Food Service Equipment Market To Witness Huge Growth By 2030

Description

The food service equipment market size globally was valued at USD 23,839.4 million in 2020 and is estimated to be USD 44,810.8 million by 2027, growing a CAGR of 5.7% from 2021 to 2027. Food service equipment provides ease of food preparation, furthermore food safety in commercial kitchens. It consists of cookware and washes ware; and preparation, storage, & serving equipment, which are used for cooking and preserving the food products for commercial purposes. This equipment is widely adopted in hotels, commercial institutes, budgetary hotels, and restaurants to prepare and store various cuisines. The rise in business-related travel and increase of food joints such as hotels & restaurants will drive the growth of the hospitality industry, which will drive the demand for food service equipment.

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An increase in demand for refrigerated food products and a rise in junk food have boosted the adoption of food service equipment worldwide. Furthermore, market demand shift toward the modular kitchens with the advanced features also drives the demand for cooking food service equipment. Additionally, the rise in the number of cafés & restaurants with the surge in demand for multi-functional, space & time-saving equipment will drive the growth of the food service equipment market. Implementation of stringent government regulations toward refrigerant leakages and emissions in the last few years further drives the market toward replacing products, as companies replace their existing equipment with new energy-efficient devices.

The development of the hospitality industry is expected to drive the growth of the food service equipment market. Additionally, the surge in urban population, rise in business-related travel, and rise in the number of food joints such as hotels and restaurants drive the growth of the hospitality industry, thereby driving the growth of the market. Changes in the food habits and busy lifestyles of customers have led to rising demand for ready-to-eat meals. Rapid changes in the supportive factors such as an increase in the working women population, consumer preferences, disposable income, and digitization have resulted into a rise in the number of pop & shop, quick-service, and other types of restaurants.

COVID-19 Impact on the Global Food Service Equipment

COVID-19 was declared a pandemic by the WHO on March 11, 2020. The coronavirus outbreak has led to the shut down of economic activities in the country for a few months. The outbreak of COVID-19 has disrupted the economy by halting the operations of shopping malls and restaurants as well as other retail & service activities. International travel is grounded to a standstill along with tourism-related activities. The negative economic impact of this global lockdown remains unclear. However, the result is anticipated to be massive from an employment and business sustainability standpoint. Disruption in the growth of the food service equipment market in 2020 is attributed to the COVID-19 outbreak. In addition, it has negatively impacted the import/export, economies, supply chain, and industries across the globe. The food service equipment industry is mainly dependent on the hospitality sector for revenue generation. The recent declaration regarding the shutdown of the notable proportion of the hospitality industry, including pubs & bars, full-service restaurants, and quick-service restaurants, has dramatically hampered the sale of food service equipment.

Global Food Service Equipment Market Dynamics

Drivers: Growth in the food service industry

The rise in business-related travel and increase in the number of food joints such as hotels & restaurants fuel the growth of the food service equipment market. According to the National Restaurant Association’s Restaurant Performance Index, the U.S. restaurant industry is expected to reach $863 billion in 2019 with over 1 million restaurants operating in the U.S. Cross-border investments, experiments & innovations in varieties of cuisines, and growth in travel & tourism industry is anticipated to provide the lucrative opportunities for the market expansion. However, the COVID-19 outbreak has led to the closure of a significant proportion of the food service industry, including hotels & restaurants, pubs, and bars. This, in turn, has hampered the growth of the food service equipment market during the pandemic.

Restraints: High capital requirement

High installation cost and integration capabilities required for the initial setup of kitchen equipment act as a restraining factor for the adoption of food service equipment. Initial investment and maintenance costs of cooking and refrigeration equipment are high due to the integration of high-quality hardware coupled with efficient condensers and compressors installed in baking and refrigeration equipment.

Opportunities: Regulatory benefits

Government agencies and environment activists promote the production of eco-friendly refrigerators and ovens to address global warming concerns. This equipment has other associated benefits such as enhanced human safety, low heat discharge, efficient utilization of refrigerants, and less emission.

Leadership in Energy and Environmental Design has collaborated with numerous manufacturing companies globally to develop sustainable products and reduce the harmful effects of this equipment on the environment. In addition, the implementation of stringent government regulations related to emission controls and refrigeration devices creates growth opportunities for the replacement of food service equipment devices.

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Scope of the Report

The study categorizes the food service equipment market based on product type, end-use, and regions.

By Product Type Outlook (Sales, USD Million, 2017-2027)

• Cooking Equipment
• Storage & Handling Equipment
• Warewashing Equipment
• Food & Beverage Preparation Equipment
• Serving Equipment

By End-Use Outlook (Sales, USD Million, 2017-2027)

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

By Region Outlook (Sales, USD Million, 2017-2027)

• North America (US, Canada, Mexico)
• South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
• Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
• The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)

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By product, cooking equipment is accounted for the largest market share

By product, the food service equipment market is classified into cooking equipment, storage & handling, ware washing, food & beverage preparation, and serving equipment. The cooking equipment segment was the highest contributor to the market, with a market share of 31.0% in 2020. Kitchen purpose cooking equipment are the primary utensils used for the preparation of food. These include grills, fryers, ovens, toasters, cookers, cooking utensils, baking utensils, etc. Social changes and industrialization are some of the major factors responsible for the modernization of the kitchen. Usage of food service equipment helps reduce labor costs, improve food safety, and minimize operational costs. Restaurants are gaining increased popularity owing to changes in lifestyle and the influence of outside food.

Moreover, the rise in popularity of creative cooking and baking among consumers results in a variety of dine-out options. Thus, to offer the best services to the customer, restaurants invest in different types of cooking equipment, which further fuel the market growth. An increase in trend for bigger, open kitchen spaces have been witnessed in the fast-food chains to show consumers the process of preparation of food and also the type of food equipment used during the process. Furthermore, an increase in investments in cooking equipment and replacements in Europe and Asia-Pacific is expected to foster the market's growth.

Asia Pacific accounts for the highest CAGR during the forecast period

Based on the regions, the global food service equipment market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific is anticipated to hold the highest CAGR of 7.7% in the global food service equipment market during the forecast period. Asia-Pacific serves as one of the most lucrative markets for food service equipment, owing to the rise in automation in commercial kitchens and the presence of developing economies such as China and India. Moreover, countries in this region have adopted food equipment solutions, owing to technological advancements, the emergence of new business models such as e-commerce, and the development of the hospitality sector.

Asia-Pacific is considered one of the leading markets in food service equipment, owing to numerous hotels and restaurants. However, the market for travel and tourism has witnessed an economic slowdown due to floods in Thailand and earthquakes in Japan in 2011. On the contrary, the market is expected to grow at a special rate, owing to the increase in popularity of tourist spots in Asian countries and improvements in the spending capacity of consumers. This results in a competitive environment in the hospitality industry, as hotels and restaurants need to provide a variety of cuisines to tourists. The presence of a large population base, increase in household income, and rise in middle-class population in this region are the major factors that supplement the market growth. Moreover, stringent government regulations, such as Hazard Analysis Critical Control Point (HACCP) certifications and NSF international certifications, make way to adopt global standard food service equipment in hotels and restaurants. Furthermore, technological developments and innovative product launches are expected to create growth opportunities in the Asia-Pacific market.

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Key Market Players

Every company follows its business strategy to attain the maximum market share. Currently, Duke Manufacturing Co. Inc., Illinois Tool Works (ITW), Inc., Electrolux, Dover Corporation, Welbilt, Inc., Middleby Corporation, Ali Group S.r.l. a Socio Unico, Alto-Shaam, Inc., Comstock-Castle Stove Co., Inc., Alto-Shaam, Inc., and Cambro Manufacturing Co. Inc. are some of the leading players in the market of food service equipment.

Article source: https://article-realm.com/article/Finance/21765-Food-Service-Equipment-Market-To-Witness-Huge-Growth-By-2030.html