The global Commercial Catering Equipment Market is projected to exhibit a healthy CAGR of 3.7% during the forecast period of 2023-2033. The current valuation of the commercial catering equipment market is US$ 12,469.4 Mn in 2023. The value of the commercial catering equipment market is anticipated to reach a high of US$ 17,972.7 Mn by the year 2033.
The market for commercial catering equipment is being propelled by rapid urbanization and an increasing population of working women, giving a boost to the HoReCa sector. Thus, the expanding food service sector, coupled with increasing innovations in the market, is propelling the demand for commercial catering equipment.
The commercial catering equipment market share is further being aided by the growing consumer confidence to dine out, thus enabling the expansion of food outlets infrastructure and enhancing the affordability of food service providers to invest in the adoption of advanced commercial catering equipment. Additionally, the rising investments in the hospitality sector, including new restaurants, pubs, cafes, and bars, are catalyzing the demand for commercial catering equipment to efficiently cater to the evolving demands of final customers.
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The development of advanced commercial catering equipment that meets higher hygiene standards, coupled with the growing number of health-conscious consumers, is surging the sales of commercial catering equipment. Furthermore, the soaring number of meetings, incentives, conferences and exhibitions (MICE), weddings, and other informal events are yielding heightened demand for commercial catering equipment. In addition to this, the emerging concept of virtual restaurants, wherein the order is placed online or via mobile with the option of home delivery or pick up, is spurring the market for commercial catering equipment.
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Key Takeaways
- During the forecast period of 2023-2033, the K.commercial catering equipment market is anticipated to witness a robust CAGR of 5.3%. The market is predicted to witness an upward trend owing to several factors, including robust expansion of HoReCa sector, upsurge of virtual restaurants, and introduction of revised catering equipment models.
- The S. commercial catering equipment marketis assessed to lead the market in the forecast period, with the market value expected to reach US$ 4,493.1 Mn in 2033. The market dominance of the U.S. can be attributed to various factors, such as new product launches, rising per capita income, heightened hygiene consciousness, and dense population of established market players in the region.
- The serving equipment / component is anticipated to witness highest CAGR of 4% over the forecast period of 2023-2033. The estimated market growth can be attributed to growing food service sector, and surging demand for catering equipment that enables multiple functions and time and space efficiency.
- The food service sector is the top end user of commercial catering equipment and is predicted to grow at the fastest CAGR of 3.5% over the forthcoming years. The food service sector is expected to expand owing to the stimulus provided by increased investments in this sector, inflating disposable incomes, and evolving preferences pertaining to food.
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Competitive Landscape
The commercial catering equipment market size is anticipated to observe healthy growth over the forecast period owing to completion of acquisitions, formation of partnerships, and product innovations. For instance, in June 2022, Electrolux Professional introduced a new and revised version of SpeeDelight, which is a high-speed cooking solution, post five years of its launch. The appliance is a one-stop, time-efficient solution for the preparation of hot snacks like sandwiches, tacos, roll-ups, and pizzas. The upgradation of SpeeDelight will offer a comprehensive menu of hot snacks, including club sandwiches and burgers, in addition to enabling even cooking and efficient cleaning. Major companies providing commercial catering equipment in the market, as identified by FMI, are as follows:
- Duke Manufacturing Co. Inc.
- Electrolux
- Dover Corporation
- Illinois Tool Works (ITW), Inc.
- Ali Group S.r.l
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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