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Posted by freeamfva on September 9, 2024 at 11:03pm 0 Comments 0 Likes
Posted by Ebony on September 9, 2024 at 10:59pm 0 Comments 0 Likes
The global Food Service Equipment Market size is estimated to reach USD 56.90 billion by 2030, registering an estimated CAGR of 6.3% from 2023 to 2030, according to a new report by Grand View Research, Inc The increasing trade activities in the food & beverage industry, upsurge in travel & tourism activities, changing food consumption habits, and rise in disposable incomes are some of the key factors driving the growth of this market.
Equipment manufacturers are focusing on mergers & acquisitions to introduce state-of-the-art product offerings for attaining a competitive edge in the market. For instance, in 2019, SMEG S.p.A collaborated with Dolce & Gabbana S.r.l. for special styling of Fab28 SMEG refrigerator, which was encouraged by old Sicilian art. This collaboration was aimed at developing products in captivating designs consumers would like to incorporate in their modular, open commercial kitchen spaces.
The pressing need to conserve energy has compelled manufacturers to focus on the development of energy-efficient appliances for commercial kitchens. Appliances are being integrated with bidirectional Internet of Things (IoT) connectivity. These connected appliances can automatically alert kitchen staff to increase preparation uptime. Additionally, the increasing number of restaurants across the globe is also driving the market. As per the National Restaurant Association, the U.S region itself accounts for more than 1 million restaurants of different kinds and sizes.
The COVID-19 pandemic and the subsequent lockdowns imposed by governments worldwide to minimize its communal spread at the beginning of 2020 had a substantial negative impact on the market. Various industries such as food & beverage, travel & tourism, and hospitality have been severely impacted by the temporary shutdown of manufacturing units, transportation, and logistic operations. Relaxations announced by several governments in the mid of 2020 led to the gradual increase in the online delivery business and take away from restaurants & hotels, resulting in some recovery of the food & beverage industry.
List of Key Players in the Food Service Equipment Market
Related Press Release@ Food Service Equipment Market Report
Food Service Equipment Market Report Highlights
Report Attribute |
Details |
Market size value in 2023 |
USD 35.97 billion |
Revenue forecast in 2030 |
USD 56.90 billion |
Growth rate |
CAGR of 6.3% from 2023 to 2030 |
Base year for estimation |
2022 |
Historical data |
2018 - 2021 |
Forecast period |
2023 - 2030 |
Food Service Equipment Market Segmentation
Grand View Research has segmented the global food service equipment market based on product, end-user, and region:
Food Service Equipment Product Outlook (Revenue, USD Billion, 2018 - 2030)
Food Service Equipment End-user Outlook (Revenue, USD Billion, 2018 - 2030)
Food Service Equipment Regional Outlook (Revenue, USD Billion; 2018 - 2030)
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