- Surge in preference for quick-service restaurants, growth in the food service industry across the developing economies, and advancement in refrigeration technology drive the global food service equipment market
PORTLAND, Oregon, May 14, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Food Service Equipment Market by Product Type (Cooking Equipment, Storage & Handling Equipment, Ware Washing Equipment, Food & Beverage Preparation equipment, and Serving Equipment) and End Use (Full-Service Restaurants & Hotels, Quick Service Restaurants & Pubs, and Catering): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global food service equipment industry garnered $34.25 billion in 2019, and is estimated to reach $56.31 billion by 2027, registering a CAGR of 6.2% from 2020 to 2027.
Drivers, restraints, and opportunities
Surge in preference for quick-service restaurants, growth in the food service industry across the developing economies, and advancement in refrigeration technology drive the global food service equipment market. However, heavy investment required for the installation of food equipment restrains the market growth. On the other hand, growing demand for energy and cost-efficient products creates new opportunities in the coming years.
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The cooking equipment segment to dominate throughout the forecast period
Based on product, the cooking equipment segment accounted for more than one-fourth of the total share of the global food service equipment market in 2019, and is expected to maintain its leadership status in terms of revenue throughout the forecast period. This is attributed to increased usage of food service equipment as it helps in reducing the labor cost, improving food safety, and minimizing the operational cost. However, the storage and handling equipment segment is estimated to portray the fastest CAGR of 7.3% from 2020 to 2027. This is attributed to growing demand for storage and refrigeration equipment from the food and beverage industry.
The full-service restaurants and hotels segment held the lion's share during the forecast period
Based on end-use, the full-service restaurants and hotels segment contributed to the highest market share, accounting for more than two-thirds of the global food service equipment market share in 2019, and is estimated to maintain its leadership position during the forecast period. This is attributed to the adoption of new technologies for preparing quick-served foods among full-service restaurants. However, the quick-service restaurants and pubs segment is estimated to generate the fastest CAGR of 8.3% from 2020 to 2027. This is attributed to growing popularity of quick service restaurant chains due to experimental food items, limited edition menu, and unique food combinations.
North America to maintain its dominant by 2027
Based on region, North America accounted for the highest share, holding for more than one-third of the global food service equipment market in 2019, and is projected to maintain its dominant position throughout the forecast period. This is attributed to the adoption of automation in commercial kitchens and increase in sales of food service equipment across the region. However, Asia-Pacific is estimated to portray the fastest CAGR of 8.3% from 2020 to 2027, owing to the presence of numerous hotels and restaurants in this region.
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