Future Market Insights, Inc. (FMI) predicts a vibrant future for the food service equipment market in emerging economies, fueled by the rise of convenience food preferences and changing consumer lifestyles. Explore complex dynamics in the growing market and discover valuable stakeholder opportunities in our detailed FMI report.
NEWARK, Del., Jan. 24, 2024 /PRNewswire/ -- The global Food Service Equipment Market is estimated to reach US$ 45,449.7 million by 2024 and US$ 82,099.3 million by 2034. The market is expected to surge at a CAGR of 5.6% by 2034.
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Demand for food service equipment is increasing in emerging economies owing to consumers' preference for ready-to-eat and convenience foods. This potential is surging due to changing consumer lifestyles, rising disposable income, improved brand awareness, and growing food product quality concerns. Several developing economies are expected to provide new revenue streams for the food service equipment industry.
A wide range of innovative and technologically advanced products are entering the market, from the investigation of food preparation and storage to the availability of programmable food service appliances to cook different cuisines. These products are anticipated to support market expansion in the long run.
The food service equipment industry's key driving factor is the hotel sector. Food that is high-quality, nutritious, and requires less time and effort to make is preferred by busy consumers. This leads to a strong inclination toward quick-service eateries as well.
Key Takeaways from the Food Service Equipment Market Study:
- The global market is expected to rise at a CAGR of 5.6% by 2034.
- The United States is projected to surge at a CAGR of 4.3% by 2034.
- Based on equipment type, the cooking equipment segment is expected to hold a market share of 43.3% in 2024.
- By end-use, the hotel segment is projected to account for 20.3% market share in 2024.
- The global market is expected to reach US$ 82,099.3 million by 2034.
"Food service equipment, including mixers, blenders, ice-cream machines, dishwashers, ovens, grills, and slicers, are being used more frequently as quick-service restaurants gain popularity. Integrating IoT and data analytics with food service equipment, including smart inventory management systems, touchscreen kiosks, integrated cooking equipment, and smart kitchens, contributes to waste reduction and increased restaurant efficiency," says Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.).
Competitive Landscape
Leading companies in the market are Electrolux Professional, Dover Corporation, Middleby Corporation, Duke Manufactures, and Tupperware Hobart Corporation. The increasing use of environmentally friendly technology equipment is directing key players to concentrate on business plans that benefit their companies, such as joint ventures, mergers, and acquisitions.
Manufacturers are working with solution providers to offer equipment that is focused on the client's needs and addresses food waste by supermarkets, hypermarkets, and grocery shops. Furthermore, technical developments and the Internet of Things specifications define the food service equipment industry.
Key Companies Profiled
- Rational AG
- LG Electronics
- Robert Bosch
- Samsung Electronics
- ACP Solution Inc.
- Philips Electronics
- Selecta
- Haier Inc.
- Illinois Tool Works
- Electrolux Professional
- Dover Corporation
- Middleby Corporation
- Duke Manufactures
- Meiko
- Tupperware Hobart Corporation
- Ali Group SpA
- Panasonic Corporation
- Welbit
Purchase this report now to get key companies with their Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis.
For instance,
- In 2020, Middleby Corporation acquired Zhuhai Guangdong, a China-based United Food Service Equipment Group.
- In May 2022, Welbilt, Inc. launched the Smart Restaurant Ecosystem.
Food Service Equipment Market Segmentation
By Equipment:
- Food Preparation Equipment
- Slicers and Peelers
- Mixers and Grinders
- Food Blenders
- Chopper (Fry Cutters, Specialty Choppers)
- Dough Sheeters
- Bread Slicers
- Food Grater
- Dryers/Dehydrators
- Drink Preparation Equipment
- Drink Blenders
- Juicers
- Ice Crushers
- Ice Maker
- Carbonator
- Cooking Equipment
- Grills
- Fryers
- Ovens
- Toasters
- Others
- Heating and Holding Equipment/ Buffet Service Equipment
- Warmers
- Merchandisers
- Sauce Dispensers
- Trays
- Table Tops
- Food Safety and Sanitation Equipment
- Small Wares (1 Unit = 6 Pieces)
- Dishwashers
- Bar Supplies (Set)
- Refrigerators and Chillers
- Baking Equipment
- Storage and Shelving Equipment
- Food Packaging and Wrapping Equipment
- Dinnerware (Set)
- Glassware (1 Unit = 6 Pieces)
By End-use Industry:
- Hotels
- Fine Dine Restaurants
- Casual Dining Restaurants
- Fast Food and Quick Service Restaurants
- Cafeteria
- Institutional Canteens and Catering
- Bakery
- Commercial Kitchens
- Travel Retail Services (Airways, Ships, Railways)
- Household
By Sales Channel:
- Online
- Offline
- Hypermarket / Supermarket
- Multi-brand Outlets
- Specialty / Company Outlets
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
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Get Valuable Insights into the Food Service Equipment Market
Future Market Insights (FMI), in its new offering, provides an unbiased analysis of food service equipment, presenting historical demand data (2019 to 2023) and forecast statistics for the period from (2024 to 2034).
The study divulges compelling insights on the demand for food service equipment based on the product (food preparation equipment, drink preparation equipment, cooking equipment, heating, and holding equipment, refrigerators and freezers, dishwashers, table tops, food safety, and sanitation equipment, small wares (1 unit = 6 pieces), dishwashers, bar supplies (set), refrigerators and chillers, baking equipment, storage, and shelving equipment, food packaging and wrapping equipment), end-use (hotels, fine dining restaurants, casual dining restaurants, fast food, and quick service restaurants, cafeteria, institutional canteens and catering, bakery, commercial kitchens, travel retail services [airways, ships, railways], household) sales channel (online and offline), and region
About the Food & Beverage Division at Future Market Insights (FMI)
Expert analysis, actionable insights, and strategic recommendations - the food & beverage team at Future Market Insights (FMI) helps clients from all over the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and one million+ data points, the team has analyzed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services.
About the Author:
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor's Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and market analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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