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Food Service Equipment Market Size, Share & Industry Analysis, By Equipment Type (Cooking & Preparation Equipment, Refrigeration Equipment, Warewashing Equipment, Storage & Handling Equipment, and Others), By Sales Channel (Online, and Offline), By End-user (Full Service Restaurant, Quick Service Restaurant, Hotels & Pub Bar Clubs, and Others) and Regional Forecast, 2019-2026

Region : Global | Published Date: Jan, 2020 | Report ID: FBI102006

 

KEY INDUSTRY INSIGHTS

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The emerging hospitality industry across the globe is driving the food service equipment market growth. Rising demand of these equipment can also be attributed to the exponential growth in the number of food service establishments, particularly in European and Asian countries. Restaurants, hotels and catering establishments require technologically advanced and energy-efficient service equipment to perform uninterrupted operations in the kitchen thereby supporting the market demand. Furthermore, the improved lifestyle due to the rising consumer disposable income is also propelling the food service equipment market growth.


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Increasing awareness about the food safety as well as smart kitchen appliances will create huge demand for advanced food service machinery over the forecast timeline. Integration of advanced technologies in the food service equipment such as Artificial Intelligence and IoT, supports lucrative market growth. IoT aid restaurants to achieve the highest level of food safety, cut down wastage, improve traceability, and reduce cost as well as risks associated with various food processing techniques. Companies operating in the industry are developing products based on AI and IoT technology to enhance user experience. For instance, in July 2018, Samsung launched an IoT-enabled refrigerator with 21-inch display and Bixby voice control.


MARKET DRIVERS


“Integration of Automated Technologies in Food Service Equipment to Boost Market Growth”


The food service equipment manufacturers aim to focus over the cost-effective services that can be provided to improve the food quality. In the current market scenario, it has become obligatory to monitor and cater qualitative services of any equipment. Remote maintenance and self-diagnosis features are implemented for interconnected and smart operations, thus recognizing the functioning of food service machinery. Food service equipment helps maintain accurate temperature, and hygienic and sterilized utensils for cooking and preparation of food, concerning food safety of the consumers.


Introduction to IoT, Big Data and Industry 4.0 has led to rising smart industries to manufacture technology based equipment, thus increasing the demand of food service equipment. Integration of these technologies improves food safety and helps in tracking overall operation of the food service machines.


SEGMENTATION


By Equipment Type Analysis


 “Cooking & Preparation Equipment Are Projected to Grow at a Higher CAGR Owing to Need for High Efficiency”


Based on the equipment type, the market is classified into cooking & preparation equipment, refrigeration equipment, warewashing equipment, storage & handling equipment, and other service equipment.


Among all types of equipment, cooking and preparation equipment is projected to grow exponentially in the forecasted period, due to their demand across the general and convenience stores, full and quick service restaurants, pubs, clubs, bars, and café lounge. Cooking and preparation equipment such as charboilers, fryers, grillers, ovens, hot plates and many more equipment are used in varied food service operations across the food industry. Refrigeration equipment is expected to witness remarkable growth owing to its efficiency in the food and beverage industry for storing frozen food products. Refrigeration units restore the freshness of packaged or frozen foods, providing healthy and hygienic food items.


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Warewashing equipment is witnessing significant growth due to its increasing demand in commercial kitchens for maintaining hygienic environment and utensils for serving safe food products to the customers. Similarly, storage and handling equipment is estimated to show progressive growth owing to the requirement of storage of huge amount of food products.


The other segment consists of service equipment, and it is likely to depict steady growth, owing to moderate demand and limited requirement of the food service machines.


By Sales Channel Analysis


“Wider Analysis of Technical Specifications in Offline Sales Channel Creates Remarkable Impact on the Market”


Based on the sales channel, the market is classified into online sales and offline sales.


Among all types of sales channel, offline sales channel is projected to grow exponentially in the near future, owing to their demand for higher accuracy and capacity across the food and beverage industry. Offline sales channel allows the customer to review the technical specifications of the food service machines personally, offering a wider analysis and importance of the equipment. Offline sales of these equipment offers post -purchase services and equipment warranty, thus surging the food service equipment market worldwide.


Online sales of food service equipment is projected to depict steady growth owing to limited demand and decreasing purchase ratio. Customers prefer purchasing nominal food service machines on the online portals such as ovens, mixers, grinders, air fryers, hot plates and many more. Therefore, offline sales avails new market opportunities for the food service machinery globally.


By End-user Analysis


 “Full Service Restaurants (FSR) to Dominate the Market Share Due to Changing Customer Preferences”


Based on the end-user, the market is categorized into full service restaurant (FSR), quick service restaurant (QSR), hotels & pub bar clubs, and others (general & retail stores, etc.), wherein the full service restaurant segment holds the highest food service equipment market share.


Full service restaurants (FSR) have higher demands in the metro and mini metro cities owing to the increasing demand for ready to eat food services, as large number of the population comprise of working professionals across the world. Increasing dependence of customers on full service restaurants in developed and developing countries is increasing day by day with increasing disposable income levels.


Quick service restaurants (QSR) are anticipated to have remarkable growth due to enhancement in food delivery services. For instance, McDonald, Dominos, KFC, Subway and many more are global franchise of quick service restaurants that provide take away food facilities to their customer.


Hotels, Pubs, Clubs and Bar Lounges is expected to portray significant growth due to growing young generation population and their demand for such lounges. PBCL (Pubs, Bar, Club Lounges) offers frozen and packed food items, liquor and other beverages cooked and stored using various food service machines, thus contributing to the growth of the global market.


The other segment consists of general and retail stores and is likely to exhibit steady growth owing to the limited demand for food service equipment.


REGIONAL ANALYSIS 


Geographically, the food service equipment market is divided into North America, Europe, Asia Pacific, Middle-East Africa, and Latin America.


Asia Pacific holds the largest food service equipment market share and is projected to depict exponential growth over the forecast period due to the emerging food service industry in India, China, and Japan. As per the statistics shared by the National Restaurant Association of India (NRAI), the country’s food service industry is expected to reach around USD 843 billion by the end of 2023, offering opportunities to the market growth. Moreover, increasing demand of frozen food products in China and Japan is driving the food service machinery market growth across Asia Pacific.


Asia Pacific Food Service Equipment Market Size, 2018 (USD Billion)

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North America is forecasted to show a dynamic growth over the projection timeline due to the rising numbers of food joints in the region. Restaurants across the U.S. and Canada are making large investments to enhance their customer services, thus adopting several food service equipment such as cooking equipment, refrigerators, and ware-washing equipment etc. As per the data shared by the National Restaurant Association of the U.S., in 2019, the country has over one million restaurants, providing ample opportunities to market growth. Moreover, the growing demand for technologically advanced equipment in the U.S. food industry will drive market growth over the forecast timeline.


The European food service industry including hotel & restaurant is witnessing rapid growth owing to the rapidly developing travel & tourism industry. Restaurants across the region are adopting advanced food service machines to improve their services, thus supporting the Europe food service equipment market growth. Additionally, the growing demand for baked as well as frozen food products, especially in UK, Germany, and France will create huge demand for food service machinery over the forecast timeline. Food processing companies install large commercial refrigerators to store food products, keeping it fresh and hazard free.


The Middle Eastern and African countries are shifting their preferences towards packaged and frozen food products due to increased disposable income and lifestyle. The UAE and Saudi Arabia’s government are announcing new Foreign Direct Investments (FDI) within the food service industry. Similarly, Brazil is expected to contribute largest market share in the coming future in Latin America’s food service industry due to changing customer preferences and increasing investments from major market players across the world.


INDUSTRY KEY PLAYERS


“Key Players Focus on Offering Innovative Product Portfolio to Enhance Market Potential”


Welbilt, The Middleby Corporation, Standex International Corporation, and Ali Group S.r.l. are the major market players focusing on expanding their business portfolio, by introducing innovative food service equipment worldwide. In May 2018, The Vollrath Company, LLC introduced a new line for frozen beverages granita machine. These machines are compact in size and used for variety of high margin cold, frozen and milk based drinks including ice tea or coffee, frozen cocktails, granitas, smoothies and many more. Henceforth, the major market players are expanding their product portfolio with low maintenance costs.


List of Key Companies Profiled:



  • Welbilt

  • The Middleby Corporation

  • Ali Group S.r.l.

  • Standex International Corporation

  • Hoshizaki America, Inc.

  • FUJIMAK CORPORATION

  • ITW FOOD EQUIPMENT GROUP

  • Dover Corporation

  • Duke Manufacturing

  • The Vollrath Company, LLC

  • Haier Inc.

  • Smeg S.p.A. 


REPORT COVERAGE


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The report on food service equipment market highlights leading regions across the world, with an aim to offer a better understanding to the user. Furthermore, the report provides insights into the latest industry trends and analyzes technologies that are being deployed at a rapid pace at a global level. It further highlights some of the growth stimulating factors and restraints, helping the reader to gain in-depth knowledge about the market.


Report Scope & Segmentation











































 ATTRIBUTE



 DETAILS



Study Period



  2015-2026



Base Year



  2018



Forecast Period



  2019-2026



Historical Period



  2015-2017



Unit



  Value (USD billion)



Segmentation



By Equipment Type



  • Cooking & Preparation Equipment

  • Refrigeration Equipment

  • Warewashing Equipment

  • Storage & Handling Equipment

  • Others (Serving Equipment, etc.)



By Sales Channel



  • Online

  • Offline



By End-user



  • Full Service Restaurant (FSR)

  • Quick Service Restaurant (QSR)

  • Hotels & Pub Bar Clubs

  • Others (General & Retail Stores, etc.)



By Region



  • North America (U.S. and Canada)

  • Europe (U.K., Germany, France, Italy and Rest of Europe)

  • Asia Pacific (Japan, China, India, Southeast Asia, and Rest of Asia Pacific)

  • Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)

  • Latin America (Brazil, Mexico, and Rest of Latin America)



INDUSTRY DEVELOPMENT:



  • December 2019- Hydro Systems, a brand of warewashing equipment under PSG Dover (Pump Solutions Group, acquired by Dover Corporation) launched an integrated rinse pump EvoWash and EvoRinse. These equipment are integrated with optional powdered or solid detergent dissolver ideal for commercial as well as non-commercial food service operations.



  • July 2018:  Welbilt, a global commercial foodservice equipment provider announced the agreement with NexGen Procurement Group, a professional food service equipment procurement group for Cleveland and Delfield. These organisations became primary suppliers of refrigeration, steam and serving systems under NexGen Procurement Group.


Frequently Asked Questions

Fortune Business Insights says that the market was valued at USD 31.99 billion in 2018

In 2026, the market is expected to be worth USD 45.17 billion

Robust growth of 4.5% CAGR will be observed in the food service equipment in the forecast period (2019-2026)

Asia Pacific is anticipated to be the dominant region for this market and it was valued at USD 8.26 billion in 2018

Within the equipment type criterion, cooking and preparation equipment segment is expected to be the leading segment in the market during the forecast period

Integration of automated technologies in food service equipment to boost growth

Welbilt, The Middleby Corporation, Standex International Corporation, and Ali Group S.r.l. are the top players in market

The full service restaurant segment is expected to hold the highest share of the market

Offline sales channel is expected to grow significantly over the forecast period

The major players in the market hold approximately 35% - 40% of the market owing to their well-established brand image and product portfolio

Food Service Equipment Market Size, Share and Global Industry Trend Forecast till 2026
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