Dublin, March 29, 2023 (GLOBE NEWSWIRE) -- The "Food Service Equipment Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
This reportprovides strategists, marketers and senior management with the critical information they need to assess the market.
The global food service equipment market grew from $34.74 billion in 2022 to $36.8 billion in 2023 at a compound annual growth rate (CAGR) of 5.9%. The food service equipment market is expected to grow to $46.29 billion in 2027 at a CAGR of 5.9%.
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Major players in the food service equipment market are AB Electrolux, Ali Group Srl a Socio Unico, Dover Corporation, Duke Manufacturing, Haier Group, SMEG SpA, The Middleby Corporation, Illinois Tool Works Inc., Welbilt Inc., Comstock-Castle Stove Co Inc., Cambro Manufacturing Co Inc., Hoshizaki Electric Co Ltd., Fujimak Corporation, Electrolux Professional, Alto-Shaam Inc., Standex International Corporation, The Vollrath Company LLC, ITW Food Equipment Group, Meiko, Tupperware and Hobart Corporation.
The food service equipment market consists of sales of utensils, pots, pans, bowls, and spoons, large equipment such as range, steamers, boiling pans, and refrigerators, mechanical equipment such as peelers, pin-cers, mixers, refrigerators. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
Food service equipment refers to all tools and equipment such as utensils, crockery, and cutlery used to prepare and cook, store, serve, and wash food and beverage products. These come in multiple modes such as hand-operated, semi-automatic, and fully automatic. These aim to provide the correct quantity of food served at optimal temperature, ensuring higher end-user productivity levels.
Asia-Pacific was the largest region in the food service equipment market in 2022. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the food service equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of equipment in the food service equipment market are food preparation equipment, drink preparation equipment, heating & holding equipment, cooking equipment, refrigerators & chillers, baking equipment, merchandisers, ware washing equipment, and other F&B service equipment.
Food preparation equipment refers to equipment used to process numerous foods efficiently. Food preparation equipment includes cooking utensils, food blenders, processors, slicers & peelers, mixers & grinders, and others. Food service equipment is distributed online and offline. Food service equipment is used by full-service restaurants, quick-service restaurants, institutions, and others.
The growing online food service sector is significantly contributing to the growth of the food service equipment market. Online food service is growing due to the convenience offered, accessibility to all, expanding choices, reasonable prices, and others.
Specifically, during the COVID-19 pandemic, as people needed to maintain social distancing and follow safety guidelines, customers started online ordering more frequently to reduce physical interaction between the customer and facilitator. This growth of the online food service sector required more food service equipment to be deployed to fulfill the market demand, resulting in a significant demand for food service equipment.
For instance, according to a report by one of the big four management consulting firms Deloitte, the online food delivery sector is expected to grow by more than 10% yearly to approximately $25 billion across Europe by 2023. This growth is a result of quicker, more convenient options associated with rising incomes.
In addition, according to a report by Google and Boston Consulting Group (BCG), the Indian online food industry is expected to reach $8 billion by the end of 2022, growing at 25-30%. Thus, the growing online foodservice sector will drive the growth of the foodservice equipment market.
Technological advancement is a key trend gaining popularity in the food service equipment market. The market is witnessing the implementation of advanced technologies such as automation, virtual control systems, sensory systems, robots, fusion tech machinery, and others to enable more efficient operations of food service equipment.
The countries covered in the food service equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 200 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $36.8 billion |
| Forecasted Market Value (USD) by 2027 | $46.29 billion |
| Compound Annual Growth Rate | 5.9% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Food Service Equipment Market Characteristics
3. Food Service Equipment Market Trends And Strategies
4. Food Service Equipment Market - Macro Economic Scenario
4.1. COVID-19 Impact On Food Service Equipment Market
4.2. Ukraine-Russia War Impact On Food Service Equipment Market
4.3. Impact Of High Inflation On Food Service Equipment Market
5. Food Service Equipment Market Size And Growth
5.1. Global Food Service Equipment Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Food Service Equipment Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Food Service Equipment Market Segmentation
6.1. Global Food Service Equipment Market, Segmentation By Equipment, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Food Preparation Equipment
- Drink Preparation Equipment
- Heating And Holding Equipment
- Cooking Equipment
- Refrigerators And Chillers
- Baking Equipment
- Merchandisers
- Ware Washing Equipment
- Other F&B Service Equipment
6.2. Global Food Service Equipment Market, Segmentation By Distribution Channel, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Online
- Offline
6.3. Global Food Service Equipment Market, Segmentation By End-User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Full Service Restaurant
- Quick Service Restaurant
- Institutional
- Others
7. Food Service Equipment Market Regional And Country Analysis
7.1. Global Food Service Equipment Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Food Service Equipment Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/rh6k4x
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