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

Food Service Equipment MarketSize and Trends

The global food service equipment market size was valued at US$ 33.91 Billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 5.7% from 2023 to 2030. Growing need for commercial kitchens to have more efficient and cost-effective appliances that are easier to clean and maintain is key factor augmenting food service equipment market growth. Additionally, the rapid westernization of eating traditions is encouraging restaurants to offer more diverse cuisines and boosting demand for foodservice equipment that can prepare these meals quickly and easily.

Global Food Service Equipment Market Trends:

Smart kitchen solution is a recent trend

Manufacturers are introducing smart kitchen appliances that incorporate IoT and data analytics to increase restaurant efficiency. These systems can track and analyze the performance of each piece of equipment to identify any malfunctions or failures. They can also monitor and manage the energy usage of various equipment to reduce costs and increase sustainability. Several key companies are incorporating new technology in their equipment such as ventless hood systems for air quality to prevent grease accumulation, machine intelligence to automate tasks and reduce human error, robotics for efficient food preparation, and cloud connectivity for easy inventory management.

Eco-friendly initiatives is another trend

The growing trend of eco-friendly initiatives and rising knowledge about energy consumption has led to a shift in consumer preference for energy-efficient appliances. The availability of ENERGY STAR-certified appliances helps in saving energy and reduces maintenance costs. In addition, these devices are known to produce fewer greenhouse gas emissions. Additionally, the adoption rate of innovative commercial ovens in restaurants is expected to boost the market growth over the forecast period.