What Is The Current and Historic Market Size Analysis Of The Food Service Equipment Market?
The food service equipment market has seen considerable growth due to a variety of factors.
• In the last few years, the market size for food service equipment has experienced significant growth. It is projected to escalate from $38.98 billion in 2024 to $41.45 billion in 2025, with a compound annual growth rate (CAGR) of 6.3%.
Factors like the expansion of the foodservice and hospitality industry, the growth of quick service and fast casual restaurants, the augmentation in requirements for commercial kitchen efficiency, a shift in consumer preferences towards dining out and takeout, and an emphasis on sustainability and energy efficiency in commercial kitchens have all contributed to the exceptional growth during the previous period.
What Are The Predictions for The Food Service Equipment Market Size In The Coming Years?
The food service equipment market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of food service equipment is projected to experience considerable growth in the upcoming years, reaching $54.92 billion by 2029 with a compound annual growth rate (CAGR) of 7.3%.
This predicted growth during the forecast period is due, in part, to factors such as the uptake of smart and IoT-enabled kitchen gadgets, the customization of equipment to cater to unique cooking styles, the incorporation of touch-free technology in food services, the increasing demand for compact and space-efficient kitchen tools, and R&D activities in advanced food service equipment. Predominant trends to watch for in this forecast duration encompass modular and tailor-made kitchen solutions, power-saving and environmentally-friendly appliances, cutting-edge and sous vide cooking tools, rapid cooking and oven advancements, intelligent kitchen management mechanisms, as well as the use of augmented reality (AR) and virtual reality (VR) in culinary education.
Which Drivers Are Accelerating Growth In The Food Service Equipment Market?
The expansion of the online food service industry is playing a significant role in driving the growth of the food service equipment market. This sector's growth, thanks to its convenience, accessibility, diverse options, reasonable costs, and more, has been particularly prominent during the COVID-19 pandemic. It's during this time that consumers increased their use of online orders to comply with distancing norms and safety regulations, minimizing physical interaction. As a result, the increased demand in the online food sector necessitated more food service equipment to meet consumer needs, in turn boosting the market for such equipment. A report by Deloitte, one of the foremost management consulting firms, predicts that the online food delivery sector will see an annual growth rate exceeding 10%, projecting a value of roughly $25 billion across Europe by 2023. This growth primarily comes from faster and more convenient options spurred by an uptick in income levels. Furthermore, a joint report by Google and the Boston Consulting Group (BCG) suggests that India's online food market could reach $8 billion by the end of 2022, with a growth rate of 25-30%. As such, the burgeoning online food service industry is set to propel the food service equipment market's growth.
What Are The Core Segments Of The Global Food Service Equipment Market?
The food service equipment market covered in this report is segmented –
1) By Equipment: Food Preparation Equipment, Drink Preparation Equipment, Heating And Holding Equipment, Cooking Equipment, Refrigerators And Chillers, Baking Equipment, Merchandisers, Ware Washing Equipment, Other F&B Service Equipment
2) By Distribution Channel: Online, Offline
3) By End-User: Full Service Restaurant, Quick Service Restaurant, Institutional, Other End-Users
Subsegments:
1) By Food Preparation Equipment: Food Processors, Mixers, Slicers And Cutters, Grinders
2) By Drink Preparation Equipment: Blenders, Coffee Makers, Juicers, Beverage Dispenser
3) By Heating and Holding Equipment: Warmers, Hot Holding Cabinets, Food Heat Lamps
4) By Cooking Equipment: Ovens, Grills and Griddles, Fryers, Steamers
5) By Refrigerators and Chillers: Walk-In Coolers, Display Refrigerators, Under-Counter Refrigerators
6) By Baking Equipment: Commercial Ovens, Proofing Cabinets, Dough Mixers
7) By Merchandisers: Display Cases, Salad Bars, Hot Food Merchandisers
8) By Ware Washing Equipment: Dishwashers, Glass Washers, Pot And Pan Washers
9) By Other F&B Service Equipment: Food Trucks, Trolleys And Carts, Catering Equipment
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Which Emerging Trends Are Reshaping The Food Service Equipment Market Size?
The key trend gaining traction in the food service equipment market is technological innovation. The integration of advanced features such as automation, sensory systems, robots, virtual control systems, and fusion technology machinery among others, is being observed in the industry, aimed at enhancing the efficiency of food service equipment operations. This is the focal point for prominent businesses in the food service equipment market, who are geared towards the provision of equipment boasting cutting-edge technology to consolidate their market standing. For example, Shin Star Presents, a Bay Area startup based in the US and committed to pioneering food technology, unveiled the inaugural unmanned robotic mobile kitchen in August 2024. This mobile kitchen is capable of independently cooking and packaging meals even while en route to delivery, functioning similarly to an industrial machine. It utilises 'auto-woks', a series of robotic cooking elements, to stir-fry freshly prepped ingredients sourced from an off-site location daily. Furthermore, it incorporates the Ohlso application that allows users to remotely initiate and oversee the meal preparation process.
Who Are the Key Players in the Food Service Equipment Market?
Major companies operating in the food service equipment market include:
• AB Electrolux
• Ali Group Srl a Socio Unico
• Dover Corporation
• Duke Manufacturing
• Haier Group Corporation
• Smeg S.p.A.
• The Middleby Corporation
• Meiko Maschinenbau GmbH & Co. KG
• Hoshizaki Electric Co. Ltd.
• Fujimak Corporation
• Tupperware Brands Corporation
• Hobart Corporation
• Manitowoc Company Inc.
• Alto-Shaam Inc.
• Cambro Manufacturing Co. Inc.
• Comstock-Castle Stove Co. Inc.
• Welbilt Inc.
• ITW Food Equipment Group
• Standex International Corporation
• The Vollrath Company LLC
• The Vollrath Company
• Rational AG
• Hatco Corporation
• Ice-O-Matic
• Bunn-O-Matic Corporation
• Grindmaster-Cecilware
• Waring Commercial Inc.
• Robot Coupe USA Inc.
What are the Regional Insights into the Food Service Equipment Market?
Asia-Pacific was the largest region in the food service equipment market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the food service equipment market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
