Westford, USA, Nov. 25, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Global Food Service Equipment Market Size will reach a value of USD 58.14 Billion by 2031, with a CAGR of 7.1% during the forecast period (2024-2031). The particular market can be attributed to the upsurge in takeaway orders, changing food consumption patterns, and the expanding hotel sector. In addition, several variables like growing digitization, the requirement for environmentally friendly and sustainable equipment, and strict consumer safety regulations are anticipated to generate favorable growth prospects for the global food service equipment market trends soon. The market has changed quickly in response to customers' shifting needs for kitchen furnishings.
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Browse in-depth TOC on the "Food Service Equipment Market"
Pages – 157
Tables – 91
Figures – 76
Food Service Equipment Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 35.97 Billion |
| Estimated Value by 2031 | USD 58.14 Billion |
| Growth Rate | Poised to grow at a CAGR of 7.1% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, End User, Sales Channel and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Food service equipment including Innovation and quality focus |
| Key Market Opportunities | Rising demand for advanced refrigeration |
| Key Market Drivers | Food and beverage industry's growth |
Kitchen Purpose Equipment to Hold Significant Growth due to Rising Demand for Efficient & High-Performance Cooking Tools
The global food service equipment industry is highly driven by the kitchen purpose equipment segment. This is due to the increasing efficiency and performance-oriented cooking apparatus as restaurants, hotels and food outlets look to improve operational efficacy. There has also been an increase in fast food culture, an increase in commercial kitchens which necessitates the need for cooking, storage and preparation appliances.
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Full-Service Restaurant to Lead the Market due to Need for Durable Kitchen Equipment to Handle Diverse Menu Offerings
Full-service restaurants dominate the global food service equipment market share due to their need for advanced, durable kitchen equipment to handle diverse, high-volume menu offerings. Due to the rising popularity of dine-in experience and the variety of foods, there is a growing need, and thus investment, in equipment that is specialized in food prep, service, and general management which has a positive reinforcement on their competitive advantage.
Asia-Pacific to Dominate the Market due to Booming Hospitality Industry & Commercial Kitchens
Regionally, the global food service equipment market outlook is dominated by Asia Pacific, mainly due to factors such as fast expansion of cities accompanied by growing hospitality and spending power of people leading to high demand for hotels and commercial food service. Additionally, investments in improved kitchen utensils are on the rise in the region due to a growing population and more people taking up the Western dining culture which in turn accelerates the growth of the market.
Food Service Equipment Market Insight
Drivers:
- Increasing Demand for Commercial Kitchens
- Rising Consumer Preference for Dining Out
- Growth of the Fast-Food Industry
Restraints:
- Limited Access to Advanced Equipment in Developing Markets
- Traditional Food Equipment Consuming Large Amounts of Energy
- Stringent Compliance and Certification Requirements
Segments covered in Food Service Equipment Market are as follows:
- Product
- Kitchen Purpose Equipment, Refrigeration Equipment, Ware Washing Equipment, Food Holding & Storing Equipment, Others
- End User
- Full-Service Restaurant (FSR), Quick Service Restaurant (QSR), Institutional, Others
- Sales Channel
- Online, and Offline
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Prominent Players in Food Service Equipment Market
- AB Electrolux (Sweden)
- Ali Group S.r.l. (Italy)
- Dover Corporation (USA)
- Duke Manufacturing (USA)
- Haier Group (China)
- SMEG S.p.A. (Italy)
- The Middleby Corporation (USA)
- Welbilt (USA)
- Standex International Corporation (USA)
- Hoshizaki America, Inc. (USA)
- FUJIMAK CORPORATION (Japan)
Key Questions Answered in Global Food Service Equipment Market Report
- What is the projected market value of the global food service equipment market by 2031?
- Which region is expected to dominate the food service equipment market, and what factors contribute to this dominance?
- What are some of the key drivers and restraints affecting the growth of the global food service equipment market share?
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This report provides the following insights:
- Analysis of key drivers (Preference for convenience dining options, further investments in food service outlets, rise of food delivery & ghost kitchens), restraints (Limited access to advanced equipment in developing markets, meeting hygiene & safety regulatory standards, technical expertise for installation & integration), opportunities (Expansion of delivery-only food concepts, integration of automation in modern kitchens, Government support for hospitality growth), and challenges (Rising competition among food service equipment manufacturers, managing the high energy costs of outdated kitchen equipment) influencing the growth of food service equipment market.
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the food service equipment market.
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the food service equipment market.
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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