The food service equipment market comprises equipment used for food preparation and cooking, food holding and storage, warewashing, food serving etc in commercial kitchens. Food service equipment provide efficiency and convenience in commercial food production while maintaining food quality and safety.
The global food service equipment market is estimated to be valued at US$ 41.29 Billion in 2024 and is expected to exhibit a CAGR of 8.1% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increased demand from food service establishments: The rising number of quick service and full-service restaurants globally has boosted demand for various food service equipment such as food preparation equipment, cooking equipment, refrigeration equipment and storage equipment. As disposable incomes rise, demand for dining out is expected to grow significantly thereby propelling demand for efficient food service equipment from commercial kitchens. Establishments are increasingly automating food production processes and adopting advanced equipment to improve productivity and meet increasing consumer demand. This rapid expansion of the food service industry will persistently drive the need for high-performance commercial food service equipment over the forecast period.
SWOT Analysis
Strength: The Global Food Service Equipment Market Size benefits from increasing number of foodservice outlets like restaurants, cafes and hotels. Growing tourism and travel industry drives the demand for food service equipment.
Weakness: High initial investment cost of modern and technologically advanced food service equipment can be prohibitive for small businesses. Frequent repair and maintenance needs increase operating costs.
Opportunity: Growing demand for energy-efficient and eco-friendly food service equipment presents an opportunity for manufacturers. Rising health consciousness among consumers is increasing the demand for advanced cooking equipment.
Threats: Economic slowdowns and downturns negatively impact the food service industry and hence the demand for new equipment. Strict government regulations regarding food safety and quality standards increase compliance costs.
Key Takeaways
The global food service equipment market is expected to witness high growth over the forecast period of 2024 to 2031. The market size is projected to reach US$ 41.29 Billion in 2024. The market is estimated to expand at a CAGR of 8.1% during the forecast years.
Regional analysis – North America dominates the global market currently owing to strong presence of major food service equipment manufacturers. However, Asia Pacific region is expected to grow at fastest pace during the forecast period supported by increasing number of foodservice outlets in countries like China, India and Japan. Growing middle class population and changing lifestyles is driving the demand in Asia Pacific region.
Key players – Key players operating in the food service equipment market are BASF SE, Bayer Cropscience AG, Bioworks Inc., Syngenta AG, Agrauxine by Lesaffre, Germains Seed Technology, Koppert Biological Systems, Novozymes, Marrone Bio Innovations, and Groundwork BioAg. These leading manufacturers are focused on developing innovative and sustainable products to cater to the rising demand. They are also investing in expanding their global footprint through mergers and acquisitions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it