Food Service Equipment Market To Surpass Valuation Of USD 58.14 Billion By 2031 | Skyquest Technology

2024-11-25 08:16:40

(MENAFN- GlobeNewsWire - Nasdaq) Food Service Equipment Market size was valued at USD 33.59 billion in 2022 and is poised to grow from USD 35.97 billion in 2023 to USD 58.14 billion by 2031, growing at a CAGR of 7.1% in the forecast period (2024-2031).

Westford, USA, Nov. 25, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Global Food Service Equipment Market Size will reach a value of USD 58.14 Billion by 2031, with a CAGR of 7.1% during the forecast period (2024-2031). The particular market can be attributed to the upsurge in takeaway orders, changing food consumption patterns, and the expanding hotel sector. In addition, several variables like growing digitization, the requirement for environmentally friendly and sustainable equipment, and strict consumer safety regulations are anticipated to generate favorable growth prospects for the global food service equipment market trends soon. The market has changed quickly in response to customers' shifting needs for kitchen furnishings.

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Browse in-depth TOC on the "Food Service Equipment Market"

Pages – 157

Tables – 91

Figures – 76

Food Service Equipment Market Overview:

Report Coverage	Details
Market Revenue in 2023	USD 35.97 Billion
Estimated Value by 2031	USD 58.14 Billion
Growth Rate	Poised to grow at a CAGR of 7.1%
Forecast Period	2024–2031
Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	Product, End User, Sales Channel and Region
Geographies Covered	North America, Europe, Asia Pacific, Middle East & Africa, Latin America
Report Highlights	Food service equipment including Innovation and quality focus
Key Market Opportunities	Rising demand for advanced refrigeration
Key Market Drivers	Food and beverage industry's growth

Kitchen Purpose Equipment to Hold Significant Growth due to Rising Demand for Efficient & High-Performance Cooking Tools

The global food service equipment industry is highly driven by the kitchen purpose equipment segment. This is due to the increasing efficiency and performance-oriented cooking apparatus as restaurants, hotels and food outlets look to improve operational efficacy. There has also been an increase in fast food culture, an increase in commercial kitchens which necessitates the need for cooking, storage and preparation appliances.

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Full-Service Restaurant to Lead the Market due to Need for Durable Kitchen Equipment to Handle Diverse Menu Offerings

Full-service restaurants dominate the global food service equipment market share due to their need for advanced, durable kitchen equipment to handle diverse, high-volume menu offerings. Due to the rising popularity of dine-in experience and the variety of foods, there is a growing need, and thus investment, in equipment that is specialized in food prep, service, and general management which has a positive reinforcement on their competitive advantage.

Asia-Pacific to Dominate the Market due to Booming Hospitality Industry & Commercial Kitchens

Regionally, the global food service equipment market outlook is dominated by Asia Pacific, mainly due to factors such as fast expansion of cities accompanied by growing hospitality and spending power of people leading to high demand for hotels and commercial food service. Additionally, investments in improved kitchen utensils are on the rise in the region due to a growing population and more people taking up the Western dining culture which in turn accelerates the growth of the market.

Food Service Equipment Market Insight

Drivers:

Increasing Demand for Commercial Kitchens

Rising Consumer Preference for Dining Out

Growth of the Fast-Food Industry

Restraints:

Limited Access to Advanced Equipment in Developing Markets

Traditional Food Equipment Consuming Large Amounts of Energy

Stringent Compliance and Certification Requirements

Segments covered in Food Service Equipment Market are as follows:

Product
- Kitchen Purpose Equipment, Refrigeration Equipment, Ware Washing Equipment, Food Holding & Storing Equipment, Others
End User
- Full-Service Restaurant (FSR), Quick Service Restaurant (QSR), Institutional, Others
Sales Channel
- Online, and Offline

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Prominent Players in Food Service Equipment Market

AB Electrolux (Sweden)
Ali Group S.r.l. (Italy)
Dover Corporation (USA)
Duke Manufacturing (USA)
Haier Group (China)
SMEG S.p.A. (Italy)
The Middleby Corporation (USA)
Welbilt (USA)
Standex International Corporation (USA)
Hoshizaki America, Inc. (USA)
FUJIMAK CORPORATION (Japan)

Key Questions Answered in Global Food Service Equipment Market Report

What is the projected market value of the global food service equipment market by 2031?
Which region is expected to dominate the food service equipment market, and what factors contribute to this dominance?
What are some of the key drivers and restraints affecting the growth of the global food service equipment market share?

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This report provides the following insights:

Analysis of key drivers (Preference for convenience dining options, further investments in food service outlets, rise of food delivery & ghost kitchens), restraints (Limited access to advanced equipment in developing markets, meeting hygiene & safety regulatory standards, technical expertise for installation & integration), opportunities (Expansion of delivery-only food concepts, integration of automation in modern kitchens, Government support for hospitality growth), and challenges (Rising competition among food service equipment manufacturers, managing the high energy costs of outdated kitchen equipment) influencing the growth of food service equipment market.
Market Penetration: Comprehensive information on the product portfolios offered by the top players in the food service equipment market.
Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the food service equipment market.
Market Development: Comprehensive information on lucrative emerging regions
Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.

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About Us:

SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.

We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia-Pacific.

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