Food service equipment are vital to the food service industry as they aid the vendors to prepare and serve variety of food items. Amongst the different types of food service equipment, globally, the use of cooking equipment is highest as it contributes to nearly 1/3rd of the total market share, in terms of value. Market demand for storage and handling equipment is also increasing, owing to rise in number of hotels and restaurants, demand for ready-to-eat & packaged food, and to preserve the food items for longer duration. AB Electrolux, Manitowoc Food service, Inc., The Middleby Corporation, and Ali S.p.A are some of the key market players operating in this market. Companies focus on new product launch to enhance their market share, for instance, in September 2015, Merrychef, a subsidiary of Manitowoc Food service, Inc., launched eikon e2s oven, the smallest high-speed oven, suitable to cook, reheat, toast & bake sandwiches, pizzas, and wraps.
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The report segments the global food service equipment market based on product type, end user, and geography. By product type, it is categorized into cooking equipment, warewashing equipment, storage & holding equipment, food & beverage preparation equipment, and serving equipment. Warewashers are gaining market popularity as they play a vital role in maintaining the hygiene and cleanliness of the kitchen and also help in automated cleaning of the used utensils and dishes. Further, storage & handling equipment is projected to be the fastest growing segments, with estimated CAGR of 6.7% during the forecast period.
Geographically, the global food service equipment market is segmented into North America, Europe, Asia-Pacific, and LAMEA. In 2015, North America accounted for over 35% revenue share due to rapid growth in food service industry and high product penetration in the region, and is estimated to grow at a CAGR of 4.5%. However, Asia-Pacific is anticipated to be the fastest growing market growing at a CAGR of 7.3%.
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Based on end user, the market is categorized into full-service restaurants & hotels, quick-service restaurants & pubs, and caterers. The use of food service equipment is highest in full-service restaurants & hotels.
In 2015, the food service equipment market generated $29,809 million revenue and is estimated to garner $43,379 million by 2022, with a notable CAGR of 5.7% during 2016 to 2022. The increase in demand for processed and junk food, increase in variety of food items in the menu, rapidly growing restaurant & hotel industry, and developments in urban infrastructure in both developed and developing countries are key factors that drive the market growth. In addition, growth in preference for refrigerated food & drinks as well as demand for technologically advanced products in commercial kitchens have significantly fostered the demand for food service equipment.
However, high capital investment and complexities associated with the installation and usage of equipment could restrain the market growth. Moreover, the introduction of new regulations by the European government regarding refrigerant leakages and F-gas emission are expected to offer growth in demand for replacement products as the companies need to replace their existing equipment with new energy-efficient devices. Moreover, rapid commercialization, rise in living standards, and digitization in kitchens in Asia-Pacific would provide a boost to the market.
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