Food Service Equipment Market to Reach $44.81 Billion by 2027

Food Service Equipment Market INfo

Report projects a CAGR of 5.7% from 2021 to 2027, driven by growth in the food service industry and preference for quick-service restaurants.

WILMINGTON,NEW CASTLE, DELAWARE, UNITED STATES, April 29, 2024 /EINPresswire.com/ -- Allied Market Research published a report titled, "Food Service Equipment Market¹ by Product Type (Cooking Equipment, Storage & Handling Equipment, Ware Washing Equipment, and Serving Equipment) and End Use (Full-Service Restaurants & Hotels, Quick Service Restaurants & Pubs, and Catering): Global Opportunity Analysis and Industry Forecast, 2021–2027." According to the report, the global food service equipment market generated $34.25 billion in 2019 and is expected to garner $44.81 billion by 2027, growing at a CAGR of 5.7% from 2021 to 2027.

𝐃𝐫𝐢𝐯𝐞𝐫𝐬, 𝐫𝐞𝐬𝐭𝐫𝐚𝐢𝐧𝐭𝐬, 𝐚𝐧𝐝 𝐨𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐢𝐞𝐬

Growth in food service industry and increase in preference for quick-service restaurants drive the growth of the global food service equipment market. However, high capital requirement restrain market growth. On the other hand, regulatory benefits and rise in demand for energy-efficient and cost-effective products present new opportunities in the coming years.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐚𝐭: https://www.alliedmarketresearch.com/request-sample/1597

Based on end use, the full-service restaurant & hotel segment held the highest market share in 2019, accounting for nearly three-fourths of the total share of the global food service equipment market, and is expected to maintain its dominant share during the forecast period. This is due to inclination of consumers toward new cuisines at a reasonable cost, ongoing trends of luxury dining and tourism, and upsurge in shopping centers at business hubs across the globe. However, the quick-service restaurant & pub segment is expected to witness the highest CAGR of 7.7% from 2021 to 2027. Experimental food items, limited edition menu, and unique food combinations are the major factors driving the growth of the segment.

𝐓𝐡𝐞 𝐜𝐨𝐨𝐤𝐢𝐧𝐠 𝐞𝐪𝐮𝐢𝐩𝐦𝐞𝐧𝐭 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧 𝐢𝐭𝐬 𝐥𝐞𝐚𝐝 𝐬𝐭𝐚𝐭𝐮𝐬 𝐛𝐲 𝟐𝟎𝟐𝟕

Based on product type, the cooking equipment segment contributed to the highest market share in 2019, accounting for nearly one-thirds of the total share of the global food service equipment market, and is projected to maintain its leadership status by 2027. The use of food service equipment helps reduce labor cost, improve food safety, and minimize operational costs, which propel the growth of the segment. However, the storage and handling equipment segment is expected to grow at the highest CAGR of 6.8% during the forecast period. Demand for frozen food and growth in fast food chains proliferate segment growth.

𝐍𝐨𝐫𝐭𝐡 𝐀𝐦𝐞𝐫𝐢𝐜𝐚 𝐭𝐨 𝐝𝐨𝐦𝐢𝐧𝐚𝐭𝐞 𝐭𝐡𝐞 𝐦𝐚𝐫𝐤𝐞𝐭 𝐭𝐡𝐫𝐨𝐮𝐠𝐡𝐨𝐮𝐭 𝐭𝐡𝐞 𝐟𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝐩𝐞𝐫𝐢𝐨𝐝-

The global food service equipment market across North America contributed to the highest share in terms of revenue, holding more than one-third of the total share in 2019. availability of affordable, high-quality, and safe equipment and rise in cost of skilled labor drive market growth in this province. On the other hand, Asia-Pacific is estimated to manifest the fastest CAGR of 7.7% from 2021 to 2027. This is attributed to the presence of numerous hotels and restaurants in the region.

The outbreak of COVID-19 has severely hampered the growth of the growth of the food service equipment market. This is attributed to the fact that the food service equipment industry is heavily dependent on the hospitality sector for its revenue generation. The recent declaration regarding the shutdown of notable proportion of the hospitality industry, including full-service restaurants, pubs & bars, and quick-service restaurants, has dramatically hampered the sale of foodservice equipment.

𝐏𝐫𝐢𝐜𝐢𝐧𝐠 𝐃𝐞𝐭𝐚𝐢𝐥𝐬: https://www.alliedmarketresearch.com/food-service-equipment-market/purchase-options

development of the hospitality industry is anticipated to drive the growth of the food service equipment market. Moreover, rise in business-related travel, surge in urban population, and rise in number of food joints such as hotels and restaurants fuel the growth of the hospitality industry, thereby driving the growth of the food service equipment market. Changes in food habits and busy lifestyle of consumers have led to increase in demand for ready-to-eat meals. Rapid changes in supporting factors such as disposable income, consumer preferences, increase in working women population, and digitization have resulted in rise in number of quick-service, pop-up & shop, and other types of restaurants.

Moreover, changes in trends of food consumption and the growing need to reduce food waste have led to the development of innovative kitchen equipment. These factors are anticipated to drive food service equipment market growth during the food service equipment forecast period.

Furthermore, continuous developments in cooling technologies and favorable government regulations to promote the production of eco-friendly refrigerators & ovens are expected to open new avenues for food service equipment manufacturers. However, higher installation costs are anticipated to restrain their adoption, particularly in developing regions. In addition, the rise in demand for visually appealing food service equipment among restaurants and hotels fuels the growth of the food service equipment market.

𝐅𝐨𝐫 𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐞 𝐄𝐧𝐪𝐮𝐢𝐫𝐲 𝐚𝐭: https://www.alliedmarketresearch.com/purchase-enquiry/1597

𝐋𝐞𝐚𝐝𝐢𝐧𝐠 𝐦𝐚𝐫𝐤𝐞𝐭 𝐩𝐥𝐚𝐲𝐞𝐫𝐬

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

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬

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¹ https://www.alliedmarketresearch.com/food-service-equipment-market