Food service equipment market is driven by growth in food service industry, rise in expansion of quick-service restaurant, changing consumer preference, and surge in urbanization and population growth. Moreover, the rapid technological advancement in the food industry has led to a change in dynamics and made it easier for both customers and organizers to organize the market smoothly.

NEWARK, DE / ACCESSWIRE / August 8, 2024 / The global Food Service Equipment Market Size is estimated to reach USD 45,449.7 million by 2024 and USD 82,099.3 million by 2034. The market is expected to surge at a CAGR of 5.6% by 2034.

The growing popularity of convenience and ready-to-eat foods among customers in emerging nations is driving up demand for food service equipment. Due to shifting consumer lifestyles, more disposable income, increased brand awareness, and growing worries about the quality of food products, this potential is soaring. It is anticipated that a number of growing economies will open up new markets for the food service equipment sector.

Innovative and technologically sophisticated items are flooding the market, ranging from food preparation and storage research to programmable food service appliances that can prepare a variety of dishes. In the long run, it is projected that these items would assist market expansion.

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.

Tourism sector to present a booster shot to the growing food service equipment market in Europe

Europe has always been one of the most famous hubs for tourists. An increasing number of tourists would certainly contribute to the hospitality sector, which is expected further to boost the food service equipment market in Europe.

The FMI analysts believe that Germany is expected to be the largest market for food equipment in Europe and holds 20.3% of the European food service equipment market.

The hospitality industry in the region has been undergoing massive upgradation in terms of infrastructure and technology. In the hotels as well, the customers prefer to go in for food that requires less time to prepare and is nutritious as well. The food service equipment plays a key role in preparing as well as maintaining the freshness of such food in hotels.

Automation to provide the room for growth in case of Japan food service equipment market

The Japanese food service equipment market is expected to surge reasonably during the forecast period. The aim of the manufacturers in Japan is to improve food quality and, at the same time, provide cost-effective service. The automation of food service equipment has helped in scaling the quantity, increasing the quality, and at the same time, offering services at affordable rates.

Furthermore, the ability to maintain hygiene by sterilizing utensils has curated a lot of interest among Japanese stakeholders. Apart from that, the rising consumption of processed food is expected to surge Japan’s market share of food service equipment.

Rising technological developments in Korea presents a land of opportunities to the food service equipment market

The implementation of the latest technology in food service equipment has made it easier for consumers to select the right menu.

The manufacturers in Korea are making use of technologies like IoT, data analytics, etc., to ensure synchronicity at all levels. The implementation of such technology ensures that wastage is reduced and the efficiency of the restaurant increases because of minimum interference.

Additionally, the introduction of multi-functional modular kitchens as a part of the food service equipment ensures that the operations are streamlined. The manufacturers are making use of robots for the preparation and delivery of food, which would work in coherence with the food service equipment.

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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 at Future Market Insights

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

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.

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Food Service Equipment Market Segmentation

By Equipment:

Food Preparation Equipment

Drink Preparation Equipment

Cooking Equipment

Heating and Holding Equipment/ Buffet Service Equipment

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

By Region:

North America

Latin America

Europe

East Asia

South Asia

Oceania

Middle East & Africa

Authored by:

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.

Source https://www.accesswire.com/897970/projected-growth-of-the-global-food-service-equipment-market-reaching-usd-821-billion-by-2034-with-a-56-cagr-future-market-insights-inc