Food Service Equipment Market Analysis Report By Product, By End-user, By Region And Segment Forecasts From 2021 To 2028

Synopsis

With reference to the report published, the global foodservice equipment market size was prized by USD 34.68 billion in 2020. It is estimated to witness a 5.5% CAGR from 2021 to 2028.

Drivers

Growing hospitality segment, altering habits of eating the food, and augmented demand for the takeaways, are the various input factors, impelling the progress of the market. In addition, the factors, similar to the necessity for sustainable and ecological utensils, along with the strict rules regarding the safety of the end-users, plus rising digitalization, are estimated to generate, hopeful development openings to the market for foodservice equipment, during the nearby prospect.

In line with the altering requirements of the end-users, for the setup of their kitchen, the market has speedily developed. Shifting societal backgrounds, together with the technical evolution, have shaped an active market for the apparatuses, utilized in the end-use segment.
The ecological projects and the rising alertness regarding the use of energy, assist clients to accept energy proficient appliances, thus, generating an opening for the market. The global rules for the consumption of energy put emphasis on dropping the emissions of Green House Gas (GHG), to decrease the intensifying influences of weather change. The clients are progressively more, choosing for the equipment, holding the mark of ENERGY STAR. This is an indicator of the energy effectiveness of the apparatus.

The COVID-19 pandemic has caused the provisional shutdown of the foodservice business, due to the strict social distancing and shelter-in-place rules, forced by the governments, universally. This has given rise to the negative development of the business, since both sales and production were insignificant, throughout 2020. However, while governments declare relaxations to lockdowns and the arrival of the first vaccines, the foodservice business is estimated to recover, during the forecast period.

Even as the traffic of dine-in restaurants is estimated to take, extensive period to come to normalcy, the end-users are likely to improve, by ways of the services like online delivery, off-premise, and takeaways. As a result of the succeeding increase in footfall, in foodservice restaurants along with institutional kitchens, the struggling market for food service equipment is estimated to prosper, during the near future.

Effect of Covid-19

The global foodservice equipment market is estimated to be considerably impacted by the COVID-19 pandemic. The business is on the verge of facing a decline in manufacture, disturbance in source, and fluctuations in prices. Although this can greatly support, native companies, to increase and concentrate on the increasing requirement, the shortage of raw material can even now cause a challenge to this business.

Product Insight

In 2020, the kitchen purpose equipment sector retained the biggest revenue share in the foodservice equipment market, and it was more than 35.0%. It is expected to observe the highest expansion, during the period of the forecast. The acquirement of suitable appliances for the kitchen is a necessity, whilst setting up a new-fangled venture, otherwise renovates an existing place, to make sure easy function. The expansion of the kitchen purpose equipment sector is extremely dependent on the utilization of modern products, in business-related kitchens, conditional on the budget as well as the area of the kitchen.

The refrigeration equipment sector created a considerable share in the market, in 2020. The increasing reputation of ready-to-eat as well as carry away items has forced the restaurant chains to furnish themselves by contemporary refrigerators. This has demanded the manufacturing companies to include bidirectional connectivity for the internet of things (IoT), in business refrigerators, to distantly supervise temperature, along with the stock level of the food item.

End-Use Insight

In 2020, the Full-Service Restaurant (FSR) sector held the leading revenue share in the foodservice equipment market, it was more than 40.0%. The prominent market share of full-service restaurants can be accredited to the arrival of the digital dining movement. This has forced the operators of food services, to organize the contemporary utensils, to accelerate the procedure of the preparation, along decrease the time required for the delivery.

The consequent move in the dine-out traditions for official proceedings, in addition to unofficial get-togethers, for the period of travel & tourism actions, has augmented the footfall in full-service restaurants, during the previous few years. Consequently, the full-service restaurant section is expected, to keep hold of its domination, during the period of the forecast.

The Quick Service Restaurants (QSRs) division is anticipated to record the highest expansion for the duration of the forecast. This can be credited to the increasing populace of the working persons, along with the globalization of famous eatery chains, through setting up the franchisee location.

Regional Insight

Since the U.S. was at the front position in 2020; North America directed the global foodservice equipment market. It is estimated to makeup, almost 20.0% revenue share, by 2028. The U.S. has come forward as the leading market in the foodservice equipment business, mainly due to the existence of entrenched trademarks similar to Starbucks Coffee Company, Burger King Corporation, KFC Corporation, and McDonald's.

Furthermore, the initiatives taken by the government regarding inspiring the immigration and tourism sector, in the nation, are estimated to strengthen the restaurant business, during the neighboring future, this might operate properly for the deployment speed of these appliances, within the region. Due to the increasing requirement for home delivery or off-premise services, Latin America is expected to observe considerable enlargement, during the period of the forecast.

In 2020, Asia Pacific held the maximum revenue share; it was nearly 35.0% and is estimated to retain its domination in the market for foodservice equipment, for the duration of the forecast. Growth of the tourism segment, along with the speedily growing influence of western-style eating traditions, particularly in Australia, Singapore, Indonesia, and Malaysia are inspiring the demand for food service equipment, within the region.

Due to the rising number of consumers try out innovative foods and increasing their taste for unusual cuisines, restaurants are adding various cuisines to their list of options. Furthermore, the increasing expenditure of processed foods is projected to generate a high demand for foodservice equipment, within the Asia Pacific region.

Companies

The increasing employment of supportive technology has forced crucial companies to concentrate on commercial approaches, such as, mergers & acquisitions and collaborations, which is helpful for their company. The major manufacturers are collaborating with the source of the solution, to manufacture client-centric equipment, dealing with wastage of food by super as well as hypermarkets, grocery stores.

Daikin Industries, Ltd. obtained Germany's foremost foodservice equipment manufacturing company, AHT GROUP GmbH, in 2019. This attainment facilitated the company to increase its business existence in the European region. Furthermore, approaches like the presentation of the latest product, objective marketing are being accepted to increase a viable approach in the market.

Some of the companies for the foodservice equipment market are:

• SMEG S.p.A.
• Duke Manufacturing
• Ali Group S.r.l. a Socio UNICCO
• The Middle by Corporation
• Haier Group
• Dover Corporation
• AB Electrolux

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For the purpose of this study, Million Insight's has segmented the global foodservice equipment market report based on product, end-user, and region:

• Product Outlook (Revenue, USD Billion, 2016 - 2028)
    • Kitchen Purpose Equipment
    • Cooking Equipment
    • Food & Beverage Preparation Equipment
    • Refrigeration Equipment
    • Ware Washing Equipment
    • Food Holding & Storing Equipment
    • Others

• End-user Outlook (Revenue, USD Billion, 2016 - 2028)
    • Full-Service Restaurant (FSR)
    • Quick Service Restaurant (QSR)
    • Institutional
    • Others

• Regional Outlook (Revenue, USD Billion; 2016 - 2028)
    • North America
        • U.S
        • Canada
    • Europe
        • Germany
        • U.K.
    • The Asia Pacific
        • China
        • India
        • Japan
    • Latin America
        • Brazil
        • Mexico
    • Middle East & Africa