Food Service Equipment Market: 2023 Trends, Growth Drivers, and Future Prospects

According to a new report published by Delvens, titled, “Food Service Equipment Market Size, Share & Trends Analysis Report by Product (Kitchen Purpose Equipment, Refrigeration Equipment, Ware Washing Equipment, Food Holding & Storing Equipment), By End-user, and by region (North America, Europe, Asia-Pacific, Middle East and Africa and South America)", the global food service equipment market size is projected to reach a?CAGR of 6.4%?from 2023-2030.

Food service equipment is used for the preparation and storage of food products for commercial purposes. This equipment includes cooking equipment, storage & handling equipment, ware washing equipment, food & beverage preparation equipment, and serving equipment. This equipment is used in the food services industry such as restaurants, hotels, and other commercial kitchens.

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Changing food consumption patterns, increased demand for takeaways, and the expanding hospitality sector are some of the key factors driving the market. Furthermore, factors such as increasing digitalization, the need for sustainable & eco-friendly equipment, and stringent consumer safety norms are expected to create promising growth opportunities for the market in the near future.

The market's expansion is hampered by the high cost of culinary equipment and a scarcity of experienced operators. The rising per capita income in emerging nations, the rise in multi-function food appliances, the rise in Wi-Fi and Internet-enabled gadgets, and the expanding trend of the Food Service Equipment market are all creating prospects for market sellers.

The prominent players in Food Service Equipment Market are

• AB Electrolux
• Ali Group S.r.l. a Socio Unico
• Dover Corporation
• Duke Manufacturing
• Haier Group
• SMEG S.p.A.
• The Middleby Corporation

Recent Developments

• May 2021 -? 伊莱克斯 - the first product using the most climate-friendly CO2 natural refrigerant was launched on the market. The CO2 option is available for refrigerated cabinets, freezers, counters, Blast Chillers, and several other refrigerated products.
• July 2022 -?The The Middleby Corporation - announced the acquisition of Colussi Ermes, a leading worldwide manufacturer of automated washing solutions for the food processing industry. Located in Pordenone, Italy the company has approximately $50 million in annual revenues.

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Scope of the Report:

• The product segment is further segmented into Kitchen Purpose Equipment, Refrigeration Equipment, Ware Washing Equipment, Food Holding & Storing Equipment, and Others. The kitchen purpose equipment segment accounts for the largest revenue share and is anticipated to dominate the market during the forecast period. The growth of the kitchen purpose equipment segment is highly subject to the use of innovative products in commercial kitchens depending on the space and budget of the kitchen. The increasing demand for meal preparation appliances in open food service kitchens has encouraged manufacturers to increase their focus on elements including the latest technology solutions and appliance exterior designs.
• The end-user segment is further fragmented into Full-Service Restaurants (FSR), Quick Service Restaurants (QSR), Institutional, and Others. The Full-Service Restaurant (FSR) segment accounted for the dominant revenue share and is anticipated to dominate the market during the forecast period. The Full-Service Restaurant (FSR) is anticipated to dominate the market during the forecast period. The high market share of FSRs can be attributed to the advent of digital dining trends, which has compelled foodservice operators to deploy modern equipment to speed up the preparation process and reduce delivery uptime. The subsequent shift in the dine-out culture for formal events as well as informal gatherings during travel & tourism activities has increased the footfall in full-service restaurants over the past few years.?
• The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. The Asia Pacific market accounted for the highest revenue share and is anticipated to dominate the market during the forecast period. Rapidly westernizing dining customs and expansion of the tourism sector, particularly in Singapore, Malaysia, Indonesia, and Australia, are driving the demand for food service equipment in the region. Furthermore, restaurants are incorporating multiple cuisines into their menus owing to an increasing number of customers experimenting with new foods and developing a taste for different cuisines.
• The COVID-19 pandemic resulted in the temporary shutdown of food service operations owing to stringent social distancing and shelter-in-place norms imposed by governments worldwide. This resulted in negative growth of the industry as both production and sales were negligible during 2020. Nevertheless, as governments announce relaxations to lockdowns and the first vaccines arrive, the food service industry is expected to bounce back over the forecast period. While the dine-in restaurant traffic is expected to take longer to come to normalcy, end customers are expected to recover through off-premise, takeaways, and online delivery services.

Asia Pacific to Dominate the Market

• The Asia Pacific market accounted for the highest revenue share and is anticipated to dominate the market during the forecast period. Rapidly westernizing dining customs and expansion of the tourism sector, particularly in Singapore, Malaysia, Indonesia, and Australia, are driving the demand for food service equipment in the region. Furthermore, restaurants are incorporating multiple cuisines into their menus owing to an increasing number of customers experimenting with new foods and developing a taste for different cuisines.
• Additionally, the rising consumption of processed foods is expected to create a soaring demand for these appliances in the Asia Pacific region.

Table of Contents

The food Service Equipment Market is segmented into various segments such as product, end user, and region:

On the basis of product type

• Kitchen Purpose Equipment
• Refrigeration Equipment
• Ware Washing Equipment
• Food Holding & Storing Equipment
• Others????????????????????????????????????????????????????????

On the basis of end-user

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

On the basis of region

• Asia Pacific
• North America
• Europe
• South America
• Middle East & Africa

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