Food service equipment is used in the food industry to prepare and store food goods. These tools are used in commercial kitchens in restaurants, hotels, and other settings. These include cooking, organizing, storing, and washing dishes and serving and food preparation equipment. The market's main revenue streams originate from selling food service equipment and its subsequent upkeep and replacement.
As consumer demands for kitchen area furnishings altered, the industry quickly adapted. Technological breakthroughs and changing societal norms created a thriving market for the machinery utilized in the end-use industry. Numerous cutting-edge and creative products have come onto the market over time, and it is expected that they will ultimately boost market expansion. The availability of custom food service appliances to prepare various cuisines is one of these goods. It goes from discovering food preparation and storage tools, such as cooking stoves, ranges, and electrical refrigerators.
Due to a growth in business travel and an increase in the number of eating places like hotels and restaurants, the market for food service equipment is growing. The National Restaurant Association's Restaurant Performance Index predicts that the US restaurant industry will reach USD 863 billion in 2019, with over 1 million restaurants open there. Due to changing consumer eating habits and busy lifestyles, the demand for ready-to-eat meals has surged. Rapid shifts in consumer preferences, disposable income, and digitization, together with the growing number of working women, are all causing an increase in fast-service, pop-up, and other eateries. The high installation cost and the required integration skills for the equipment first set up in the kitchen are obstacles to adopting food service equipment.
North America holds the largest market share and is expected to grow at a CAGR of 5.1% during the forecast period. Ali Group North America, Dover Corporation, Illinois Tool Works Inc., and others are among the leading North American producers of food service equipment. Food service solutions are employed in a variety of businesses in North America, including hotels, fast food restaurants, and institutional cafeterias. The North American hospitality industry dominates in the use of food service equipment due to the extensive use of innovative goods and the growing demand for processed foods in the area. The key driver of the North American food service equipment market is the early adoption of automation in commercial kitchens. Due to the availability of low-cost, high-quality, and secure equipment, small enterprises may investigate and implement kitchen solutions for various purposes, driving the market.
Europe, which currently holds the second-largest share, is predicted to account for USD 17,176 million by 2030, rising at a CAGR of 6.1%. Europe comprises the Netherlands, Germany, the United Kingdom, Italy, France, and Spain. With food service equipment installed, commercial kitchens perform more efficiently and reasonably. Restaurants and hotels are the primary end-users of food service equipment in Europe. The industry has seen food preparation and cooking equipment gain ground due to increased utilization in fast-service restaurants. As more quick-service and casual dining restaurants in developing nations like Poland, Hungary, and others become aware of its benefits, it is projected that the adoption of commercial kitchen food equipment will rise.
Asia-Pacific is one of the most lucrative markets for food service equipment because of the advancement in commercial kitchen automation and developing nations like China and India. Additionally, countries in this region have adopted food equipment solutions as a result of technology advancements, the emergence of new business models like e-commerce, and the expansion of the hotel industry. Asia-Pacific is one of the leading markets for food service equipment due to the abundance of hotels and eateries. These factors are expected to drive the market.
The major market players are Illinois Tool Works (ITW), Inc., Middleby Corporation, Duke Manufacturing Co. Inc., Alto-Shaam, Inc., Welbilt, Inc., Comstock-Castle Stove Co., Inc., Electrolux, Cambro Manufacturing Co. Inc., Dover Corporation, Ali Group S.r.l. a Socio Unico.