NEW YORK, April 19, 2024 /PRNewswire/ — The global food service equipment market size is estimated to grow by USD 12347.24 million from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 6.09% during the forecast period. APAC held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 37%.
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Technavio has announced its latest market research report titled Global Food Service Equipment Market 2023-2027
Major Players in the Market
Numerous companies are capitalizing on this growing trend by implementing strategic measures such as alliances, partnerships, mergers, and acquisitions. Among the notable players in the cheese based snacks market are:
3M Co., Ali Group Srl, Cambro Manufacturing Co., Duke Manufacturing, Electrolux Professional AB, Haier Smart Home Co. Ltd., Illinois Tool Works Inc., Koninklijke Philips NV, LG Electronics Inc., MEIKO Maschinenbau GmbH and Co. KG, Panasonic Holdings Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Selecta Group BV, The Middleby Corp., RATIONAL Group
Analyst Review
In the dynamic hospitality sector, digitalization has brought significant advancements in various areas, including food service equipment. Eco-friendly kitchen equipment, such as energy-efficient cooking stoves and electrical refrigerators, is increasingly popular. Consumer safety norms are strictly adhered to in the selection and use of cooking equipment, washing equipment, and food service tools and utensils. Kitchen spaces are optimized with innovative technological progressions, including smart storage units, tableware, cutlery items, and specialized equipment like colanders, glasses, woks, pots, pans, ladles, spoons, forks, and more. The food service equipment market continues to evolve, offering sustainable, safe, and efficient solutions for the hospitality industry.
Key Market Drivers
The Food Service Equipment Market is experiencing significant growth as vendors introduce eco-friendly solutions to reduce carbon footprint. Incinerators for waste disposal, massive storage units with temperature control and insulation, and airflow systems ensure perishable items remain fresh. AI and cloud connectivity in kitchen equipment optimize production cycles and energy consumption. Bars, catering businesses, and cloud kitchens in the hospitality sector benefit from these innovative, energy-efficient appliances. Food safety and sanitization protocols are prioritized through digitalization and smart kitchens. Equipment architecture focuses on consumer safety norms and energy-saving initiatives, including cooking stoves, electrical refrigerators, and semiconductors. The market’s technological progressions prioritize environmental awareness, with a strong trend toward water- and energy-saving features. Electronic appliances in kitchen areas and bars are designed with eco-friendly materials and adhere to safety rules.
Challenges and Opportunities
The Food Service Equipment Market is characterized by advanced technologies such as microelectronics and connected devices. Real-time alerts and workflow processing enable efficient operations in cafes, hotels, commercial kitchens, restaurants, and catering establishments. Temperature monitoring and remote control optimize food safety and reduce labor costs. The Refrigeration equipment segment benefits from automation and digital features, including advanced user interfaces, device linking capabilities, and IoT specifications. Full service restaurants and quick service restaurants, along with pubs, clubs, and bar lounges, adopt these technologies to cater to evolving Food Consumption Patterns. Sales channels expand to include takeaways and Big Data analysis. Cooking Equipment, Warewashing Equipment, Service Equipment, Tools, Utensils, Storage units, Tableware, and Cutlery items are integrated into the market’s advanced machinery and systems. Collaborations and innovations continue to shape the Food Service Industry, ensuring a high return on investment in the long run.
The Food Service Equipment Market encompasses a wide range of products, including Cups, Bowls, Colanders, Glasses, Woks, Pots, Pans, Ladles, Spoons, Forks, Knives, Whisks, Microwaves, Deep fryers, Gas stoves, Ovens, Mixers, Grinders, Blenders, Juicers, Steamers, Boilers, Garbage disposal setups, Pot washing units, Drain boards, Drainage pipes, Sinks, Dishwashing machines, Wash nozzles, Garbage bins, and Incinerators. These equipment cater to the needs of various food outlets, including kitchen areas, bars, catering businesses, cloud kitchens, and food and beverage establishments. Manufacturers continue to innovate, providing enhanced features such as temperature control, insulation, and airflow for Perishable items. Electronic appliances, like Microwaves and Dishwashing machines, incorporate AI and environmental awareness for increased efficiency and sustainability. Massive storage units ensure the freshness of foodstuffs, while product offerings extend to specialized equipment like Colanders, Garbage disposal setups, and Steamers. Food outlet owners invest in these essentials to maintain the highest standards of food safety and quality, ensuring a superior dining experience for their customers.
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Market Overview
The Food Service Equipment Market encompasses a wide range of technologies and products designed to facilitate the preparation, cooking, and serving of food in various industries. These include consumer and commercial sectors, such as hotels, restaurants, and institutions. Key components of this market consist of cooking equipment, refrigeration systems, dishwashers, and food processing machinery. Companies like Catering Equipment, Consumer Goods, and Food Processing Equipment manufacture and distribute these essential tools. The sector is driven by factors such as increasing demand for convenience and efficiency, advancements in technology, and changing consumer preferences. Additionally, sustainability and energy efficiency are becoming increasingly important considerations in the food service equipment industry.
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
