by The global Food Service Equipment Market is estimated to be valued at Us$ 35.84 Bn in 2023 and is expected to exhibit a CAGR Of 5.7% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The food service equipment market comprises commercial kitchen equipment used for food preparation and cooking in restaurants, cafes, hotels, hospitals and other foodservice establishments. Some key food service equipment includes cooking equipment, refrigeration equipment, food preparation equipment, warewashing equipment, and storage equipment. The various advantages of food service equipment are that they help in improving productivity, food quality and hygiene standards. They also help reduce operational costs through efficient energy and water usage. The growing foodservice industry globally has fuelled the demand for innovative and high performance commercial equipment.
Market key trends:
One of the major trends in the food service equipment market is growing demand for customized and multi-functional equipment. Various foodservice brands are increasingly focusing on enhancing customer experience through innovative and unique food offerings. This is driving the demand for flexible and customized commercial kitchen equipment that can handle multiple tasks. Moreover, equipment manufacturers are developing technology-enabled smart equipment with IoT and AI capabilities for improved monitoring and control. For instance, connected refrigerators can automatically track inventory levels and place reorder. Growing health-conscious consumer base is also driving demand for equipment supporting preparation of healthier menu options.
Porter’s Analysis
Threat of new entrants: Medium threat as it requires high initial capital investments for infrastructure and distribution network. It also requires strong brand identity and customer base.
Bargaining power of suppliers: Medium bargaining power as there are number of established suppliers but lack of product differentiation gives them moderate power over price and supply.
Bargaining power of buyers: High bargaining power as market has large number of buyers and suppliers, giving buyers alternatives and ability to negotiate on price.
Threat of new substitutes: Low threat as food service equipment have few close substitutes and switching costs are relatively high for alternatives.
Competitive rivalry: High rivalry as market has numerous global and regional players competing on product quality, innovation, service and price.
Key Takeaways
The Global Food Service Equipment Market Size is expected to witness high growth, exhibiting CAGR of 5.7% over the forecast period 2023 to 2030, due to increasing number of commercial establishments like hotels, restaurants and cafes. The market size for 2023 is US$ 35.84 Bn.
Regional analysis shows that Asia Pacific is fastest growing regional market attributed to rising middle class population, growing food chains and restaurants in developing countries like India and China. North America accounts for largest share currently led by U.S. due to presence of major QSR chains.
Key players operating in the food service equipment market are ALI GROUP S.R.L. A SOCIO UNICO, ALTO-SHAAM, INC., AMBRO MANUFACTURING CO. INC., COMSTOCK-CASTLE STOVE CO., INC., DOVER CORPORATION, and DUKE MANUFACTURING CO. INC. Companies are focusing on product innovations to provide energy efficient and sustainable equipment.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
