The global Food Service Equipment Market size is projected to reach a CAGR of 6.4% from 2023-2030.
Food service equipment is used for the preparation and storage of food products for commercial purposes. This equipment includes cooking equipment, storage & handling equipment, ware washing equipment, food & beverage preparation equipment, and serving equipment. This equipment is used in the food services industry such as restaurants, hotels, and other commercial kitchens.
Changing food consumption patterns, increased demand for takeaways, and the expanding hospitality sector are some of the key factors driving the market. Furthermore, factors such as increasing digitalization, the need for sustainable & eco-friendly equipment, and stringent consumer safety norms are expected to create promising growth opportunities for the market in the near future.
The market's expansion is hampered by the high cost of culinary equipment and a scarcity of experienced operators. The rising per capita income in emerging nations, the rise in multi-function food appliances, the rise in Wi-Fi and Internet-enabled gadgets, and the expanding trend of the Food Service Equipment market are all creating prospects for market sellers.
The COVID-19 pandemic resulted in the temporary shutdown of food service operations owing to stringent social distancing and shelter-in-place norms imposed by governments worldwide. This resulted in negative growth of the industry as both production and sales were negligible during 2020. Nevertheless, as governments announce relaxations to lockdowns and the first vaccines arrive, the food service industry is expected to bounce back over the forecast period. While the dine-in restaurant traffic is expected to take longer to come to normalcy, end customers are expected to recover through off-premise, takeaways, and online delivery services. On account of the subsequent rise in footfall in food service restaurants and institutional kitchens, the beleaguered market is expected to flourish over the years to come.
The growing demand in the need for suitable kitchen equipment while creating new ones or refurnishing existing ones to provide ease of operation. Furthermore, increasing demand for food services across the world, the growing popularity of eating out, and the rise of innovative and technologically advanced food service equipment. Many food service establishments are now opting for equipment that not only saves energy but also reduces their carbon footprint. This trend has resulted in the development of new and innovative products that are designed to be more energy-efficient, such as high-efficiency refrigerators, ovens, and dishwashers. Increasing demand for food services, the adoption of new and innovative equipment, and the growing focus on sustainability and energy efficiency are expected to grow the food service equipment market in the next years.
Asia Pacific to Dominate the Market
