The new report from Industry Experts Inc, on “Food Service Equipment“, estimates the global market for food service equipment at US$43.4 billion in 2024. The demand is further projected to grow by a CAGR of 5.6% during the period 2024-2030 and reach US$60.3 billion by 2030.
Some of the key factors driving the market for food service equipment include rapid urbanization, change in food consumption patterns, expanding hospitality sector, growing demand for advanced machinery and integration of automated & smart technologies into equipment. Manufacturers of equipment now offer products based on AI and IoT technology that provide real-time data. This equipment provides remote maintenance, and self-diagnosis features for interconnectivity and smart operations. The number of food delivery services and the proliferation of cloud kitchens are also contributing to overall demand for food service equipment.
Full-Service Restaurants (FSRs) are anticipated to be the largest end-users of food service equipment market worldwide, with an estimated share of nearly 45% in 2024. While FSRs have had a significant presence the all the major metro cities across the globe since a long time, their expansion into mini metros and smaller cities has further boosted the demand for food service equipment. This can be attributed to a growing demand for ready to eat food services, especially for the increasing number of working professionals who have limited time for home cooking and high disposable income.
Food service equipment market analyzed in this report for all major regions across North America (The United States, Canada and Mexico), Europe (France, Germany, Italy, Russia, Spain, The United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea and Rest of Asia-Pacific), South America (Argentina, Brazil and Rest of South America) and Middle East & Africa.
The market for major types of food service equipment studied in this report includes Food Holding & Storing Equipment, Kitchen Purpose Equipment, Refrigeration Equipment, Ware Washing Equipment, Other Food Service Equipment. The study also examines the market for end-use establishments of food service equipment comprising Full-Service Restaurants (FSRs), Quick Service Restaurants (QSRs) & Pubs and Other End-Use Establishments.
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