The global commercial cooking equipment market size is to grow to USD 19137 million by 2030 at a CAGR of 5.5% from the early figures of USD 11820 million in 2021.
In commercial kitchens, commercial cooking equipment makes it easy to prepare food and keeps it safe. Most commercial cooking equipment is made up of braising pans, kettles, cook-chill systems, ovens, and fryers, all of which are used for cooking food for businesses. These tools are used a lot in catering, full-service restaurants, and quick-service restaurants to make and store different kinds of food. Most of the growth in the food service industry comes from more people traveling for business and more hotels and restaurants opening up. This, in turn, increases the need for commercial cooking equipment.
Innovations in commercial cooking equipment make it more likely for people all over the world to use it. Also, the trend toward modular kitchens with high-tech features is driving up the need for commercial cooking equipment. On the other hand, a rise in the demand for energy-efficient and cost-effective products, a rise in the popularity of cloud kitchens, and an increase in the demand for custom units are all things that are likely to help the commercial cooking equipment market growth over the next few years.
The commercial cooking equipment market is growing because more people are going on business trips, and there are more hotels and restaurants. According to the Restaurant Performance Index from the National Restaurant Association, the U.S. restaurant industry was worth around USD 860 billion in 2019. There are more than 1 million restaurants in the U.S., which is a key growth driver for the commercial cooking equipment market.
Also, more people are eating out, which has made the food service industry grow, which has increased the need for commercial cooking equipment. During the forecast period, the market is also expected to grow thanks to an increase in cross-border investments, more experiments and new ideas in a wide range of cuisines, and the fast growth of the travel and tourism industry.
A quick-service restaurant focuses on getting food to customers as quickly and easily as possible. This usually means that you can serve yourself, and the food is made quickly after you place your order. Also, most quick-service restaurants offer more services than just sitting down and eating, such as take-out, drive-thru, and home delivery, which are great for the way people live today.
Quick service restaurants are places like Subway, McDonald's, Burger King, KFC, Taco Bell, and Wendy's. Changes in how people eat and how busy they are, as well as a rise in disposable income, a rise in the number of women who work, and fast digitalization, have led to a rise in the number of quick-service restaurants, which has led to a rise in the demand for cooking equipment like fryers, ovens, and others. So, all of these things have a big impact on the growth of the market for commercial cooking equipment.
Due to the prolonged lockdown in major countries such as the United States, China, Japan, India, and Germany, the outbreak of the COVID-19 pandemic has resulted in the partial or complete shutdown of non-essential goods production facilities. In most industrial units around the world, this has resulted in the closure or suspension of their production activities. Furthermore, the COVID-19 outbreak forced the closure of a large portion of the food service industry, including hotels, restaurants, pubs, and bars. As a result, the commercial cooking equipment market has struggled to grow.
Furthermore, full-service restaurants were forced to close or adapt the home delivery and pick-up trend due to the implementation of lockdown and strict government norms to follow social distancing. Furthermore, the COVID-19 pandemic has compelled consumers to avoid social gatherings such as parties, events, and functions in order to avoid coronavirus infection, which eventually hampered the food business and, in turn, had an adverse effect on the commercial cooking equipment market.
Increased awareness of conserving water and electricity contributes to the rise in demand for low-energy products. As a result, manufacturers have been encouraged to develop commercial cooking equipment, such as ovens, that are more energy and water-efficient than the current models in the market. Commercial ovens use approximately 20% less energy than standard models. As a result, commercial cooking equipment that is both energy-efficient and cost-effective is gaining popularity in the food service industry. This, in turn, is expected to provide a huge opportunity for the commercial cooking equipment market to grow over the next few years.
Cloud kitchens, also known as dark or shared kitchens, are delivery-only kitchens that can be owned by a brand or managed by a third party. Cloud Kitchen primarily produces fast food products that are known for their flavor, unique product offerings, and easy accessibility, all of which appeal to the target market. Furthermore, the rise in demand for online food delivery, owing to consumers' fast-paced lifestyles and their desire for convenient food options, has fueled the cloud kitchen trend.
Furthermore, the rise in internet penetration and the growing influence of social media have boosted cloud kitchen adoption in the food service industry significantly. As a result, all of these factors are expected to provide lucrative opportunities for the commercial equipment market to expand during the forecast period.
By product type segmentation is further classified into ovens, ranges, and grills, out of which the ovens have the major market share.
The oven is a piece of electronic equipment that is used for cooking, baking, roasting, and browning food. On the market, there are different types of ovens, such as racks that can rotate or stay still, decks, and tunnels, whose names come from their shapes and how they work. As the number of fast-food restaurants has grown, so has the need for ovens. Also, new oven features that make cooking easier have made it more popular in the food service industry, which in turn has taken the said segment to the top of the growth chart at an estimated CAGR of 6.8%.
Ranges are common pieces of cooking equipment that can be used to cook, grill, boil, and do many other things. The two most common types of commercial ranges on the market are gas and electric. An oven range is made up of two main parts: the cabinet and the cooking elements. Most of the time, heavy-duty ranges are used in restaurants, dining halls, and hotels to keep up with the high demand for kitchens that serve a lot of people. The most useful piece of equipment is the stove, which can run on either LPG or electricity. From the name, you can guess that it can cook, fry, boil, grill, and bake, among other things.
A charbroiler, which is also called a grill, broiler, or griddle, is a common cooking tool that has a series of grates or ribs that can be heated in different ways. It is used in commercial kitchens to do things like grill, fry, boil, steam, and shallow fry. The biggest thing driving the commercial cooking equipment market is that people want more charbroiled or grilled fast food, which is why it has a substantial market value in the global commercial cooking equipment market.
The global commercial cooking equipment market, when segmented by end-use, is further classified into Full-Service Restaurants, Quick Service Restaurants, and Catering services, out of which the quick-service restaurants have the major market share.
The full-service restaurant includes upscale full-service facilities. These food chains offer a wide range of food and drinks, as well as other services like lodging and high-end amenities. Rich tourists and wealthy locals like to eat at fancy restaurants. Full-service restaurants are more likely to use new technologies to make quick-served foods when customers want to try new foods at a reasonable price. High disposable income also makes it easier for people to buy luxury items and go out to eat with their families, which helps the market grow.
A quick-service restaurant is one that focuses on getting food to customers as quickly and easily as possible. This usually means that there is no table service and that food is cooked quickly after it is ordered. The best examples of this type of restaurant are Subway, McDonald's, Burger King, KFC, Taco Bell, and Wendy's. Quick-service restaurants are getting a lot more customers because people want fresh, tasty, and appealing food at a price they can afford. Thus, the said segment is ruling the global market at a CAGR of 6.2%.
The job of a catering service is to provide food for events like business meetings, social gatherings, and functions at different places. Caterers are hired for outdoor events like weddings, parties, concerts, or business events on a contract basis. The use of commercial cooking equipment is likely to go up as the number of schools, companies, and other big businesses that want catering services goes up.
The global commercial cooking equipment market is primarily segmented into three regions, namely North America, Europe, and Asia-Pacific, where the North American region has sheer dominance over other regions.
The U.S., Canada, and Mexico are all looked at for the commercial cooking equipment market in North America. Most of the market for commercial cooking equipment is in North America, which is why it is leading the global market. The North American hospitality market is the biggest user of commercial cooking equipment. This is because North Americans buy a lot of new products like smart ovens and smart deep fryers, and they also eat more fast food than people in other parts of the world. Also, the number of restaurants and people eating outside has made the commercial cooking equipment market in the region grow a lot, which led the region to accumulate a CAGR of 4.3%.
The markets for commercial cooking equipment in the European region are the UK, Germany, France, Italy, and Spain, along with the rest of Europe. The growth of the food service market in Europe has been helped by the growth of the food service industry. Europe is also thought to be a possible market for new commercial cooking equipment innovations. The Europe commercial cooking equipment market is growing because more people are learning about its benefits, it is easy to buy, and it is being used in more places, which is why the region is said to reach the figures of USD 4162 million in 2030 at a CAGR of 5.2%, which is the second-highest after North America.
During the period of the forecast, the Asia-Pacific market for commercial cooking equipment is expected to grow at the fastest rate. Due to the rise of automation in commercial kitchens and the fact that China and India are developing economies, Asia-Pacific is one of the best places to sell commercial cooking equipment.
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