SAN FRANCISCO, Feb. 23, 2021 /PRNewswire/ — The global food service equipment market size is estimated to reach USD 50.01 billion by 2028, according to a new report by Grand View Research, Inc. It is projected to expand at an estimated CAGR of 5.5% from 2021 to 2028. The increasing trade activities in the food and beverage industry, upsurge in travel and tourism activities, changing food consumption habits, and rise in disposable incomes are some of the key factors driving the growth of this market.
Key suggestions from the report:
- In terms of geography, Asia Pacific is estimated to emerge as the fastest-growing regional market with a CAGR of close to 7.0% from 2021 to 2028
- In terms of product, the kitchen purpose equipment segment dominated the market with a revenue share of over 35.0% of the overall market in 2020
- Expanding at a CAGR around 5.0% from 2021 to 2028, the Full Service Restaurant (FSR) end-user segment is estimated to dominate the market over the forecast period.
Read 171 page research report with ToC on “Food Service Equipment Market Size, Share & Trends Analysis Report By Product (Kitchen Purpose Equipment, Refrigeration Equipment, Food Holding & Storing Equipment), By End-user, By Region, And Segment Forecasts, 2021 – 2028” at: https://www.grandviewresearch.com/industry-analysis/food-service-equipment-market
Equipment manufacturers are focusing on mergers and acquisitions to introduce state-of-the-art product offerings for attaining a competitive edge in the market. For instance, in 2019, SMEG S.p.A collaborated with Dolce & Gabbana S.r.l. for special styling of Fab28 SMEG refrigerator, which was encouraged by old Sicilian art. This collaboration was aimed at developing products in captivating designs consumers would like to incorporate in their modular, open commercial kitchen spaces. Furthermore, the pressing need to conserve energy has compelled manufacturers to focus on the development of energy-efficient appliances for commercial kitchens. Appliances are being integrated with bidirectional internet of things (IoT) connectivity. These connected appliances can automatically alert kitchen staff to increase the preparation uptime. Additionally, the increasing number of restaurants across the globe is also driving the market. As per the National Restaurant Association, the U.S region itself accounts for more than 1 million restaurants of different kinds and sizes.
The COVID-19 breakout and the subsequent lockdowns imposed by governments worldwide to minimize its communal spread at the beginning of 2020 had a substantial negative impact on the market for food service equipment. Various industries such as food and beverage, travel and tourism, and hospitality have been severely impacted by the temporary shutdown of manufacturing units, transportation, and logistic operations. Relaxations announced by several governments in the mid of 2020 led to the gradual increase in the online delivery business and takeaway from restaurants and hotels, resulting in some recovery of the food and beverage industry.
Grand View Research has segmented the global food service equipment market on the basis of product, end-user, and region:
- Food Service Equipment Product Outlook (Revenue, USD Billion, 2016 – 2028)
- Kitchen Purpose Equipment
- Cooking Equipment
- Food & Beverage Preparation Equipment
- Refrigeration Equipment
- Ware Washing Equipment
- Food Holding & Storing Equipment
- Food Service Equipment End-user Outlook (Revenue, USD Billion, 2016 – 2028)
- Full Service Restaurant (FSR)
- Quick Service Restaurant (QSR)
- Food Service Equipment Regional Outlook (Revenue, USD Billion, 2016 – 2028)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
List of Key Players of Food Service Equipment Market
- AB Electrolux
- Ali Group S.r.l. a Socio Unico
- Dover Corporation
- Duke Manufacturing
- Haier Group
- SMEG S.p.A.
- The Middleby Corporation.
Find more research reports on Electronic Devices Industry, by Grand View Research:
- Kitchen Appliances Market – The global kitchen appliances market size was valued at over USD 170 billion in 2014. Cost effective and energy efficient products are expected to gain revenue share over the next seven years owing to increasing government focus to curb energy consumption.
- Food Safety Testing Market – The global food safety testing market size was estimated at USD 18.0 billion in 2018, growing at a CAGR of 7.7% from 2019 to 2025.
- QSR Food Service Equipment Market – The global QSR food service equipment market size was valued at USD 12.8 billion in 2019 and is projected to expand at a compound annual growth rate (CAGR) of 5.5% from 2020 to 2027.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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