Global Commercial Food Service Equipment Market (2023 Edition)

Global Commercial Food Service Equipment Market (2023 Edition): Analysis By Equipment (Kitchen Purpose, Food Holding and Storing, Ware Washing, Others), By Sales Channel (Online, Offline), End-User, By Region, By Country: Market Insights and Forecast (2019-2029)

Executive Summary

Azoth Analytics has released a research report titled “Global Commercial Food Service Equipment Market (2023 Edition)” which provides a complete analysis of the Global Commercial Food Service Equipment industry in terms of market segmentation by Equipment (Kitchen Purpose Equipment, Food Holding and Storing Equipment, Ware Washing Equipment, Other Equipments), By End-User (Institutional, Full Service Restaurants, Quick Service Restaurants, Other End-Users) and By Sales Channel (Online, Offline) for the historical period of 2019-2022, the estimates of 2023 and the forecast period of 2024-2029.

The research report covers a detailed analysis of the regions (Americas, Europe, APAC, Middle East Africa) and 10 countries (United States, Canada, Brazil, United Kingdom, Germany, France, Italy, China, Japan, India). Additionally, the research report presents data including market size, yearly growth & potential analysis, the competitive study of market players, investment opportunities and demand forecast.

The research report also assesses growth indicators, restraints, supply and demand risk, and other important statistics, as well as a full assessment of current and future market trends that are relevant to the market evolution.

The Global Commercial Food Service Equipment Market is expected to generate USD 68.72 billion by the end of 2029, up from USD 36.24 billion in 2022. A favourable growth element for the global Commercial Food Service Equipment Market has propelled an increasing trend of customization and adaptability in the forecast period. During the forecast period, 2024-2029, Global Commercial Food Service Equipment is expected to expand at a CAGR of 8.2%. The industry's evolution toward smart, sustainable, and versatile equipment reflects the ongoing efforts to meet the diverse needs of food service establishments while adhering to regulatory standards.

The global commercial food service equipment market is thriving due to a confluence of influential drivers. Shifting consumer preferences plays a pivotal role as people seek healthier and more convenient dining options, propelling the need for innovative equipment tailored to these evolving tastes. Moreover, the surge in urbanization worldwide has fuelled a growing culture of eating out, intensifying the demand for food service establishments to maintain quality while catering to the increasing numbers. This trend underscores the necessity for efficient tools and appliances that can handle higher volumes without compromising on standards. Efficiency remains a key concern for these businesses, leading to the adoption of modern equipment designed to enhance productivity, decrease cooking times, and optimize both space utilization and energy consumption.

Technological advancements stand as a cornerstone of this market's growth, enabling the development of more durable, cost-effective, and technologically sophisticated equipment. Manufacturers leverage advancements in manufacturing processes and materials to create products that are not only efficient but also durable and adaptable to various culinary demands. Amidst this, stringent regulations and heightened consumer awareness regarding hygiene and food safety have spurred a significant demand for equipment with features ensuring sanitation and adherence to safety standards. This focus on maintaining high standards of cleanliness and safety has become a paramount consideration for establishments.

The hospitality and tourism industry's expansion further amplifies the demand for commercial food service equipment. Hotels, resorts, and entertainment venues necessitate a diverse array of equipment, contributing substantially to market growth. Concurrently, the integration of technology into food service equipment has revolutionized the industry. Smart appliances with features like IoT connectivity and intuitive interfaces optimize operations, offering benefits such as remote monitoring, predictive maintenance, and data-driven decision-making, thereby enhancing efficiency and reducing downtime.

The commercial food service equipment market growth is further fuelled by the increasing trend of customization and adaptability. Food service establishments require versatile equipment that can accommodate diverse culinary needs and menu variations. Manufacturers respond by offering modular and adaptable appliances capable of performing multiple functions, providing establishments with the flexibility needed to meet evolving consumer demands and preferences. Additionally, the market's competitive landscape constantly encourages innovation, with companies striving to differentiate themselves by introducing unique features, improved functionalities, and aesthetically pleasing designs, further enriching the market with a spectrum of choices for buyers.

Scope of the Report

• The report analyses the Commercial Food Service Equipment Market by Value (USD Billion).
• The report presents the analysis of the Commercial Food Service Equipment Market for the historical period of 2019-2022, the estimated year 2023 and the forecast period of 2024-2029.
• The report analyses the Commercial Food Service Equipment Market by End-User (Institutional, Full Service Restaurants, Quick Service Restaurants, Other End-Users).
• The report analyses the Commercial Food Service Equipment Market by Sales Channel (Online, Offline).
• The report analyses the Commercial Food Service Equipment Market by Equipment (Kitchen Purpose Equipment, Food Holding and Storing Equipment, Ware Washing Equipment, Other Equipments).
• The key insights of the report have been presented through the frameworks of SWOT and Porter’s Five Forces Analysis. Also, the attractiveness of the market has been presented by region, by services, by mode of operation & by end users.
• Also, the major opportunities, trends, drivers and challenges of the industry have been analysed in the report.
• The report tracks competitive developments, strategies, mergers and acquisitions and new product development. The companies analysed in the report include Electrolux AB, Haier Group, Ali Group, Dover Corporation, Duke Manufacturing, Blue Star Limited, Fujimak Corporation, Hoshizaki Corporation, LG Electronics, Illinois Tool Works.