June 18, 2019: The global food service equipment market size is expected to reach USD 44.66 billion by 2025, at a CAGR of 5.0% over the forecast period, according to a new report by Grand View Research, Inc. Expansion of food service industry and demand for high-end technologies is creating new growth avenues for the market. Changing lifestyle of the working population coupled with high demand for ready-to-cook food is boosting the sales of refrigeration equipment. Moreover, increasing disposable income and the need to upgrade kitchen equipment are also contributing to the growth.
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The kitchen purpose segment led the market in 2018. The segment is further categorized into cooking equipment and food and beverage preparation equipment. These equipment are an essential part of producing food for a large number of customers. The equipment are used to carry out different operation ranging from cooking, cutting, baking, and others to improve the productivity of food production operation.
The market for quick service segment is expected to expand at the highest CAGR over the forecast period and is expected to reach over USD 13.17 billion by 2025. Food service equipment are extensively used in restaurants for food processing and handling. Substantial growth of the quick-service restaurant, especially in Asian Countries such as China and India is expected to boost overall market growth in the forthcoming years.
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Further key findings from the report suggest:
- Full service equipment emerged as the largest segment in 2018 and is expected to expand at a CAGR of 4.4% over the forecast period
- Cooking equipment is expected to expand at the highest CAGR of 5.8% over the forecast period
- North America led the market in 2018. Technological advancements in cooking processes is providing avenues for new requirements and opportunities of restaurant equipment. The food industry in this region is also witnessing an urgent need for increased efficiency to deliver larger outputs along with lesser preparation cost
- Key players operating in the food service equipment market include AB Electrolux; Ali Group; ITW; Middleby Corporation; and Dover Corporation Manitowoc Company Inc. among others
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