Food Service Equipment Market will manage to achieve USD 57.9 billion by 2030 : GreyViews

Pune India, Jan. 20, 2023 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the food service equipment market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the food service equipment market are present across various countries in the above-mentioned regions.

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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the product, end-user, and regions. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global food service equipment market are Meiko, Ali Group, Hoshizaki Electric Co., Ltd., Duke Manufacturing Co. Inc., Dover Corporation, Manitowoc Company Inc., Libbey Inc., Middleby Corporation, Electrolux AB, Rational AG, Hobart Corporation, Tupperware Brands Corporation, Vollrath Co., and Fujimak Corporation among other. To achieve a substantial market share in the worldwide food service equipment market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
Tools, utensils, crockery, and cutlery that help with food preparation, storage, and service are referred to as food service equipment. Depending on the type of food service, it comes in a variety of ways. Trolleys, storage racks, scales, measuring cups, and spoons are a few examples of items used for food storage. Wet grinders, fryers, and moulding equipment are also used to prepare and cook food. Automated multi-purpose equipment is frequently used today for food preparation in restaurants and at homes since it saves time and human labour. The increased consumption of fast food as a result of rapid urbanization, changing dietary practices, rising income levels, and hectic schedules is one of the primary factors driving a favorable market outlook. Commercial food services establishments like cafés and restaurants are also putting an emphasis on enhancing food safety while providing a variety of wholesome meal options. This is accelerating market growth and the population's rising health consciousness. The introduction of stringent food control rules by the governing authorities of various nations is driving the demand for cutting-edge food service equipment. The luxury hotel and cuisine tourist industries are also growing in popularity, which is encouraging industry expansion. Due to the rise of restaurants and pubs, the market is growing. The leading market players are also incorporating cutting-edge technologies like the internet of things (IoT) and big data in order to provide remote maintenance and self-diagnosis functionalities.

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Scope of Food Service Equipment Market Report:

Segmentation Analysis

Kitchen purpose equipment  is expected to be the fastest-growing segment in 2022. 

The product segment is ware washing equipment, kitchen purpose equipment, food holding & storing equipment, refrigerator equipment, and others.  The kitchen purpose equipment segment is expected to witness the highest growth rate during the forecast period. When opening a new business or remodeling an existing one, buying the appropriate kitchen appliances is a need to maintain efficient operations. One of the main drivers of the market's expansion is the usage of cutting-edge items in commercial kitchens, which depends on the kitchen's size and budget. Due to the increased demand for meal preparation appliances in open food service kitchens, manufacturers now lay a greater focus on characteristics like the most recent technological developments and appliance exterior designs. Due to the growing trend of sensors being included in kitchen appliances like fryers, ovens, and cooktops, real-time monitoring of food preparations is now possible. Restaurants are also downsizing their kitchens as a result of rising commercial space rent.

Full-service equipment is expected to be the fastest-growing segment in 2022. 

The end-user segment is institutional, full-service equipment, quick-service equipment, and Others. The full-service equipment segment is expected to witness the highest growth rate during the forecast period. The huge market share of FSRs is due to the growth of digital dining trends, which compelled them to utilize cutting-edge equipment to expedite the preparation and reduce delivery downtime. Due to the subsequent shift in the dine-out culture for formal occasions as well as informal gatherings during travel and tourism activities, full-service restaurants have seen an increase in foot traffic in recent years. The FSR segment is therefore likely to continue to rule during the forecast period.

Regional Analysis           

The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the food service equipment market include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.

The Asia Pacific region witnessed a major share. The region's rapidly westernizing eating habits and expanding tourism sector, particularly in Singapore, Malaysia, Indonesia, and Australia, are driving up demand for food service equipment. Additionally, because more and more customers are trying new foods and acquiring tastes for diverse cuisines, restaurants are including a range of cuisines on their menus. A rise in demand for these appliances is also projected in the Asia Pacific region due to the region's expanding consumption of processed foods.

Country Analysis

• Germany

Germany's food service equipment market size was valued at USD 4.48 billion in 2022 and is expected to reach USD 7.47 billion by 2030, at a CAGR of 6.6% from 2023 to 2030.
Due to consumer preference for high-performance equipment and the rising acceptance of automation in German eateries, sales of food service equipment are anticipated to rise throughout the forecast period. As the European food service sector adopts more cutting-edge technical food service equipment to improve its offerings, the market is anticipated to expand quickly.

• China

China's food service equipment market size was valued at USD 5.8 billion in 2022 and is expected to reach USD 9.8 billion by 2030, at a CAGR of 6.8% from 2023 to 2030.
Growth may be related to the increased need for innovative and automatic food service equipment to meet the demand for fast food and online food delivery services. The market will also have growth prospects as a result of China's developing food service sector, the rise of global fast food chains, and the country's developing travel and tourism sectors.

• India

India's food service equipment market size was valued at USD 4.46 billion in 2022 and is expected to reach USD 7.49 billion by 2030, at a CAGR of 6.7% from 2023 to 2030.
Significant improvements have been made to the region's hotel infrastructure and technology. Customers like to eat at restaurants in hotels that offer quick-to-prepare, healthful meals. For keeping such meals fresh in hotels, food preparation and preservation equipment is essential.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.

Furthermore, the growth of the food service equipment market is mainly driven by the rise in food sector.

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