QSR Food Service Equipment Market Set to Witness an Uptick during 2020 to 2027

Posted by Mrudula Anil Karmarkar on March 23rd, 2022

The global QSR food service equipment market size is expected to reach USD 19.7 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.5% over the forecast period. The market growth is attributed to changing lifestyle and demand for fast foods, such as pizza, fries, pastries, and burgers. Furthermore, the usage of cooking, storage, and food preparation equipment, such as peelers, choppers, grater, ovens, refrigerators, fryers, and griddle, help in reducing the preparation and cooking time.

Rapid urbanization, sedentary lifestyle, and work-life imbalance has changed the way people consume food. Thus, lack of time due to busy schedules and quick access to fast foods provide potential growth opportunities to QSRs. Moreover, increased earning capacity has fueled the demand for fast foods thereby supporting market growth. According to the United States Department of Agriculture, the food choice and “Food Away From Home” (FAFH) share increased in the U.S. households as total food spending and budgets grew steadily.

The expansion of fast-food franchises from America to other parts of the world has had the most lasting impression on the changing scenario of the fast-food industry across the world. Furthermore, usage of different cooking equipment according to the local fast food is proliferating the growth of the market. The changing lifestyle and food preferences along with rapid urbanization have led to an increase in the number of Quick Services Restaurants (QSR), thereby driving the demand for various types of food service equipment. The initial inclination of urban youth towards processed fast food led to the establishment of multiple fast food serving restaurants. However, the inclusion of healthier food in various QSRs, such as Chipotle Mexican Grill, KFC, and Subway, has also proved to be vital in the market growth over the past few years.

According to the United States Department of Agriculture (USDA), the QSRs in the country grew by nearly 20% reaching over 340,000 establishments in 2015 in comparison to approximately 285,000 in 2000. The growth has been supported by the increasing number of diners. The rush in restraints is met by a greater number of orders for which restaurant chefs need advanced equipment apart from traditional ones to shorten the cooking time. The chefs alter multiple recipes as the orders are random and customers expect shorter waiting times. Hence, advanced equipment with sensors and controls, interactive cooking, and pre-programmable features are expected to witness high demand over the forecast period.

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The changing lifestyle and food preferences along with rapid urbanization have led to an increase in the number of Quick Services Restaurants (QSR), thereby driving the demand for various types of food service equipment. The initial inclination of urban youth towards processed fast food led to the establishment of multiple fast food serving restaurants. However, the inclusion of healthier food in various QSRs, such as Chipotle Mexican Grill, KFC, and Subway, has also proved to be vital in the market growth over the past few years.

QSR Food Service Equipment Market Report Highlights

  • The cooking equipment type segment led the market in 2020 and is estimated to expand further at the fastest CAGR of 6.8% from 2020 to 2027
  • Increasing demand for cooking equipment for boiling, frying, and grilling frozen foods is expected to fuel the segment growth over the forecast period.
  • The storage & handling segment is anticipated to witness a steady growth over the forecast period
  • This growth is attributed to rising need for storing cooking supplies, utensils, and dry ingredients, such as spices, and flours
  • Asia Pacific is expected to dominate in the market during the forecast period owing to the emergence of QSRs as a result of changing lifestyles in countries like India and Chin.

According to the United States Department of Agriculture (USDA), the QSRs in the country grew by nearly 20% reaching over 340,000 establishments in 2015 in comparison to approximately 285,000 in 2000. The growth has been supported by the increasing number of diners. The rush in restraints is met by a greater number of orders for which restaurant chefs need advanced equipment apart from traditional ones to shorten the cooking time. The chefs alter multiple recipes as the orders are random and customers expect shorter waiting times. Hence, advanced equipment with sensors and controls, interactive cooking, and pre-programmable features are expected to witness high demand over the forecast period. The companies are offering a myriad of cooking, serving, storage, and food preparation kitchen equipment to QSRs across the world. The QSR food service equipment companies follow a mix of inorganic and organic growth strategies to strengthen their market position. For instance, in Feb 2020, Alto-Shaam initiated the expansion of its headquarters and manufacturing facility in Menomonee Falls, Wisconsin, due to its exponential growth in the year 2018. The prominent companies in the market include:

  • Kings Kitchen Solutions
  • Guangzhou Junjian Kitchen Appliances & Refrigeration Equipment Co., Ltd.
  • Taylor Commercial Foodservice, Inc.
  • Alto-Shaam, Inc.
  • Cambro
  • Hoshizaki America, Inc.
  • Hobart
  • Vulcan
  • The Vollrath Company, LLC
  • Hatco Corp.
  • LIBBEY Inc.

 

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Mrudula Anil Karmarkar

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Mrudula Anil Karmarkar
Joined: July 2nd, 2020
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