Food Service Equipment Global Market Report 2024

Food service equipment encompasses all tools and apparatus, including utensils, crockery, and cutlery, utilized in the preparation, cooking, storage, serving, and washing of food and beverage products. These tools are available in various modes, ranging from hand-operated to semi-automatic and fully automatic, aiming to ensure precise food quantities served at optimal temperatures, thereby enhancing end-user productivity.

The primary types of equipment within the food service equipment market include food preparation equipment, drink preparation equipment, heating & holding equipment, cooking equipment, refrigerators & chillers, baking equipment, merchandisers, ware washing equipment, and other F&B service equipment. Food preparation equipment is specifically designed to process various foods efficiently and includes items such as cooking utensils, food blenders, processors, slicers & peelers, mixers & grinders, among others. Distribution channels for food service equipment include both online and offline platforms. This equipment finds application across diverse sectors, including full-service restaurants, quick-service restaurants, institutions, and other food and beverage service establishments.

The food service equipment market research report is one of a series of new reports that provides food service equipment market statistics, including food service equipment industry global market size, regional shares, competitors with a food service equipment market share, detailed food service equipment market segments, market trends and opportunities, and any further data you may need to thrive in the food service equipment industry. This food service equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The food service equipment market size has grown strongly in recent years. It will grow from $36.84 billion in 2023 to $39.28 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth observed in the historic period can be attributed to various factors, including the expansion of the foodservice and hospitality industry, the growth of quick-service and fast-casual restaurants, increased demand for enhanced efficiency in commercial kitchens, a rise in consumer preferences for dining out and takeout services, and a heightened focus on sustainability and energy efficiency within commercial kitchens. Collectively, these factors contributed to the overall expansion and development of the food service equipment market during the historic period.

The food service equipment market size is expected to see strong growth in the next few years. It will grow to $51.18 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The anticipated growth in the forecast period is driven by several key factors. These include the widespread adoption of smart and IoT-enabled kitchen appliances, the customization of equipment to cater to unique culinary concepts, the integration of contactless and touchless technology in food service, a growing demand for compact and space-saving kitchen equipment, and ongoing research and development efforts in next-generation food service equipment. Notable trends expected during the forecast period encompass the emergence of modular and customizable kitchen solutions, the adoption of energy-efficient and eco-friendly appliances, the integration of advanced cooking techniques and sous vide equipment, advancements in high-speed cooking and oven technologies, the implementation of smart kitchen management systems, and the utilization of augmented reality (AR) and virtual reality (VR) in culinary training. These trends collectively contribute to the evolving landscape of the food service equipment market in the forecasted period.

The burgeoning online food service sector stands as a significant contributor propelling the growth of the food service equipment market. The surge in online food services, driven by factors like convenience, accessibility, expanded choices, and reasonable pricing, has notably escalated during the COVID-19 pandemic. Amidst safety guidelines and social distancing measures, customers increasingly turned to online ordering to minimize physical interactions. This upsurge in online food service necessitated a greater deployment of food service equipment to meet market demands, consequently fueling substantial growth in this sector. For instance, projections by Deloitte indicate that the European online food delivery sector is expected to witness an annual growth rate exceeding 10%, reaching approximately $25 billion by 2023, driven by enhanced convenience and rising incomes. Additionally, a report by Google and Boston Consulting Group (BCG) forecasts that the Indian online food industry is set to reach $8 billion by the conclusion of 2022, growing at a rate of 25-30%. Thus, the expanding online foodservice segment is poised to drive the robust growth of the food service equipment market.

The surging popularity of fast food chains is anticipated to be a significant catalyst propelling the growth trajectory of the food service equipment market. Fast food establishments, known for their quick, convenient, and cost-effective meal options, rely on a variety of food service equipment such as mixers, dishwashers, ovens, blenders, and others. Reports from the Census and Statistics Department in Hong Kong illustrate a substantial increase in total receipts at various types of restaurants, including Chinese and non-Chinese establishments, along with notable growth in sales at fast food restaurants. This trend indicates a rising preference for fast food options, which, in turn, drives the demand for diverse food service equipment, thereby influencing market growth significantly.

Technological advancements emerge as a prominent trend driving innovation within the food service equipment market. These advancements encompass automation, virtual control systems, sensory systems, robotics, fusion tech machinery, and other cutting-edge technologies aimed at enhancing the efficiency of food service equipment operations. Major industry players within the foodservice equipment domain are steadfastly committed to offering technologically-advanced equipment to fortify their market standing. Notably, in March 2021, TurboChef Technologies LLC and Middleby Corporation introduced PLEXOR, an innovative automated ventless oven. This next-generation cooking platform integrates multiple oven modules, facilitating automated operations through a unified user interface and a single plug. Such technological innovations streamline customer preferences, optimize labor, and augment service speed while upholding stringent product/service quality standards, benefiting companies in the food service equipment market.

Leading firms within the food service equipment market are prioritizing strategic acquisitions as a means to expand their operations. An acquisition involves one company buying the majority or entirety of another company's shares to gain control over it. For example, in October 2023, Sysco Corporation, a prominent U.S.-based multinational food distributing corporation, executed the acquisition of Edward Don & Company (DON) for an undisclosed sum. This strategic acquisition serves as a means for Sysco to integrate innovative capabilities and diversified offerings into its existing portfolio. Additionally, it facilitates the establishment of a specialized Equipment and Supplies platform, enhancing client offerings and service standards. Edward Don & Company (DON), the acquired entity, operates as a U.S.-based distributor specializing in foodservice equipment.

In December 2021, Ali Group, an esteemed Italy-based entity in the food service equipment sector, completed the acquisition of The Montague Company for an undisclosed financial figure. This strategic merger further solidifies Ali Group's position as a frontrunner within the global commercial foodservice equipment market. The acquisition amplifies growth prospects, introducing novel dimensions to cater to the evolving needs of the foodservice equipment industry. The Montague Company, the acquired entity, operates as a U.S.-based manufacturer specializing in commercial cooking equipment.

Major companies operating in the food service equipment market include AB Electrolux, Ali Group Srl a Socio Unico, Dover Corporation, Duke Manufacturing, Haier Group Corporation, Smeg S.p.A., The Middleby Corporation, Meiko Maschinenbau GmbH & Co. KG, Hoshizaki Electric Co. Ltd., Fujimak Corporation, Tupperware Brands Corporation, Hobart Corporation, Manitowoc Company Inc., Alto-Shaam Inc., Cambro Manufacturing Co. Inc., Comstock-Castle Stove Co. Inc., Welbilt Inc., ITW Food Equipment Group, Standex International Corporation, The Vollrath Company LLC, The Vollrath Company, Rational AG, Hatco Corporation, Ice-O-Matic, Bunn-O-Matic Corporation, Grindmaster-Cecilware, Waring Commercial Inc., Robot Coupe USA Inc.

Asia-Pacific was the largest region in the food service equipment market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the food service equipment market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The countries covered in the food service equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

The food service equipment market consists of sales of utensils, pots, pans, bowls, and spoons, large equipment such as range, steamers, boiling pans, and refrigerators, mechanical equipment such as peelers, pin-cers, mixers, refrigerators. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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