Food Service Equipment Market Size is Predicted to Witness 6.3% CAGR till 2030

[sara James]

The global Food Service Equipment Market size is estimated to reach USD 56.90 billion by 2030, registering an estimated CAGR of 6.3% from 2023 to 2030, according to a new report by Grand View Research, Inc The increasing trade activities in the food & beverage industry, upsurge in travel & tourism activities, changing food consumption habits, and rise in disposable incomes are some of the key factors driving the growth of this market.

Equipment manufacturers are focusing on mergers & 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. 

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 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 pandemic 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. Various industries such as food & beverage, travel & 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 take away from restaurants & hotels, resulting in some recovery of the food & beverage industry.

List of Key Players in the 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

Related Press Release@ Food Service Equipment Market Report

Food Service Equipment Market Report Highlights

• The Asia Pacific region is estimated to emerge as the fastest-growing regional market with a CAGR of close to 7.9% from 2023 to 2030
• In terms of product, the kitchen purpose equipment segment dominated the market with a revenue share of over 38.8% of the overall market in 2022
• Expanding at a CAGR of around 5.5% from 2023 to 2030, the Full Service Restaurant (FSR) end-user segment is estimated to dominate the food service equipment industry over the forecast period

Food Service Equipment Market Report Scope

Report Attribute	Details
Market size value in 2023	USD 35.97 billion
Revenue forecast in 2030	USD 56.90 billion
Growth rate	CAGR of 6.3% from 2023 to 2030
Base year for estimation	2022
Historical data	2018 - 2021
Forecast period	2023 - 2030

 

Food Service Equipment Market Segmentation

Grand View Research has segmented the global food service equipment market based on product, end-user, and region:

Food Service Equipment Product Outlook (Revenue, USD Billion, 2018 - 2030)

• Kitchen Purpose Equipment
• • Cooking Equipment
  • Food & Beverage Preparation Equipment
• Refrigeration Equipment
• Ware Washing Equipment
• Food Holding & Storing Equipment
• Others

Food Service Equipment End-user Outlook (Revenue, USD Billion, 2018 - 2030)

• Full Service Restaurant (FSR)
• Quick Service Restaurant (QSR)
• Institutional
• Others

Food Service Equipment Regional Outlook (Revenue, USD Billion; 2018 - 2030)

• North America
• • U.S
  • Canada 
  • Mexico
• Europe
• • Germany
  • U.K.
• Asia Pacific
• • China
  • India
  • Japan
• Central & South America
• • Brazil
• Middle East & Africa