounting for over 35% of the total market share. This can be attributed to the large number of foodservice establishments in countries like the US and Canada. Asia Pacific is expected to emerge as the fastest growing regional market due to rising disposable incomes, urbanization, and westernization of food habits in countries like China, India, and Japan.
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. These companies are focusing on product innovation and expansion into developing markets to strengthen their global presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
