The food service equipment market consists of sales of food service equipment by entities (organizations, sole traders, and partnerships) that refer to all tools and equipment such as utensils, crockery, and cutlery used to prepare and cook, store, serve, and wash food and beverage products.
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These come in multiple modes such as hand-operated, semi-automatic, and fully automatic.
These aim to provide the correct quantity of food served at optimal temperature, ensuring higher end-user productivity levels.
The main types of equipments in food service equipment market are food preparation equipment, drink preparation equipment, heating & holding equipment, cooking equipment, refrigerators & chillers, baking equipment, merchandisers, ware washing equipment, other F&B service equipment.Food preparation equipment refers to equipment used to process numerous foods efficiently.
Food preparation equipment includes cooking utensils, food blenders, processors, slicers & peelers, mixers & grinders, and others.Food service equipments are distributed online and offline.
Food service eqipments are used by full service restaurants, quick service restaurants, institutions and others.
The food service equipment market research report is one of a series of new reports that provides food service equipment market statistics, including food service equipment industry global market size, regional shares, competitors with a food service equipment market share, detailed food service equipment market segments, market trends and opportunities, and any further data you may need to thrive in the food service equipment industry. This food service equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The global food service equipment market is expected to grow from $30.85 billion in 2021 to $31.83 billion in 2022 at a compound annual growth rate (CAGR) of 3.20%. The food service equipment market is expected to grow to $39.16 billion in 2026 at a compound annual growth rate (CAGR) of 5.31%.
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 foodservice equipment market.
Technological advancement is a key trend gaining popularity in the food service equipment market.The market is witnessing the implementation of advanced technologies such as automation, virtual control systems, sensory systems, robots, fusion tech machinery, and others to enable more efficient operations of food service equipment.
Major companies operating in the foodservice equipment market are focused on providing technologically-advanced equipment to strengthen their market position.For instance, in March 2021, a US-based cooking technologies firm TurboChef Technologies LLC, and Middleby Corporation, a US-based commercial, and residential kitchen equipment company introduced PLEXOR, a next-generation automated ventless oven.
It is a multi-technology, flexible cooking platform that allows the automated operation of different oven modules with a single user interface and a single plug. This technology benefits the company by simplifying customers’ preferences, optimizing labor, and increasing service speed without compromising product/service quality standards.
In December 2021, Ali Group, an Italy-based food service equipment company acquired The Montague Company for an undisclosed amount.This acquisition strengthens the Ali Group as a leader in the global commercial foodservice equipment market and expands the growth opportunities to provide a brand-new dimension to serve the foodservice equipment industry.
The Montague Company is a US-based commercial cooking equipment manufacturing company.
Major players in the food service equipment market are AB Electrolux, Ali Group Srl a Socio Unico, Dover Corporation, Duke Manufacturing, Haier Group, SMEG SpA, The Middleby Corporation, Illinois Tool Works Inc, Welbilt Inc, Comstock-Castle Stove Co Inc, Cambro Manufacturing Co Inc, Hoshizaki Electric Co Ltd, Fujimak Corporation, Electrolux Professional, Alto-Shaam Inc, Standex International Corporation, The Vollrath Company LLC, ITW Food Equipment Group, Meiko, Tupperware and Hobart Corporation.
Asia-Pacific was the largest region in the food service equipment market in 2021.North America is expected to be the fastest-growing region in the forecast period.
The regions covered in the food service equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the food service equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
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