Newark, Dec. 20, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 12 billion in 2022 global commercial cooking equipment market will reach USD 21.49 billion in 2032. Commercial cooking equipment is high-end kitchen equipment used in commercial environments such as bakeries, cafeterias, and restaurants. These comprise a variety of appliances, such as grills, fryers, stoves, and ovens. The durability and functionality of this equipment are built to ensure that it can withstand repeated use. Commercial kitchens require cooking equipment that can support them in meeting stringent safety and hygienic regulations and building with efficiency in mind. Equipment used in commercial cooking increases output and effectiveness, which raises customer satisfaction. Additionally, it helps to increase energy savings.
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Key Insight of the Global Commercial Cooking Equipment Market
North America will dominate the market during the forecast period.
Given their high disposable income and high proportion of working professionals, the market will largely expand due to the fast-food industry's rapid growth and the population's growing appetite for takeaway, meals and home delivery of food. Furthermore, the abundance of eateries, cafés, and fast-food chains will benefit the sector's expansion. The presence of significant commercial cooking equipment producers will also aid the market's expansion.
In 2022, the ovens segment dominated the market with the largest market share of 27% and market revenue of 3.24 billion.
The product type segment is divided into broilers, fryers, steamers, cook-chill systems, ovens, cookers, kettles, ovens and others. In 2022, the ovens segment dominated the market with the largest market share of 27% and market revenue of 3.24 billion.
In 2022, the quick restaurant services segment dominated the market with the largest market share of 44% and market revenue of 5.28 billion.
The end-user segment is divided into full restaurant services, quick restaurant services, catering and others. In 2022, the quick restaurant services segment dominated the market with the largest market share of 44% and market revenue of 5.28 billion.
Advancement in market
Marcone is another player entering the commercial food service equipment parts market. The distributor of parts and equipment for home appliances, HVAC, and plumbing repairs in North America has expanded its product line to include parts for commercial kitchen equipment. Marco has decided to move into the distribution of commercial kitchen parts at a very interesting time since the food service sector still faces many difficulties, including supply chain problems, inflation, labour shortages, etc. A few well-known companies in the commercial kitchen parts distribution space, like Parts Town, further exacerbate this difficult situation.
Market Dynamics
Driver: Growth of the hospitality sector.
With support from the government, customer demand, and other investment opportunities, the sector is growing after suffering catastrophic losses for two years during the COVID-19 pandemic. The hospitality industry is also expanding with the growing number of fast-food chains and outlets and the growing need for quick, convenient, high-quality food services due to rising disposable income and a younger population. Consequently, expanding the hospitality sector will propel the growth of the worldwide market for commercial cooking equipment.
Restraints: The high price of industrial cooking equipment.
The high price of industrial cooking equipment will prevent the market from growing because small cafés and restaurants cannot afford it, especially considering the complex design and extensive working requirements. The unrealized potential of small and medium-sized enterprises will constrain the market's expansion, considering the exorbitant cost of commercial culinary apparatus.
Opportunities: IoT in commercial cooking equipment.
The hospitality and culinary industries are consumer-driven markets, which is seen in integrating IoT with commercial cooking equipment. The services that market participants provide determine what customers want to buy. Customers are more happy when high-quality products are delivered quickly. As a result, industry participants invest in the newest technology to maintain their customer base, provide them with a competitive edge, and raise customer happiness. An excellent illustration of how the sector will lead its growth during the projection period is the adoption of the Internet of Things to increase functioning, energy savings, and safety, among other things.
Challenges: The high maintenance of commercial kitchen equipment.
Commercial establishments are held to high standards of cleanliness, hygiene and safety and must ensure that they are met. Therefore, the cooking equipment must be cleaned, refurbished, checked and inspected regularly to ensure optimum performance. Therefore, the high maintenance of commercial kitchen equipment may challenge the market's growth, adding to working capital costs for businesses.
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Some of the major players operating in the global commercial cooking equipment market are:
• Ali Group
• Alto-Shaam, Inc.
• Atosa USA, Inc.
• Comstock-Castle Stove Co., Inc.
• Dover Corporation
• Duke Manufacturing Co. Inc.
• Electrolux
• Fujimak Corporation
• Illinois Tool Works Inc.
• Middleby Corporation
Key Segments covered in the market:
By Product Type
• Broilers
• Fryers
• Steamers
• Cook-Chill Systems
• Ovens
• Cookers
• Kettles
• Ovens
• Others
By End User
• Full Restaurant Services
• Quick Restaurant Services
• Catering
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client's objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client's requirements whether they are looking to expand or planning to launch a new product in the global market.
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