NEWARK, Del, Jan. 03, 2024 (GLOBE NEWSWIRE) -- The used restaurant equipment market is valued at US$ 6664.2 million as on 2023. The market is projected to expand at a CAGR of 7.2% during the forecast period, and is expected to reach a valuation of US$ 13356.6 million by 2033. The market had a valuation of US$ 6234.1 million in 2022.
The target audience for the used restaurant equipment market would certainly be the SMEs. On that note, it has been observed that the SME’s that are mainly into cookie production, and those dealing with popcorn manufacturing are making use of the used kitchen equipment.
The global cookies market is expected to grow at a CAGR of 5.8% during the forecast period. The small businesses that operate in the cookies market make use of the used restaurant equipment as these are affordable, and just a small amount needs to be spent on their maintenance. Thus, surging cookies market represents massive scope for an increase in the demand for used restaurant equipment.
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Apart from that, the SMEs operating in the popcorn market are also making use of this used equipment. The global popcorn market is expected to grow at a massive CAGR of 10%, which might increase the sales of used restaurant equipment during the forecast period.
Apart from that, the street food vendors are also making use of the used restaurant equipment and the used catering equipment because of the ease of use coupled with the affordability factor that is associated with the used restaurant equipment.
“A surging consumption of street food, coupled with a rising cookies market and popcorn market is expected to surge the used restaurant equipment market growth.”-says Nandini Roy Choudhury Client Partner for Food and Beverages at Future Market Insights, Inc.
Key Takeaways from the Market Study:
- The used restaurant equipment market is valued at US$ 6664.2 million as on 2023.
- By 2033, the market is expected to reach a valuation of US$ 13356.6 million.
- The used restaurant equipment market is expected to grow at a CAGR of 7.2% during the period 2023-2033.
- The USA market is currently the largest used restaurant equipment market, having a market share of 28.5%.
- The Germany market has a share of 5.5%.
- The Japan market has a market share of 3.5%.
- The Australia market has a market share of 2%.
- The China used restaurant equipment market is expected to grow at a CAGR of 5.9%.
- The India market is expected to grow at a CAGR of 7.9%.
- The UK market is expected to grow at a CAGR of 5.9%.
- Based on equipment, the kitchen purpose equipment segment has the highest market share of 32.6%.
- Based on application, the quick service restaurant segment has the highest market share of 43.8%.
Competitive Landscape:
The key players operating in the market are developing equipment that are specifically designed for SMEs. These come with affordable pricing, and at the same time ensure that the equipment provide almost all the functionalities that are being provided by the high-end segments.
Apart from that, the focus also remains on mergers and acquisitions. The reason is to expand the market, and ensure that they enjoy being the dominant forces in the market.
In September 2022, Rose’s Equipment mentioned the benefits of AccuTempProducts Evolution Steamer which requires no water filtration and steamer.
Key Companies Profiled
- Machineseeker Group GmbH
- iFoodEquipment.ca
- Bid on Equipment
- Texas Restaurant Supply
- Lauro Restaurant Equipment
- Gillette Restaurant Equipment
- Alternative Sales Corp
- SilverChef
- March Quality
- Central Products LLC
- Rose’s Equipment
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Key Segments in the Used Restaurant Equipment Market
By Product:
- Kitchen Purpose Equipment
- Cooking Equipment
- Food & Beverage Preparation Equipment
- Refrigeration Equipment
- Ware Washing Equipment
- Food Holding & Storing Equipment
- Others
By End Use:
- Full-service Restaurants & Hotels
- Quick-service Restaurants & Pubs
- Catering
- Others
By Distribution Channel:
- Online
- Offline
By Region:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa (MEA)
- Europe
Author By:
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s
Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI is the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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