Food Service Equipment Market to Reach $74.4 billion, Globally, by 2035 at 6.3% CAGR: Allied Market Research

Food service equipment market is driven by growth in food service industry, rise in expansion of quick-service restaurant, changing consumer preference, and surge in urbanization and population growth. Moreover, the rapid technological advancement in the food industry has led to a change in dynamics and made it easier for both customers and organizers to organize the market smoothly.

Wilmington, Delaware, May 08, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Food Service Equipment Market by Product (Cooking Equipment, Storage and Handling Equipment, Warewashing Equipment, Food and Beverage Preparation Equipment, and Serving Equipment) and End Use (Full-Service Restaurants and Hotels, Quick-service Restaurants and Pubs, and Catering): Global Opportunity Analysis and Industry Forecast, 2024-2035". According to the report, the "food service equipment market" was valued at $35.8 billion in 2023, and is estimated to reach $74.4 billion by 2035, growing at a CAGR of 6.3% from 2024 to 2035.

Food service equipment encompasses a diverse array of tools, appliances, and machinery essential for the preparation, cooking, storage, and serving of food and beverages in commercial settings such as restaurants, hotels, cafeterias, and catering facilities. This includes cooking equipment such as stoves, ovens, fryers, and grills, as well as refrigeration units, food processors, shelving, and storage containers for efficient food preparation and organization.

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The beverage equipment such as coffee makers and soda fountains, along with dishwashing and sanitation equipment, are vital for maintaining cleanliness and serving beverages. Moreover, specialized equipment such as pizza ovens, sushi cases, and pasta makers cater to specific culinary needs. Food service equipment plays a critical role in ensuring food safety, maintaining quality, optimizing workflow, and meeting customer demands in the dynamic environment of commercial kitchens and food service establishments.

Prime determinants of growth    

The growth of the food equipment service industry is majorly driven by many factors. Smart technology integration with IoT sensors and connectivity enables remote monitoring and predictive maintenance, while energy-efficient solutions are gaining traction to reduce operational costs and environmental impact. The compact and modular equipment is increasingly sought after, catering to smaller establishments and pop-up ventures, while enhanced food safety features such as antimicrobial surfaces and self-cleaning technologies remain a priority. Multi-functional equipment is becoming popular for maximizing efficiency and space utilization, and sustainability concerns are driving demand for eco-friendly solutions. Moreover, customization options are being offered to align with specific menu offerings and branding, while user-friendly design features and robotics automation aim to enhance efficiency and employee satisfaction.

Report coverage & details:   

Report Coverage	Details
Forecast Period	2024–2035
Base Year	2023
Market Size in 2022	$35.8 Billion
Market Size in 2032	$74.4 Billion
CAGR	6.3%
No. of Pages in Report	290
Segments Covered	Product type, end use, and region.
Drivers	Growth in food service industry
Drivers	Rise in preference for quick-service restaurants
Opportunities	Regulatory benefits
Opportunities	Surge in demand for energy-efficient and cost-effective products
Restraints	High capital requirement
Restraints	Space Limitations

The cooking equipment segment to maintain its leadership status throughout the forecast period 

By product type, the cooking equipment segment held the highest market share in 2023, accounting for more than two-thirds of the food service equipment market revenue and is estimated to maintain its leadership status throughout the forecast period. Cooking is a fundamental aspect of food service operations in various establishments, including restaurants, hotels, cafeterias, and catering facilities. Owing to this, there is a consistent and high demand for cooking equipment to prepare a wide range of menu items efficiently. Moreover, advancements in cooking technology have led to the development of innovative equipment that offers enhanced functionalities such as rapid cooking, precise temperature control, and multi-cooking capabilities, appealing to businesses looking to improve productivity and food quality.

In addition, the diverse nature of cooking equipment, including stoves, ovens, fryers, grills, and steamers, allows food service operators to cater to different cooking methods and menu requirements, further driving its market dominance. The cooking equipment tends to have a longer replacement cycle compared to other types of food service equipment, contributing to its sustained market share as establishments invest in durable and reliable cooking solutions for their operations. Overall, the essential role of cooking equipment in food preparation, coupled with technological advancements and versatility, positions it as a dominant segment within the food service equipment market.

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The full-service restaurant & hotels segment to maintain its leadership status throughout the forecast period 

By end use, the full-service restaurant & hotels segment held the highest market share in 2023, accounting for more than two-fifths of the food service equipment market revenue and is estimated to maintain its leadership status throughout the forecast period. The full-service restaurants and hotels typically have larger-scale operations compared to other food service establishments, requiring a wide range of equipment to accommodate diverse menu offerings and high-volume cooking requirements. These establishments often offer extensive dining options, including breakfast, lunch, dinner, and catering services, necessitating a comprehensive array of cooking, refrigeration, and serving equipment to meet customer demand effectively.

Moreover, full-service restaurants and hotels prioritize quality, presentation, and customer experience, leading to investments in advanced and specialized equipment to maintain high standards and enhance dining experiences. Moreover, the hospitality sector is inherently competitive, driving establishments to constantly innovate and upgrade their facilities with state-of-the-art equipment to stay ahead in the market. Furthermore, full-service restaurants and hotels often have higher budgets and purchasing power compared to smaller food service businesses, allowing them to invest in premium and customized equipment solutions tailored to their specific needs and branding requirements.

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The North-America segment to maintain its leadership status throughout the forecast period 

By region, North-America held the highest market share in 2023, accounting for more than three-thirds of the food service equipment market revenue and is estimated to maintain its leadership status throughout the forecast period. The region has a well-established and mature food service industry, comprising a wide range of establishments such as restaurants, hotels, cafeterias, catering services, and institutional kitchens. The diverse culinary landscape and consumer preferences drive demand for a variety of food service equipment to meet different menu requirements and operational needs. Additionally, North America is home to a large number of chain restaurants and franchise operations, which often invest in standardized equipment solutions to maintain consistency across their locations and streamline operations.

Moreover, stringent food safety regulations and quality standards in North America necessitate the use of advanced equipment with features such as sanitation controls, temperature monitoring, and compliance certifications, further driving market demand. Furthermore, the region's strong economy, high disposable income levels, and consumer spending on dining out contribute to continuous growth and investment in food service equipment. Lastly, technological advancements, innovation, and the presence of leading manufacturers and suppliers in North America further bolster the market's dominance in the global food service equipment industry.

Leading Market Players: -  

Duke Manufacturing Co. Inc.
Electrolux
Dover Corporation
Illinois Tool Works (ITW), Inc.
Ali Group S.r.l. a Socio Unico
Welbilt, Inc.
Middleby Corporation
Alto-Shaam, Inc.
Comstock-Castle Stove Co., Inc.
Cambro Manufacturing Co. Inc.

The report analyzes government regulations, policies, and patents to provide information on the current market trends and suggests future growth opportunities globally. Furthermore, the study highlights Porter’s five forces analysis to determine the factors affecting market growth.    

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