Report Description:
Food service equipment are vital to the food service industry as they aid the vendors to prepare and serve variety of food items. Amongst the different types of food service equipment, globally, the use of cooking equipment is highest as it contributes to nearly 1/3rd of the total market share, in terms of value. Market demand for storage and handling equipment is also increasing, owing to rise in number of hotels and restaurants, demand for ready-to-eat & packaged food, and to preserve the food items for longer duration. AB Electrolux, Manitowoc Food service, Inc., The Middleby Corporation, and Ali S.p.A are some of the key market players operating in this market. Companies focus on new product launch to enhance their market share, for instance, in September 2015, Merrychef, a subsidiary of Manitowoc Food service, Inc., launched eikon e2s oven, the smallest high-speed oven, suitable to cook, reheat, toast & bake sandwiches, pizzas, and wraps.
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Segment Review:
The report segments the global food service equipment market based on product type, end user, and geography. By product type, it is categorized into cooking equipment, warewashing equipment, storage & holding equipment, food & beverage preparation equipment, and serving equipment. Warewashers are gaining market popularity as they play a vital role in maintaining the hygiene and cleanliness of the kitchen and also help in automated cleaning of the used utensils and dishes. Further, storage & handling equipment is projected to be the fastest growing segments, with estimated CAGR of 6.7% during the forecast period.
Geographically, the global food service equipment market is segmented into North America, Europe, Asia-Pacific, and LAMEA. In 2015, North America accounted for over 35% revenue share due to rapid growth in food service industry and high product penetration in the region, and is estimated to grow at a CAGR of 4.5%. However, Asia-Pacific is anticipated to be the fastest growing market growing at a CAGR of 7.3%.
Based on end user, the market is categorized into full-service restaurants & hotels, quick-service restaurants & pubs, and caterers. The use of food service equipment is highest in full-service restaurants & hotels.
In 2015, the food service equipment market generated $29,809 million revenue and is estimated to garner $43,379 million by 2022, with a notable CAGR of 5.7% during 2016 to 2022. The increase in demand for processed and junk food, increase in variety of food items in the menu, rapidly growing restaurant & hotel industry, and developments in urban infrastructure in both developed and developing countries are key factors that drive the market growth. In addition, growth in preference for refrigerated food & drinks as well as demand for technologically advanced products in commercial kitchens have significantly fostered the demand for food service equipment.
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However, high capital investment and complexities associated with the installation and usage of equipment could restrain the market growth. Moreover, the introduction of new regulations by the European government regarding refrigerant leakages and F-gas emission are expected to offer growth in demand for replacement products as the companies need to replace their existing equipment with new energy-efficient devices. Moreover, rapid commercialization, rise in living standards, and digitization in kitchens in Asia-Pacific would provide a boost to the market.
Growth of end user market:
End user market such as full-service restaurants & hotels, quick-service restaurants, pubs, and caterers has seen a global growth. Improvement in living standards in developing nations and significant investments in restaurants and cafes for better infrastructure have increased the expenditure on food and related items. Furthermore, stringent government regulations imposed on high energy consumption and gas emission are anticipated to boost the sales of energy-efficient, cost-effective, and advanced kitchen equipment such as refrigeration devices and ovens.
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According to National Restaurant Association, the restaurant industry in U.S. is on the recovery road, with industry sales projected to be approx. $683 billion, up by 3.6% over 2013.
Product launch is a key strategy adopted by prominent market players. This can be attributed to the convenience and need for efficient kitchens. For instance, in September 2016, AB Electrolux launched new “Mastery” range of kitchen products, which include dishwashers and customized refrigerators with flexible door storage and a hands-free hood. The major players profiled in this report include AB Electrolux, Duke Manufacturing Co. Inc., Dover Corporation, Hoshizaki Corporation, Illinois Tool Works Inc., Haier Electronics Group Co. Ltd., Ali S.p.A, Manitowoc Food service, Inc., The Middleby Corporation, and Fujimak Corporation.
Other players in the value chain include Standex International Corporation, Hobart Corporation, Rational AG, Libbey Inc., The Vollrath Company, LLC, Cambro Manufacturing Co. Inc., Alto-Shaam, Inc., TriMark USA, LLC, Edward Don & Company, Boelter, Nisbets Plc. Catering Equipment Supplies, Castle Stove, Montague and The Moffat Group.
Key Benefits
The study provides an in-depth analysis of the food service equipment market, with current trends and future estimations to elucidate on the imminent investment pockets.
The report provides a detailed impact analysis and information on key drivers, restraints, and opportunities.
Porter’s Five Forces Model illustrates market scenario by analyzing various parameters such as threat of new entrants, threat of substitutes, strength of the buyers, and strength of the suppliers operating in the market.
The value chain analysis signifies the key intermediaries involved and elaborates their roles and value additions at every stage.
The quantitative analysis of the market from 2014‐2022 is provided to elaborate the market potential.
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