These include cooking equipment like ovens, stoves, fryers, ranges, etc. that help prepare and cook a variety of food items efficiently. There is also a growing need for refrigeration equipment, storage and handling equipment, dishware, serving utensils and other accessories across food service establishments.
The global Food Service Equipment Market is estimated to be valued at US$ 41.29 Bn in 2023 and is expected to exhibit a CAGR of 8.1% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The demand for food service equipment is being accelerated by the rising number of foodservice outlets across the world. Rapid urbanization, changing lifestyles and increasing consumption of food away from home are some of the key factors contributing to the growth of the foodservice industry. This in turn is driving the demand for various types of commercial kitchen equipment, refrigeration equipment and other supporting tools required for food preparation and handling in these establishments. The equipment help commercial kitchens to improve their productivity and efficiency by reducing food wastage and preparation time. Advanced equipment with enhanced features also help foodservice operators to provide better customer experience and service. The market is expected to witness further growth over the forecast period supported by ongoing expansion of the fast food, cafes and casual dining segments globally.
Segment Analysis
The Global Food Service Equipment Market Size is dominated by the cooking equipment segment. Cooking equipment such as ovens, ranges, fryers are widely used by food service establishments to prepare and cook food items. Hotels, restaurants, cafes, and catering businesses extensively use various cooking equipment to cook both mass and small scale food items. The growing number of food service outlets especially quick service restaurants are driving the demand for cooking equipment.
Key Takeaways
The global food service equipment market is expected to witness high growth over the forecast period of 2024 to 2031. The global Food Service Equipment Market is estimated to be valued at US$ 41.29 Bn in 2023 and is expected to exhibit a CAGR of 8.1% over the forecast period 2024 to 2031.
Regional analysis
North America region currently has the highest share in the global food service equipment market mainly due to strong presence of various restaurant chains and quick service restaurants in United States. However, Asia Pacific region is poised to showcase highest growth during the forecast period primarily because of surging number of small and medium food outlets coupled with rising spending capacity of consumers in developing Asian countries like China and India. Emerging middle class population is positively impacting the food consumption outside home in Asia Pacific region.
Key players operating in the food service equipment market are BASF SE, Bayer Cropscience AG, Bioworks Inc., Syngenta AG, Agrauxine by Lesaffre, Germains Seed Technology, Koppert Biological Systems, Novozymes, Marrone Bio Innovations, and Groundwork BioAg. Among them, Novozymes and BASF SE have the leading market shares in food service equipment market globally, owing to their broad range of products in various equipment categories including refrigeration, cooking, food preparation and others.
Get More Insights On This Topic: https://www.newsstatix.com/food-service-equipment-market-size-share-analysis-2023-2030/
Comments
0 comment