The restaurant equipment market has also shown considerable growth in recent years, expected to grow from $3.59 billion in 2023 to $3.88 billion in 2024, at a CAGR of 8.0%. This historic growth is attributed to a rising demand for specialized equipment, a shift towards healthier eating habits, diverse cuisines, quicker service, and investments in restaurant infrastructure. Over the next few years, this market is projected to reach $5.30 billion by 2028, growing at a CAGR of 8.1%. Factors contributing to this growth include increased food safety and hygiene standards, energy efficiency regulations, urbanization, the influence of international cuisines, and the expansion of university dining facilities. Key trends expected to impact the forecast period include a growing adoption of smart and connected kitchen appliances, the deployment of automation and robotics, demand for equipment that supports online and mobile ordering, and the integration of data analytics and the Internet of Things (IoT).
Major Driver In The Restaurant Equipment Market
The rising demand for ready-to-eat meals is anticipated to enhance the growth of the restaurant equipment market in the upcoming years. Ready-to-eat meals are fully cooked, prepared, and packaged food products that require no further cooking or preparation. This demand is on the rise for several reasons, including convenience, busy lifestyles, time efficiency, and urbanization. Restaurant equipment is essential for the effective preparation, cooking, and packaging of ready-to-eat meals, ensuring the delivery of high-quality and convenient food products. For instance, in March 2024, the Bank of Ayudhya Public Company Limited, a Thailand-based commercial banking institution, forecasted a 3.0% to 4.0% annual growth in the domestic market for Thai-made ready-to-eat food from 2024 to 2026. Additionally, in 2022, the ready-to-eat food industry recorded total domestic and export sales volume of 482.4 thousand tons, valued at USD 2.0 billion. Hence, the growing demand for ready-to-eat meals is driving the growth of the restaurant equipment market.
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Restaurant Equipment Market Competitive Landscape
Major companies operating in the restaurant equipment market are Libbey Incorporated, Cambro Manufacturing Co, The Vollrath Company, Hobart Food Equipment, Provisur Technologies Inc., Broaster Company, Blodgett Oven Company, Falcon Foodservice Equipment ltd, Victory Refrigeration, AMTek Microwaves, Adexa Direct, Riddhi Display Equipments Pvt Ltd, TAG Catering Equipment UK Ltd, Bakers Pride, Roundstone Catering Equipment Ltd, Cater-kwik Ltd, Target Catering Equipment, Canadian Restaurant Supply, Permul Ltd, Babak Food Equipment, Empura Equipment, Thomasnet, Apollo Kitchen Equipments and Services Pvt Ltd
Key Restaurant Equipment Market Trend
Major companies in the restaurant equipment market are focused on creating innovative products, such as next-generation combi ovens, to improve cooking efficiency and versatility. Next-generation combi ovens are advanced kitchen appliances that merge steam and convection cooking methods for enhanced efficiency, precision, and versatility. For example, in November 2023, UNOX Inc., a US-based manufacturer of food machinery, launched its X-Generation next-generation combi ovens, aiming to revolutionize the food service industry. These ovens are designed with advanced technology to increase cooking speed, uniformity, and energy efficiency, while also incorporating food-load sensitivity and intelligent climate management. The X-Generation ovens feature a sleek, modern design characterized by verticality and symmetry, constructed from durable, high-strength materials. They come equipped with the new Digital.ID operating system, enabling seamless interaction and control.
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Global Restaurant Equipment Market Segmentation
The restaurant equipment market covered in this report is segmented –
1) By Type: Cooking Equipment, Restaurant Work Table, Food Holding And Warming, Food Preparation Equipment
2) By Distribution Channel: Online, Offline
3) By Application: Hotel, Fast Food Chain, Food Truck, Cart Or Stand, Cafe, Other Applications
By Geography:The regions covered in the restaurant equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the restaurant equipment market in 2023.
The Restaurant Equipment Global Market Report 2024 furnishes information about the global restaurant equipment market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
