Know More About “Food Service Equipment Market 2022-2030” Growth Worldwide…..

Posted by Mrudula Karmarkar on August 17th, 2022

The global food service equipment market size is estimated to reach USD 57.31 billion by 2030, registering an estimated CAGR of 6.4% from 2022 to 2030, according to a new report by Grand View Research, Inc. The increasing trade activities in the food & beverage industry, upsurge in travel & tourism activities, changing food consumption habits, and rise in disposable incomes are some of the key factors driving the growth of this market.

Equipment manufacturers are focusing on mergers & acquisitions to introduce state-of-the-art product offerings for attaining a competitive edge in the market. For instance, in 2022, SMEG S.p.A collaborated with Dolce & Gabbana S.r.l. for special styling of Fab28 SMEG refrigerator, which was encouraged by old Sicilian art. This collaboration was aimed at developing products in captivating designs consumers would like to incorporate in their modular, open commercial kitchen spaces.

The pressing need to conserve energy has compelled manufacturers to focus on the development of energy-efficient appliances for commercial kitchens. Appliances are being integrated with bidirectional Internet of Things (IoT) connectivity. These connected appliances can automatically alert kitchen staff to increase preparation uptime. Additionally, the increasing number of restaurants across the globe is also driving the market. As per the National Restaurant Association, the U.S region itself accounts for more than 1 million restaurants of different kinds and sizes.

The COVID-19 pandemic and the subsequent lockdowns imposed by governments worldwide to minimize its communal spread at the beginning of 2020 had a substantial negative impact on the market. Various industries such as food & beverage, travel & tourism, and hospitality have been severely impacted by the temporary shutdown of manufacturing units, transportation, and logistic operations. Relaxations announced by several governments in the mid of 2020 led to the gradual increase in the online delivery business and take away from restaurants & hotels, resulting in some recovery of the food & beverage industry.

Changing food consumption patterns, increased demand for takeaways and the expanding hospitality sector are some of the key factors driving the market. Furthermore, factors such as increasing digitalization, the need for sustainable & eco-friendly equipment, and stringent consumer safety norms are expected to create promising growth opportunities for the market in the near future.

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The market has rapidly evolved following the changing needs of clients for outfitting their kitchen spaces. Changing social customs coupled with technological progressions, have created a dynamic marketplace for the equipment used in the end-use sector. From the discovery of equipment for preparing and storing food, such as cooking stoves, ranges, and electrical refrigerators, to the availability of custom foodservice appliances to cook different cuisines, the range of technologically-advanced and innovative products has entered the market over the years and is expected to favor the market growth in the longer run. Furthermore, rapid technological advancements achieved with the help of continual Research & Development (R&D) activities have helped appliance manufacturers to offer technology-driven efficiencies to their clients.

Food Service Equipment Market Report Highlights

  • The Asia Pacific region is estimated to emerge as the fastest-growing regional market with a CAGR of close to 7.9% from 2022 to 2030
  • In terms of product, the kitchen purpose equipment segment dominated the market with a revenue share of over 38.3% of the overall market in 2021
  • Expanding at a CAGR of around 5.5% from 2022 to 2030, the Full Service Restaurant (FSR) end-user segment is estimated to dominate the food service equipment industry over the forecast period

The COVID-19 pandemic resulted in the temporary shutdown of food service operations owing to stringent social distancing and shelter-in-place norms imposed by governments worldwide. This resulted in negative growth of the industry as both production and sales were negligible during 2020. Nevertheless, as governments announce relaxations to lockdowns and the first vaccines arrive, the food service industry is expected to bounce back over the forecast period. While the dine-in restaurant traffic is expected to take longer to come to normalcy, end customers are expected to recover through off-premise, takeaways, and online delivery services. On account of the subsequent rise in footfall in food service restaurants and institutional kitchens, the beleaguered market is expected to flourish over the years to come.

The rising deployment of sustainable technology equipment has compelled key players to focus on business strategies such as collaborations, mergers, and acquisitions beneficial for their businesses. Key manufacturers are collaborating with solution providers to build customer-centric equipment addressing food wastage by grocery stores, hypermarkets, and supermarkets. For instance, in 2018, AB Electrolux collaborated with Karmalicious AB, a Sweden-based startup that builds food rescue applications. This collaboration was aimed at introducing a new technologically-advanced refrigerator for grocery stores to minimize food wastage. In 2022, Daikin Industries, Ltd. acquired AHT GROUP GmbH, one of Germany's leading food service manufacturers. This acquisition helped the company to expand its business presence in the European region. Additionally, strategies such as new product launch targeted marketing are being adopted to gain a competitive edge in the market.

Some of the prominent players operating in the global food service equipment market include:

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

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Mrudula Karmarkar

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Mrudula Karmarkar
Joined: March 30th, 2020
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