Evolving food industry trends and changing dynamics of manufacturing and delivering methods in the foodservice industry are primarily shaping the market for foodservice equipment. Sales would multiply at a promising CAGR of over 5% during 2019 – 2029, as projected by a new Future Market Insights (FMI) report.
Most restaurant owners are shifting towards smaller-sized kitchen equipment to optimize their space and perform multiple functions at the same time. Operators of food trucks and pop-up restaurants are on the lookout for equipment that can easily fit on a counter top and free up square footage for other essentials. These trends will remain pivotal in the market build-up over the following years.
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Foodservice Equipment Market – Key Growth Influencers[340 Pages Report] In 2020, the overall sales for foodservice equipment Market witnessed a massive decline due to the Covid-19 crisis as lockdown was implemented and all the factorial units were closed which led the manufacturing companies to face immense losses. Now in 2021, the global manufacturers are giving entire focus on improving their sales and profitability through product innovations and upgrades.
Leading corporations including AB Electrolux, Ali Group, Dover Corporation, Duke Manufacturing, Haier Group, SMEG S.p.A.and the Middleby Corporation are making high investments in the establishment of research institutes in different regions to come up with improvements in their offerings. They are adopting business strategies such as sales contracts, strategic alliances, acquiring technical expertise, product approvals, patents and events, joint ventures, partnership agreements, collaborations, digital marketing, mergers and acquisitions, capacity utilisations, technological advancements etc to lead the global foodservice equipment Masrket with largest market share.
For instance, Ali Group, a leading company in the food service equipment industry, announced the acquisition of KOLD-DRAFT® International from The Legacy Companies based in Fort Lauderdale, Fla. The acquisition is aimed to enhance Ali Group’s portfolio in the ice machine segment and is expected to increase the brand presence and visibility.
In addition to this, Electrolux in North America announced the donation of $1.2 Million in kitchenware to non profit organisations to support them in the holiday celebrations. Frigidaire branded pots, pans and utensils – more than 56,000 items in total – were donated at Covid-19 safe free pop-up events held in Anderson, Charlotte, Kinston and Springfield to help stock local kitchens. The non profit agencies picked up items free of cost and donated them to families and individuals they cater to.
North America is predicted to rule the global foodservice equipment market through 2030 owing to rising awareness of health and food safety. Presence of leading manufacturing companies that produce and distribute superior class foodservice equipment globally contributes to make Europe a leading region. The other key regions augmenting the growth of the foodservice equipment market include Latin America, South Asia, East Asia, Oceania and MEA.
Multifunctional Cooking Equipment Acting as Product Differentiators
Growing integration of automation in the food service industry is anticipated to create demand for advanced and cost-effective products. Substantial investments are made by manufacturers to develop advanced equipment with visual appeal and multi-functional cooking features in line with the open kitchen concept.
Foodservice operators are shifting towards the open kitchen concept so as to capitalize on the trend of clean menus with natural ingredients. Customers want to know the origin of the food that they consume and be a part of the whole experience; hence, restaurants, hotels, and resorts are shifting their preference towards visually-appealing cooking and foodservice equipment.
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Energy-efficient Equipment More Relevant
By virtue of high efficiency, demand for technological advancements in foodservice equipment such as combi-ovens and blast chillers, is anticipated to gain more relevance. These devices are inexpensive and labor saving. Combi ovens are capable of producing both convection and steam heat, by switching between the two automatically throughout the cooking process. These can roast, bake, braise, grill, steam, blanch, and poach at the same time, saving large amount of time and labor.
Along with increased cooking speed, many units have self-cleaning features. Saving energy, labor cost, water, kitchen space, water, and expansion of the menu are well worth the price of one of these units. The convenience, along with reduced cost, offered by these equipment is anticipated to propel the demand for technologically-advanced foodservice equipment.
Expansion of QSR Sector
Foodservice operators across Asia Pacific, Latin America, and the Middle East and Africa will be witnessing the entry of new participants in these regional markets. Rapid increase in the number of quick service restaurants (QSRs) and rising frequency of establishment of new delivery units, especially for grab and go food products, will hold a significant impact on the foodservice equipment market.
Key Takeaways – Foodservice Equipment Market Study
- Food tourism – a new global trend especially in millennials has played a vital role in driving interest in food experiences and has led to increase in the number of food tour companies. This increase will continue to push demand for professional foodservice equipment for proper food handling and hygiene.
- Automatic, wireless, and aesthetic designs in foodservice equipment that fit in smaller floor spaces, and are amenable with rules set by regulatory bodies such as NSF, will gain more significance.
- Emergence of equipment with multifunctional capabilities will weigh heavy on conventional models in the near future.
- To gain an edge over competition and increase efficiency, restaurants and hotels are upgrading and replacing old foodservice equipment with convenient digital touch control foodservice equipment.
- By eliminating the usage of natural resources, key players are focused on introducing new equipment with energy efficiency capabilities, leading to improved cooking and production time.
- North America is projected to be a prominent regional market for foodservice equipment, owing to high demand for replacement and renovations, along with aftermarket parts and service offerings, especially in the U.S.
The demand for foodservice equipment is mainly defined by renovation activities and miniaturization of the equipment to fit in relatively small floor spaces. Product customization, with new space-saving installations in accordance with standards, rules, and codes will play an important role in the value chain of the market.
Foodservice Equipment Market: Participant InsightsWith more number of small-scale manufacturers having similar product offerings, the market structure would remain fragmented. Furthermore, the increasing number of players in the foodservice equipment market has been pushing manufacturers to include forward integration in terms of services and installation, by offering aftersales support. In terms of revenue, significant players such as Middleby Corporation, Welbilt, Ali Group S.r.l., ITW Food Equipment Group, AB Electrolux, Hoshizaki Electric Co., Ltd, Qingdao Haier Co., Ltd, and Rational AG together hold a significant share of market pie, backed by well-established sales networks and long-term partnerships with consumers.
Top manufacturers are strategically acquiring regional players to expand their global presence. For instance, Middleby Corporation has acquired Seattle-based Synesso, a designer and manufacturer of semi-automatic espresso machines. The company also acquired Brewtech, a market leader in professional craft brewing and beverage equipment, and Powerhouse Dynamics, Inc a leader in cloud-based IoT solutions for the foodservice industry.\
Equipment
- Food Preparation Equipment
- Slicers & Peelers
- Mixers & Grinders
- Food Blenders
- Processors
- Others
- Drink Preparation Equipment
- Drink Blenders
- Juicers
- Ice Crushers
- Others
- Cooking Equipment
- Grills
- Fryers
- Ovens
- Toasters
- Others
- Heating & Holding Equipment
- Warmers
- Merchandisers
- Sauce Dispensers
- Others
- Refrigerators & Chillers
- Baking Equipment
- Merchandisers
- Dishwashers
- Semi-integrated
- Fully-integrated
- Countertops/Benchtop & Portables
- Other F&B Service Equipment
End Use
- Full Service Restaurant & Bars
- Quick Service Restaurant
- Indoor and Outdoor Caterers
- Hotels & Resorts
- Club Restaurants
- Commercial Canteens
- Institutions & Offices
- Hospitals
- Transportation
- Airways
- Ships
- Railways
Sales Channel
- Physical Stores
- Online Platforms
Region
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- MEA