The Food Service Equipment Market is estimated to be valued at Us$ 35.84 Bn or Mn in 2023 and is expected to exhibit a CAGR Of 5.7% over the forecast period 2023 To 2030 , as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The food service equipment industry manufactures and sells equipment necessary for commercial food preparation and service. This includes cooking equipment like grills, ovens, fryers, etc. as well as refrigeration equipment, dishwashers, storage and handling equipment and more. With the increasing number of restaurants, hotels and other foodservice establishments, the demand for commercial grade, durable and efficient foodservice equipment is growing rapidly.
Market Dynamics:
Rising number of foodservice outlets: Growth in the number of restaurants, hotels, healthcare facilities and other commercial foodservice establishments is driving the demand for foodservice equipment. According to US Census Bureau data, there were over 1 million foodservice businesses in the United States in 2020. This increasing number of outlets requires procurement of new and replacement foodservice equipment.
Growing consumers spending on food away from home: Consumers are gradually spending more on prepared food outside the home due to changing lifestyles and food preferences. This is stimulating the growth of the foodservice industry and correspondingly the foodservice equipment market. Advancements in technology: Manufacturers are increasingly integrating advanced technology such as internet of things (IoT) and smart connectivity into equipment. This is improving equipment functionality, automation, safety, and energy efficiency.
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SWOT Analysis
Strength: The food service equipment market has strong growth opportunities due to rising demand for food products. Reliable equipment improves efficiency and minimizes production waste. Manufacturers offer customized equipment to suit specific needs of restaurants and cafes.
Weakness: High initial investments and maintenance costs of technologically advanced equipment are constraints. Fluctuating raw material prices increase production costs. Lack of skilled labor and technicians impacts smooth operations.
Opportunity: Growing food service industry worldwide boosts demand. Rapid urbanization and changing lifestyles fuel restaurants and cafes growth. Technological innovations enable remote monitoring and predictive maintenance of equipment.
Threats: Economic downturns and uncertain spending affects discretionary items. Strict regulations on food safetyand quality compliance increase compliance burden and costs. Intense competition from local and global players.
Key Takeaways
The Global Food Service Equipment Market Size is expected to witness high growth, exhibiting CAGR of 5.7% over the forecast period, due to increasing number of restaurants, cafes and hotels. Rapid urbanization and changing food consumption patterns also drive market expansion.
Regional analysis Asia Pacific dominates the market currently, accounting for around 35% share, led by China, India and other Southeast Asian countries. Increasing disposable incomes, westernization of food habits and growing quick service restaurant (QSR) chains contribute to the large market size. North America stands as the second largest region owing to strong presence of various market players and rising demand for ready-to-eat meals.
Key players operating in the food service equipment market are ALI GROUP SRL A SOCIO UNICO, ALTO-SHAAM, INC., AMBRO MANUFACTURING CO. INC., COMSTOCK-CASTLE STOVE CO., INC., DOVER CORPORATION, and DUKE MANUFACTURING CO. INC. They adopt partnership, acquisition and new product development strategies to strengthen their market position.
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