The global food service equipment market size is predicted to reach USD 47.78 billion by 2026. Increasing awareness about food safety along and smart kitchen appliances will lead to the expansion of the market, says Fortune Business Insights in a report, titled “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” the market value stood at USD 33.10 billion in 2018 and is predicted to rise at a CAGR of 4.7% between 2019 to 2026.
The growing technological advancements in food service equipment such as AI and IoT will create lucrative growth opportunities for the food service equipment market in the forthcoming years. IoT helps 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. Thus, prominent companies operating in the industry are focusing on the development of products based on AI and IoT technology to enhance the user experience. For instance, Samsung launched an IoT-enabled refrigerator with 21-inch display and Bixby voice control.
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Key Segments in the Food Service Equipment Market:
- Equipment Type: Under the segment, the market is divided into cooking & preparation equipment, refrigeration equipment, warewashing equipment, storage & handling equipment, and others. Cooking & preparation equipment is expected to account for major shares in the food service equipment market during the forecast period owing to the increasing demand for cooking & preparation equipment in the general and convenience stores, full and quick service restaurants, pubs, clubs, bars, and café lounge. Refrigeration equipment held a share of 32.5% 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. Warewashing equipment is expected to witness significant growth during the forecast period due to growing demand in commercial kitchens for maintaining hygienic environment and utensils for serving safe food products to the customers.
- Sales Channel: Under the segment, the market classified into online sales and offline sales. The offline sales channel is expected to grow rapidly during the forecast period owing to high demand offline channel as offers 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 types of equipment offer post-purchase services and equipment warranty, thus uplifting the food service equipment market share in the foreseeable future.
- End-User: Under the segment, the market is categorized into full service restaurant (FSR), quick service restaurant (QSR), hotels & pub bar clubs, and others (general & retail stores). The full service restaurant is predicted to account for the largest share in the market owing to the increasing demand for ready to eat food services especially from the metro cities. A large number of the population comprises of working professionals all over the world; the demand for the segment is expected to escalate. Furthermore, the increasing dependency of customers towards service restaurants in developed and developing countries will boost the food service equipment market revenue.
- Geography: Asia Pacific generated a revenue of USD 8.55 billion in 2018 and is expected to grow exponentially during the forecast period due to the emerging food service industry in the region. Moreover, the increasing demand for frozen food products in China and Japan will further accelerate the food service equipment market trends in Asia Pacific.
Rising Focus of Leading Players towards Innovative Products to Boost Market Prospects
The aim of Welbilt, The Middleby Corporation, and Standex International Corporation on expanding their business portfolio with the introduction of innovative food service equipment to bolster healthy growth of the market. In addition, the introduction of a compact machine that will be used for high margin cold, frozen and milk based drinks will promote market expansion during the forecast period. For instance, in May 2018, The Vollrath Company, LLC introduced a new line for frozen beverages granita machine.
Some of the major companies in the Global Food Service Equipment Market Include:
- 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.
- December 2019- Hydro Systems, a warewashing equipment brand under PSG Dover (Pump Solutions Group, acquired by Dover Corporation) launched an integrated rinse pump EvoWash and EvoRinse.
- 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.
The Food Service Equipment Market is Segmented into:
Value (USD billion)
By Equipment Type
- Cooking & Preparation Equipment
- Refrigeration Equipment
- Warewashing Equipment
- Storage & Handling Equipment
- Others (Serving Equipment, etc.)
By Sales Channel
- Full Service Restaurant (FSR)
- Quick Service Restaurant (QSR)
- Hotels & Pub Bar Clubs
- Others (General & Retail Stores, etc.)
- 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)