According to a recent market analysis by FMI, sales in the food service equipment market are expected to surpass a valuation of US$ 75.9 Bn in 2032, with demand growing at a 5.6% CAGR.
Rising awareness regarding for hygiene and safety of food and beverages being served in restaurants, along with stringent regulations imposed by regulatory authorities for food safety in commercial kitchens is spurring demand for effective kitchen equipment.
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Equipment such as dishwashers, oil filters, water filters, ventilation-exhaust, and other sanitation items are increasingly being adopted. Growing emphasis on easy-to-clean food processing equipment to save time and costs of maintenance is compelling manufacturers to launch innovative products.
Food processing equipment is required to support the infrastructure of back-end product delivery, cold storage, and logistical chain for raw material supply. Freezers, dryers, and fryers are in high demand to extend the life of the provided item.
Demand for food service equipment is increasing in countries such as Brazil, Russia, India, and China, owing to consumers’ preference for ready-to-eat and convenience foods. This potential has arisen as a result of changing consumer lifestyles, fast-rising disposable income, and improved brand awareness.
“The emergence of cliud kitches in various countries, along with increasing preference for online delivery of fast food is expected to fuel sales in the market over the forecast period,” says an FMI analyst.
Key Takeaways:
- Based on product type, sales in the cooking equipment segment are projected to account for 32.1% of the total market share in 2022.
- In terms of applications, demand in the quick service restaurants segment will continue gaining traction.
- Sales in the China market are forecast to surge at a 8.1% CAGR through 2032.
- The U.S. will continue dominating the North America food service equipment market, with demand growing at a 6.7% CAGR.
- Germany will emerge as a lucrative pocket, accounting for 20.3% of the Europe food service equipment market share through 2032.
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Who is winning?
Some of the top companies offering equipment are Electrolux Professional, Dover Corporation, Middleby Corporation, Duke Manufactures, Tupperware Hobart Corporation, Ali Group SpA, Panasonic Corporation, Welbit, Rational AG, Libbey Inc., LG Electronics, Robert Bosch, Samsung Electronics, ACP Solution Inc., Philips Electronics, Haier Inc., Illinois Tool Works, and others.
Get Valuable Insights into Food Service Equipment Market
FMI, in its new offering, provides an unbiased analysis of food service equipment presenting historical demand data (2017-2022) and forecast statistics for the period from (2022-2032). The study divulges compelling insights on the demand for equipment based on Product (Food Preparation Equipment, Drink Preparation Equipment, Cooking Equipment, Warming, and Holding Equipment, Refrigerators & Freezers, Dishwashers, Other F & B), By Application (Full Service Restaurants, Quick Service Restaurants, Commercial Canteens) across seven major regions.
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