The used restaurant equipment market is valued at US$ 6664.2 million as on 2023. The market is projected to expand at a CAGR of 7.2% during the forecast period, and is expected to reach a valuation of US$ 13356.6 million by 2033.The market had a valuation of US$ 6234.1 million in 2022.
The target audience for the used restaurant equipment market would certainly be the SMEs. On that note, it has been observed that the SME’s that are mainly into cookie production, and those dealing with popcorn manufacturing are making use of the used kitchen equipment.
Apart from that, the street food vendors are also making use of the used restaurant equipment and the used catering equipment because of the ease of use coupled with the affordability factor that is associated with the used restaurant equipment.
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Growth Factors
The surge in population growth, coupled with a heightened emphasis on healthy eating habits, has sparked a notable uptick in the establishment of eateries and various food service outlets. As consumers become increasingly discerning about their dietary choices, there’s a growing demand for restaurants that offer nutritious and wholesome meals. This trend is not only driven by an expanding populace but also by evolving consumer preferences towards healthier dining options.
Moreover, there has been a significant shift away from the use of single-use disposables such as paper plates and plastic cups. This transition is attributed to a collective awareness and commitment towards sustainability and environmental conservation. Consumers are now gravitating towards more eco-friendly alternatives like reusable utensils, biodegradable containers, and compostable packaging materials. This shift reflects a broader societal movement towards reducing waste and minimizing the ecological footprint associated with food consumption.
Kitchen appliances continue to dominate the landscape of the used restaurant equipment sector, accounting for over 41% of industry profits.
In the past decade, sales of kitchen appliances have surpassed those of dining room sets and home appliances, reflecting shifting consumer preferences towards convenient and efficient food service solutions. This trend is fueled by the growing demand for quick, healthy, and eco-friendly dining options. Among kitchen appliances, cookware emerges as a particularly popular category, catering to diverse culinary needs and preferences.
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Competitive Landscape:
The key players operating in the market are developing equipment that are specifically designed for SMEs. These come with affordable pricing, and at the same time ensure that the equipment provide almost all the functionalities that are being provided by the high-end segments.
Apart from that, the focus also remains on mergers and acquisitions. The reason is to expand the market, and ensure that they enjoy being the dominant forces in the market.
In September 2022, Rose’s Equipment mentioned the benefits of AccuTempProducts Evolution Steamer which requires no water filtration and steamer.
Key Companies Profiled
- Machineseeker Group GmbH
- iFoodEquipment.ca
- Bid on Equipment
- Texas Restaurant Supply
- Lauro Restaurant Equipment
- Gillette Restaurant Equipment
- Alternative Sales Corp
- SilverChef
- March Quality
- Central Products LLC
- Rose’s Equipment
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