Food Service Equipment Market, By End Use (Full-service Restaurants & Hotels, Quick Service Restaurants & Pubs, Catering), By Product Type (Cooking Equipment, Storage & Handling Equipment, Warewashing Equipment, Food & Beverage Preparation Equipment, Serving Equipment), and By Geography (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa)

Published In : Jun 2023

Code : CMI5867

Pages :135

Formats :

Excel and PDF

Industry : Food and Beverages

Market Challenges And Opportunities

Global Food Service Equipment Market Drivers:

Rapid growth of food service industry to fuel market growth

Growth of business-related travel and rising number of food joints such as hotels & restaurants are key factors fueling growth of the food service equipment market. Key factors such as According to the National Restaurant Association’s Restaurant Performance Index, the U.S. restaurant industry is expected to reach $863 billion in 2019 with over 1 million restaurants operating in the U.S. Cross-border investments, experiments & innovations in varieties of cuisines, and growth in travel & tourism industry are anticipated to provide lucrative opportunities for the market expansion.

Growing preference for quick-service restaurants to foster market growth

Growing demand for quick and convenient meals is one of the major factors driving the global food service equipment market growth. With increasing working population and changing lifestyle, people are looking for faster ways to prepare food and drink. This is driving the growth of food delivery services and takeaway restaurants, which in turn, is fueling the growth of food service equipment market.

Global Food Service Equipment Market Opportunities:

Launch of new product due to ongoing technological advancement is expected to provide significant market growth opportunities. Manufacturers in the food service equipment market are introducing new and advanced equipment to increase their sales. For instance, in May 2018, Vollrath Company, LLC launched a line of single countertop granita machines that can be used to make a variety of high margin cold and frozen beverages including ice tea or coffee, smoothies, iced frappe, and more. The company’s machine features a compact design, easy operation, and minimal maintenance costs.

Increasing focus on food safety is expected to offer profitable market opportunities. According to a report by the Centers for Disease Control and Prevention (CDC), around 1 in 6 Americans gets sick as a result of eating contaminated food or drinks. Moreover, more than 3,000 people die from such foodborne diseases every year. This is driving the adoption of advanced food service equipment in order to maintain proper hygiene and ensure the safety of food.

Global Food Service Equipment Market Restraints:

High capital investment for kitchen equipment is expected to hinder market growth

Purchasing restaurant kitchen equipment is a major investment, and can wipe out a large portion of a start-up budget for the business. To avoid this situation, manufacturer are opting for lease catering equipment instead of buying it.

Lack of technical experts to hamper market growth

Food processing equipment can be dangerous to use without proper training and equipment. Training can help to prevent injuries and other safety hazards at work. Thus shortage of technical experts is expected to restrict the market growth.