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Food Service Equipment Market Trends, 2021-2028 | Industry Report

Food Service Equipment Market Analysis Report By Product, By End-user, By Region And Segment Forecasts From 2021 To 2028

Report ID: MN17619236  |  Published: April 2021  |  No of Pages: 171
Format: Electronic (PDF)  |  Industry: Consumer Electronics  |  Publisher: Grand View Research

Synopsis

With reference to the report published, the global food service equipment market size was prized by USD 34.68 billion in 2020. It is estimated to witness 5.5% CAGR from 2021 to 2028.

Drivers

Growing hospitality segment, altering habits of eating the food and augmented demand for the takeaways, are the various input factors, impelling the progress of the market. In addition, the factors, similar to the necessity for sustainable and ecological utensils, along with the strict rules regarding the safety of the end users, plus rising digitalization, are estimated to generate, hopeful development openings to the market for food service equipment, during the nearby prospect.

In line with the altering requirements of the end users, for the setup their kitchen, the market has speedily developed. Shifting societal backgrounds, together with the technical evolution, have shaped an active market for the apparatuses, utilized in the end-use segment.
The ecological projects and the rising alertness regarding the use of energy, assist clients to accept energy proficient appliances, thus, generating opening for the market. The global rules for the consumption of energy put emphasis on dropping the emissions of the Green House Gas (GHG), to decrease the intensifying influences of weather change. The clients are progressively more, choosing for the equipments, holding the mark of ENERGY STAR. This is an indicator of energy effectiveness of the apparatus.

The COVID-19 pandemic has caused the provisional shutdown of the food service business, due to the strict social distancing and shelter-in-place rules, forced by the governments, universally. This has given rise to the negative development of the business, since both sales and the production were insignificant, throughout 2020. However, while governments declare relaxations to lockdowns and the arrival of the first vaccines, the food service business is estimated to recover, during the forecast period.

us-food-service-equipment-market

Even as the traffic of dine-in restaurant is estimated to take, extensive period to come to normalcy, the end users are likely to improve, by way of the services like online delivery, off-premise and takeaways. As a result of the succeeding increase in footfall, in food service restaurants along with institutional kitchens, the struggling market for food service equipment is estimated to prosper, during the near future.

Effect of Covid-19

The global food service equipment market is estimated to be considerably impacted by COVID-19 pandemic. The business is on the verge of facing a decline in manufacture, disturbance in source, and fluctuations in prices. Although, this can greatly support, native companies, to increase and concentrate on the increasing requirement, the shortage of raw material can even now cause a challenge to this business.

Product Insight

In 2020, the kitchen purpose equipment sector retained the biggest revenue share in the food service equipment market, and it was more than 35.0%. It is expected to observe the highest expansion, during the period of the forecast. The acquirement of the suitable appliances for the kitchen is a necessity, whilst setting up a new-fangled venture, otherwise renovates an existing place, to make sure easy function. The expansion of the kitchen purpose equipment sector is extremely dependent on the utilization of modern products, in business-related kitchens, conditional on the budget as well as the area of the kitchen.

The refrigeration equipment sector created a considerable share in the market, in 2020. The increasing reputation of ready-to-eat as well as carry away items has forced the restaurant chains to furnish themselves by contemporary refrigerators. This has demanded the manufacturing companies to include bidirectional connectivity for internet of things (IoT), in business refrigerators, to distantly supervise temperature, along with the stock level of the food item.

End Use Insight

In 2020, the Full Service Restaurant (FSR) sector held leading revenue share in food service equipment market, it was more than 40.0%. The prominent market share of full service restaurant can be accredited to the arrival of digital dining movement. This has forced the operators of food services, to organize the contemporary utensils, to accelerate the procedure of the preparation, along with decrease the time required for the delivery.

global-food-service-equipment-market

The consequent move in the dine-out traditions for official proceedings, in addition to unofficial get-together, for the period of travel & tourism actions, has augmented the footfall in full-service restaurants, during the previous few years. Consequently, the full service restaurant section is expected, to keep hold of its domination, during the period of the forecast.

The Quick Service Restaurants (QSRs) division is anticipated to record the highest expansion for the duration of the forecast. This can be credited to the increasing populace of the working persons, along with the globalization of famous eatery chains, through setting up the franchisee location.

Regional Insight

Since, the U.S. was at the front position in 2020; North America directed the global food service equipment market. It is estimated to make up, almost 20.0% revenue share, by 2028. The U.S. has came forward as the leading market in the food service equipment business, mainly due to the existence of entrenched trademarks similar to Starbucks Coffee Company, Burger King Corporation, KFC Corporation and McDonald's.

Furthermore, the initiatives taken by the government regarding inspiring the immigration and tourism sector, in the nation, are estimated to strengthen the restaurant business, during the neighboring future, this might operate properly for the deployment speed of these appliances, within the region. Due to the increasing requirement for home delivery or the off-premise services, Latin America is expected to observe considerable enlargement, during the period of the forecast.

In 2020, Asia Pacific held the maximum revenue share; it was of nearly 35.0% and is estimated to retain its domination in the market for food service equipment, for the duration of the forecast. Growth of the tourism segment ,along with the speedily growing influence of western style eating traditions, particularly in Australia, Singapore, Indonesia, and Malaysia are inspiring the demand for food service equipment, within the region.

Due to the rising number of consumers try out with innovative foods and increasing their taste for the unusual cuisines, restaurants are adding in various cuisines in their list of the options. Furthermore, the increasing expenditure of processed foods is projected to generate a high demand for the food service equipment, within the Asia Pacific region.

Companies

The increasing employment of supportive technology has forced the crucial companies to concentrate on commercial approach, such as, the mergers & acquisitions and collaborations, which is helpful for their company. The major manufacturers are collaborating with the source of the solution, to manufacture client centric equipment, dealing with wastage of food by super as well as hyper markets, grocery stores.

Daikin Industries, Ltd. obtained Germany's foremost food service equipment manufacturing company, AHT GROUP GmbH, in 2019. This attainment facilitated the company to increase its business existence in the European region. Furthermore, approaches like presentation of latest product, objective marketing are being accepted to increase a viable approach in the market.

Some of the companies for food service equipment market are:

• SMEG S.p.A.
• Duke Manufacturing
• Ali Group S.r.l. a Socio UNICCO
• The Middle by Corporation
• Haier Group
• Dover Corporation
• AB Electrolux

Report Scope

Report Attribute

Details

Market size value in 2021

USD 34.49 billion

Revenue forecast in 2028

USD 50.01 billion

Growth Rate

CAGR of 5.5% from 2021 to 2028

Base year for estimation

2020

Historical data

2016 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD billion and CAGR from 2021 to 2028

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Product, end-user, region

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

U.S.; Canada; U.K.; Germany; China; India; Japan; Mexico; Brazil

Key companies profiled

AB Electrolux; Ali Group S.r.l. a Socio Unico; Dover Corporation; Duke Manufacturing; Haier Group; SMEG S.p.A.; The Middleby Corporation

Customization scope

Free report customization (equivalent up to 8 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. 


Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For the purpose of this study, Million Insight's has segmented the global food service equipment market report based on product, end-user, and region:

• Product Outlook (Revenue, USD Billion, 2016 - 2028)
    • Kitchen Purpose Equipment
    • Cooking Equipment
    • Food & Beverage Preparation Equipment
    • Refrigeration Equipment
    • Ware Washing Equipment
    • Food Holding & Storing Equipment
    • Others

• End-user Outlook (Revenue, USD Billion, 2016 - 2028)
    • Full Service Restaurant (FSR)
    • Quick Service Restaurant (QSR)
    • Institutional
    • Others

• Regional Outlook (Revenue, USD Billion; 2016 - 2028)
    • North America
        • U.S
        • Canada
    • Europe
        • Germany
        • U.K.
    • Asia Pacific
        • China
        • India
        • Japan
    • Latin America
        • Brazil
        • Mexico
    • Middle East & Africa

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