The global food service equipment market was valued at USD 39.1 billion in 2017 and is anticipated to grow at a CAGR of 5.3% during the forecast period. Food service equipment includes cooking equipment, ware washing equipment, storage equipment, refrigeration equipment, and serving equipment among others. Restaurants, hotels, and clubs use food service equipment for cooking, cleaning, storage, preparation, and serving of food and beverages. Food service equipment are developed for cooking and storage of high volume of edible products in commercial establishments. These are designed to withstand excessive amount of electricity load and continuous usage of the equipment.
The demand for food service equipment has increased significantly over the years owing to the exponential growth in the number of food service establishments. The significant growth in the hospitality industry worldwide drives the adoption of food service equipment. Hotels, restaurants and catering establishments require efficient and technologically advanced service equipment for uninterrupted operations in the kitchen. The growing demand for affordable and energy efficient equipment supports the growth of the food service equipment market. Improved lifestyle of consumers has changed their consumption habits, resulting in increasing instances of dining at restaurants, and staying at hotels or resorts. The increasing urbanization, and growth in disposable income also support the growth of food service equipment market. The increasing awareness regarding the use of efficient & environmental friendly appliances has encouraged food establishments to use energy efficient and smart equipment. However, high energy consumption, complexities regarding usage, and high costs limit the growth of the food service equipment market.
The global Food Service Equipment market is segmented on the basis of type, end-user, and region. Based on type, the market is segmented into cooking equipment, serving equipment, refrigeration equipment, storage equipment, warewashing equipment, food & beverage preparation equipment, and others. On the basis of end-users, the market is segmented into full service restaurants, quick service restaurants, hotels & clubs, and others.
The food service equipment market report comprises a detailed geographic distribution of the market across North America, Europe, APAC, Latin America, and MEA. North America is further segmented into U.S., Canada, and Mexico. Europe is divided into Germany, UK, Italy, France, and Rest of Europe. Asia-Pacific is bifurcated into China, India, Japan, and Rest of Asia-Pacific. North America accounted for the largest share in the global Food Service Equipment market in 2017.
The leading players in the market include Dover Corporation, Haier Electronics Group Co., Ltd., Duke Manufacturing Co. Inc., Illinois Tool Works (ITW) Inc., Fujimak Corporation, Duke Manufacturing Co. Inc., Ali Group, Hoshizaki Corporation, Middleby Corporation, Manitowoc Company Inc, and AB Electrolux among others. These major players in the market are introducing new products owing to changing consumer preferences and increasing demand for food service equipment. They are also collaborating with other players to expand their offerings and enhance market reach.