Foodservice Equipment Market

Foodservice Equipment Market: Demand from Quick-service Restaurants Surges, Developing Countries Represent Lucrative Markets: Global Industry Analysis and Opportunity Assessment 2016-2024

Foodservice equipment (FSE) are widely used in commercial settings, for food handling and processing applications. Although more popular in full-service restaurants, FSE are also gaining remarkable traction in quick-service restaurants. With widespread adoption in restaurant settings based in developed countries, foodservice equipment are expected to witness an expanding market in developing countries as well.

Future Market Insights maintains a positive outlook toward the market for foodservice equipment. The global foodservice equipment market is expected to witness steady growth over 2016-2024, at a CAGR of 5.2%. The market revenues, valued at US$ 27.69 Bn in 2015, will spike up to US$ 42.92 Bn by 2024 end.

Some of the recently observed trends shaping the FSE market include:

Using High-tech Equipment in Restaurant Kitchens

Consumers today are foodie yet health conscious. A shift in dietary habits raises the demand for clean, hygienic, nutritious, and indulgent food is increasing worldwide, eventually triggering a transformation in the foodservice equipment industry. Restaurant owners are increasingly incorporating innovative equipment in order to cater to ever-growing consumer demands. A new trend in market includes using energy-efficient, advanced technology equipment in restaurant kitchens.

Inclination toward Grab-and-go Food

One of the most popular trends in the foodservice industry today, is grab-and-go or takeaway food. Consumers are increasingly preferring pick-up grab-and-go foodservice as an added convenience to cope with a fast-paced lifestyle. This alternative over conventional restaurants, offers a higher and faster food accessibility level. A growing trend of takeaway food among consumers in developed as well as developing countries is foreseen to strengthen the FSE market in fast-casual restaurant settings.

foodservice equipment

Technology Integration in Food Settings

Serving the generation Z consumers is the new challenge for the FSE industry; using customised foodservice equipment is a growing trend in market. Moreover, free Wi-Fi, online food ordering facility, digital menu boards and tables, and many more technological additions are being adopted by various restaurant owners and foodservice operators.

Foodservice Equipment Market: Analysis and Forecast by Segmentation

By product type, cooking equipment and baking equipment segments will continue to gain the highest traction, followed by dishwashers. Sales revenues of the cooking equipment segment and food and drink preparation equipment segment cumulatively reached a value of US$ 13.72 Bn in 2015. The food and drink preparation equipment segments are likely to gain an uptick over the forecast period. Based on end-user, full-service restaurants will retain the largest market for FSE, generating revenues worth US$ 19.1 Bn accounting for over 68% share in 2016. The market in quick-service restaurants is anticipated to mushroom rapidly, whereas hotels and club restaurants, and caterers will continue to sustain the market with sound demand for FSE.

Foodservice Equipment Market: Analysis by End-user (US$ Bn)

Segment

2015

2024

CAGR

Full-service restaurants

XX

29.33

XX

Quick-service restaurants

XX

XX

5.7%

Caterers

XX

1.44

XX

Hotels and club restaurants

2.54

XX

XX

(Concealed figures are available in the report)

Foodservice Equipment Market: Analysis and Forecast by Geography

By region, North America, Europe, and Asia Pacific will remain the key markets attracting the maximum revenues. North America currently accounts for the largest share. However, APAC is expected to witness discernible growth over the forecast period and North America is expected to see a decline in terms of revenues.  By 2024 end, APAC is likely to contribute over 34% share, whereas Europe and North America will account for over 27% and over 26% value shares respectively.

Foodservice Equipment Market: Analysis by Region (US$ Bn)

Region

2015

2024

CAGR

North America

7.70

XX

XX

Latin America

XX

XX

6.3%

Europe

XX

11.74

XX

APAC

XX

14.60

XX

MEA

1.17

XX

XX

(Concealed figures are available in the report)

Key Players Analysis

Some major companies participating in the global market for foodservice equipment, are AB Electrolux, Libbey Inc., Tupperware Brands Corporation, Fujimak Corporation, Duke Manufacturing Co. Inc., Cambro Manufacturing Company, Inc., Vollrath Co., Hoshizaki Electric Co., Ltd., Dover Corporation, and Rational AG. However, the three most prominent players include Manitowoc Foodservice Inc, Middleby Corporation, and Ali S.p.A, Hobart Corporation. The three key companies collectively contribute around 11.2% share to the total market revenues. In order to penetrate regional markets through strong distribution networks, key companies are increasingly acquiring domestic players.  

Future Market Insights Report examines, global foodservice equipment market for the forecast period 2016–2024. The prime purpose of the report is to find opportunities and trends in the market and provide insights pertaining to segments of the global foodservice equipment market.

To understand the opportunities and trends in this market, the report is categorically divided into three sections namely on the basis of product type, end user, and region. The report analyzes global foodservice equipment in terms of value (US$) and volume (‘000 units).

Foodservice equipment (FSE) are equipment used for handling or processing food right from peeling to grinding, cooling to roasting, among others, for commercial purpose. Various types of foodservice equipment are used in foodservice industry such as food preparation equipment, drink preparations equipment, cooking equipment, heating and holding equipment, refrigerators and chillers.

Global foodservice equipment market is anticipated to witness significant revenue       growth over the forecast period. Rapid changes in lifestyle has led to shift in consumer preference from full service restaurants to quick service restaurants. As a result, domestic and international companies are making major investments in quick service restaurants. Sales of food service equipment is expected to increase at a rapid pace owing to high expenditure on food and related items. However, high cost price of food service equipment is a prime challenge for foodservice operators, as these account for major share of total capital cost for new food service outlets. Foodservice equipment need to be tailored according to requirements and available space in food retail stores. This in turn, significantly increases costs associated with foodservice equipment.

Report starts with market overview and provides market definition and analysis about drivers, restraints, and key trends. The section that follows includes analysis of global foodservice equipment market by product type, end use, and region. The three sections evaluate the global foodservice equipment market on the basis of various factors covering present scenario and future prospectus. The report also provides region-wise data of local and international companies, new install base of FSE equipment.

The global foodservice equipment market is segmented as follows:

  • By Product Type
  • By End User
  • By Region

   On the basis of product type the market is segmented into the following:

  • Food Preparation Equipment
    • Slicers & Peelers
    • Mixers & Grinders
    • Food Blenders
    • Processors
    • Others
  • Drink Preparation Equipment
    • Drink Blenders
    • Juicers
    • Ice Crushers
    • Others
  • Cooking Equipment
    • Grills
    • Fryers
    • Ovens
    • Toasters
    • Others
  • Heating & Holding Equipment
    • Warmers
    • Merchandisers
    • Sauce Dispensers
    • Others
  • Refrigerators & Chillers
  • Baking Equipment
  • Merchandisers
  • Dishwashers
  • Other F&B Service Equipment

Cooking equipment accounts for one-third of total foodservice equipment market. However, food preparation equipment market is expected to expand at a CAGR of 6.1% over the forecast period.

On the basis of end user, the market is segmented as follows:

  • Full Service Restaurants
  • Quick Service Restaurants
  • Caterers
  • Hotels & Club Restaurants

Full service restaurants are expected to dominate foodservice equipment market over the forecast period. However, rapidly growing number of quick service restaurants are creating high growth opportunities for foodservice equipment market.

Regions covered in the report are as follows:

  • Asia Pacific
  • North America
  • Europe
  • Latin America
  • Middle East & Africa

Some of the key players included in this study on the global laboratory casework market are AB Electrolux, Ali S.p.A, Hobart Corporation, Manitowoc Foodservices Inc., Fujimak Corporation, Hoshizaki Electrical Co. Ltd, Rational AG, Dover Corporation, Tupperware Brands Corporation ,Duke Manufacturing Co. Inc., Libbey Inc., Vollrath Co., Midddleby Corporation, Cambro Manufacturing Co. Inc.,