The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

As per The Business Research Company’s Food Service Equipment Global Market Report 2023, the food service equipment market is expected to show significant growth in the forecast period.

Key insights from the food service equipment market forecast include:

1. Market Size

The global food service equipment market size grew from $34.74 billion in 2022 to $36.8 billion in 2023 at a compound annual growth rate (CAGR) of 5.9%. The food service equipment market size is expected to grow to $46.29 billion in 2027 at a CAGR of 5.9%.

2. Major Driver

The expanding online food service industry is helping to drive the expansion of the food service equipment and supplies market. For instance, according to a report by one of the big four management consulting firms Deloitte, the online food delivery sector is expected to grow by more than 10% yearly to approximately $25 billion across Europe by 2023. This growth is a result of quicker, more convenient options associated with rising incomes. In addition, according to a report by Google and Boston Consulting Group (BCG), the Indian online food industry is expected to reach $8 billion by the end of 2022, growing at 25-30%. Thus, the growing online foodservice sector will drive the market growth.

View More On The Food Service Equipment Market Report 2023 – https://www.thebusinessresearchcompany.com/report/food-service-equipment-global-market-report

3. Key Trend

Technological advancement is a major trend that is gaining traction in the food service equipment industry. Automation, virtual control systems, sensory systems, robotics, fusion tech machinery, and other sophisticated technologies are being used in the market to enable more efficient operations of food service equipment. To expand their market position, major food service equipment manufacturers are focusing on supplying technologically advanced equipment. For instance, in March 2021, a US-based cooking technologies firm TurboChef Technologies LLC, and Middleby Corporation, a US-based commercial, and residential kitchen equipment company introduced PLEXOR, a next-generation automated ventless oven. It is a multi-technology, flexible cooking platform that allows the automated operation of different oven modules with a single user interface and a single plug. This technology benefits the company by simplifying customers’ preferences, optimizing labor, and increasing service speed without compromising product/service quality standards.

4. Major Players

Major players in the food service equipment market are AB Electrolux, Ali Group Srl a Socio Unico, Dover Corporation, Duke Manufacturing, Haier Group, SMEG SpA, The Middleby Corporation, Illinois Tool Works Inc., Welbilt Inc., Comstock-Castle Stove Co Inc., Cambro Manufacturing Co Inc., Hoshizaki Electric Co Ltd., Fujimak Corporation, Electrolux Professional, Alto-Shaam Inc., Standex International Corporation, The Vollrath Company LLC, ITW Food Equipment Group, Meiko, Tupperware and Hobart Corporation.

5. Top Market Segments

The global food service equipment market is segmented –

1) By Equipment: Food Preparation Equipment, Drink Preparation Equipment, Heating And Holding Equipment, Cooking Equipment, Refrigerators And Chillers, Baking Equipment, Merchandisers, Ware Washing Equipment, Other F&B Service Equipment

2) By Distribution Channel: Online, Offline

3) By End-User: Full Service Restaurant, Quick Service Restaurant, Institutional, Other End-Users

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The Food Service Equipment Global Market Report 2023  provides an in-depth analysis on the food service equipment market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the food service equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

View More Related Reports –

Online Food Delivery Services Global Market Report 2023

Food And Beverage Services Global Market Report 2023

Disposable Cutlery Global Market Report 2023

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