Revolutionizing Culinary Spaces: The Global Food Service Equipment Market Anticipated to Reach $44.8 Billion by 2027!

  • Dec. 14, 2023
Revolutionizing Culinary Spaces: The Global Food Service Equipment Market Anticipated to Reach $44.8 Billion by 2027!

WILMINGTON, NEW CASTLE, DELAWARE 19801 USA, UNITED STATE, December 13, 2023 / -- In a recent report published by Allied Market Research, titled "Food Service Equipment Market by Product Type and End Use: Opportunity Analysis and Industry Forecast, 2021–2027," it was revealed that the global food service equipment market size reached $34,252.0 million in 2019 and is projected to achieve $44,810.8 million by 2027, with a CAGR of 5.7% from 2021 to 2027. Food service equipment plays a crucial role in commercial kitchens, providing convenience in food preparation and ensuring food safety.

The outbreak of COVID-19 significantly impacted the food service equipment market as it heavily relies on the hospitality sector for revenue. Shutdowns in the hospitality industry, including restaurants, pubs, and quick-service restaurants, affected the sales of foodservice equipment. The recovery of the hospitality industry is expected to drive market growth, along with an increase in business-related travel, urbanization, and the growth of food joints like hotels and restaurants.

Changing food habits, a busy lifestyle, and the demand for ready-to-eat meals have increased the need for innovative kitchen equipment. Factors such as disposable income, consumer preferences, the rise in working women population, and digitization contribute to the growth of quick-service and other types of restaurants.

The market is witnessing continuous developments in cooling technologies, and government regulations promoting eco-friendly refrigerators and ovens are creating new opportunities for manufacturers. However, higher installation costs may hinder adoption, especially in developing regions.

New trends in food service equipment include visually appealing designs, sleek aesthetics, and multi-functional equipment to save kitchen space. Rapid cook ovens featuring several cooking methods and IoT-enabled, multi-functional equipment are becoming popular in the food service industry.

The demand for automated cooking and beverage systems, touchless pick-up and delivery equipment, cloud-based IoT solutions, and other technologies addressing the evolving foodservice environment is on the rise, contributing to market growth.

Key players in the global food service equipment market, such as Duke Manufacturing Co. Inc., Electrolux, Dover Corporation, Illinois Tool Works (ITW), Inc., Ali Group S.r.l. a Socio Unico, Welbilt, Inc., Middleby Corporation, Alto-Shaam, Inc., Comstock-Castle Stove Co., Inc., and Cambro Manufacturing Co. Inc., are employing strategies like product launches, collaborations, acquisitions, and partnerships to maintain and improve their market share.

The market is segmented by product type into cooking equipment, storage and handling equipment, ware washing equipment, and serving equipment. Based on end use, it is divided into full-service restaurants and hotels, quick-service restaurants, and catering. Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.