Introduction of Food Service Equipment
Globally, the rising hospitality industry is driving market expansion. The exponential expansion in the amount of food service outlets, notably in European and Asian nations, is due to increasing demand for this equipment. Maintaining continuous operations in the kitchen, restaurants, hotels, and catering enterprises requires technologically innovative and energy-efficient service equipment. Furthermore, the enhanced lifestyle brought about by increased consumer money to spend is fuelling market expansion. The unpredictability of the ongoing lockdown in numerous countries has resulted in the closure of eateries and other hospitality outlets, impacting the worldwide food service machine business.
For instance, the National Restaurant Association has offered guidelines to assist restaurant owners in protecting personnel and customers and providing safe and sanitary food items. To avoid maximum food contamination and ensure food safety, the whole food industry is focused on Food Safety Management Systems that adhere to Hazard Analysis and Critical Control Point concepts. The WHO emphasizes food safety recommendations for food industry personnel and retail food locations to preserve the quality of the food chain and provide enough safe food supply to customers.
What are the Key Trends Driving Growth and Development for the Food Service Equipment Market?
- Automated Technology Integration to Accelerate Growth in the Market
The equipment makers intend to concentrate on the low-cost services that may be supplied to improve food quality. In today’s industry, monitoring and providing quality services of any gear has become mandatory. For networked and smart operations, maintenance via the internet and self-diagnosis functions are introduced, recognizing the operation of food service machines. This equipment aids in preserving cleanliness, precise temperature, and sterilizing utensils used in food preparation, hence ensuring consumer food safety.
The Factors limiting the growth and expansion of the Food Service Equipment market
- High Costs Associated with Food Equipment Hinder Market Growth
The hotel business generates considerable money for the food service equipment sector. However, the closure of a big section of the hospitality business, including full-service eateries, pubs and bars, and quick-service eateries (QSR), has dramatically impeded the sale of food service supplies. In addition, the costly nature of modern equipment is restricting the Food Services Equipment Market’s growth. Customers embrace energy-efficient appliances as their understanding of energy consumption and eco-friendly activities grows, providing opportunities for this business.
Impact Of COVID-19 on the Food Service Equipment Market
Due to rigorous social distancing and shelter-in-place regulations implemented by governments, the COVID-19 pandemic led to the temporary shutdown of food service activities. Consequently, the industry had negative growth in 2020, with insignificant output and sales. Nonetheless, when governments ease restrictions and the first vaccinations show up, the food service sector is projected to recover throughout the projection period. While dine-in dining establishment traffic is projected to take slower to recover, end consumers will likely recover via off-premises, takeout, and online delivery companies. The embattled market is predicted to thrive in the next years due to the following increase in footfall in food service establishments and corporate kitchens.
Top Companies Market Share in Food Service Equipment Market Report 2023 Industry: (In no particular order of Rank)
- Electrolux
- Alto-Shaam Inc.
- Duke Manufacturing Co. Inc.
- Illinois Tool Works (Itw) Inc.
- Welbilt Inc.
- Dover Corporation
- Middleby Corporation
- Comstock-Castle Stove Co. Inc.
- Ali Group S.R.L. A Socio Unico
- Cambro Manufacturing Co. Inc.
- Standex International Corporation
- Hoshizaki America Inc.
- FUJIMAK CORPORATION
- ITW FOOD EQUIPMENT GROUP
- The Vollrath Company LLC
- Haier Inc.
Competitive Landscape of Food Service Equipment Market
The market for Food Service Equipment is a highly dynamic and diversified competitive environment. It includes various commercial fleet service suppliers, ranging from large multinational enterprises to smaller specialized organizations. Market participants are also undertaking various organic or inorganic strategic approaches to strengthen and expand their global footprint, with significant market developments including new Material portfolios, contractual deals, mergers and acquisitions, capital expenditure, higher investments, and strategic alliances with other organizations. Businesses are also coming up with marketing strategies such as digital marketing, social media influencing, and content marketing to increase their scope of profit earnings. Because of automation and technological advancement, businesses compete fiercely to deliver innovative products.
July 2020: Hydro Systems, a warewashing equipment brand owned by PSG Dover (Pump Solutions Group, which Dover Corporation bought), introduced two new combined rinse pumps, EvoWash and EvoRinse, in July 2020. This equipment has an additional powder or solid soap dissolver suitable for commercial and non-commercial food service companies.
(Source:www.psgdover.com/our-brands/hydro-systems)
June 2020: Alto-Shaam will introduce ChefLincTM, a cloud-based distant oven management system that supports travel savings and enhanced social distance, in June 2020. ChefLinc provides food service operators with total control over their premises, dishes, and procedures from anywhere, increasing efficiency and uniformity across many locations. Operators will no longer be required to manually insert recipes into ovens, submit ideas via the USB port, or drive to and from locations for updating ovens.
(Source:www.alto-shaam.com/en/events/virtual-events)
Food Service Equipment Market Report 2023 Analysis
Global Food Service Equipment Market Report 2023 talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Food Service Equipment Market Report 2023 Industry growth. Food Service Equipment Market Report 2023 has been segmented with the help of its Equipment Type, End User Sales Channel, and others. Food Service Equipment Market Report 2023 analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
By Equipment Type, the Cooking & Preparation Equipment Segment Dominating the Food Service Equipment Market
Cooking & preparation gear is expected to develop rapidly among all sorts of equipment due to their need in general and convenience shops, full and fast service restaurants, etc. Refrigeration equipment is predicted to develop significantly due to its effectiveness in the beverage and food sectors for keeping frozen goods and supplying nutritious and sanitary food items.
Ware washing equipment is predicted to expand significantly due to rising demand in business kitchens for keeping a sanitary atmosphere and utensils for supplying nutritious meals to clients. Comparably, storage and handling technology is expected to rise steadily due to the need to store many food goods.
- Cooking & Preparation Equipment
- Refrigeration Equipment
- Ware washing Equipment.
- Storage & Handling Equipment
- Others
By End User, the Full-service Restaurants Segment Dominating the Global Food Service Equipment Market
Full-service restaurants (FSR) are in increased demand in metro and small metro areas due to rising demand for ready-to-eat food services, as a substantial proportion of the world’s population comprises working professionals. Customers’ reliance on full-service restaurants is growing in both developed and emerging nations, owing to being accessible to high discretionary income levels.
Quick-service restaurants (QSR) are expected to increase dramatically as meal delivery systems improve. McDonald’s, Domino’s, KFC, Subway, and many more are global franchises of fast-service restaurants that offer takeaway meals to their customers. Food innovation, simplicity, and affordable prices are priorities for QSRs.
- Full-Service Restaurant
- Quick Service Restaurant
- Hotels & Pub Bar Clubs
- Others
Food Service Equipment Market Report 2023 Sales Channel Segment Analysis
With the increased demand for huge quantities of food items throughout the food & beverage sector, offline sales are expected to rise tremendously in the coming years. Offline sales help consumers determine the technical parameters of food service machines by analyzing the equipment’s appropriate operation. Buying this equipment offline provides a wide range of afterward services, boosting the worldwide food service equipment industry.
Due to the restricted demand and declining purchasing ratio, internet-based sales of this kind of machinery are expected to expand steadily.
- Online
- Offline
The Asia-Pacific (APAC) Food Service Equipment Market has the biggest market share in Global Market
Due to the increasing tourism sector in India, China, and Japan, Asia Pacific owns the biggest food service supply share of the market and is expected to exhibit exponential development throughout the forecast period. Furthermore, as more consumers try new meals and develop a taste for diverse cuisines, restaurants include various cuisines. Furthermore, increased processed food consumption is predicted to increase the need for these gadgets in Asia-Pacific.
It is anticipated that China Food Service Equipment Market will Expand at the Highest Rate Over the Anticipated Period
According to National Restaurant Association of India data, the country’s food service sector is predicted to reach over USD 843 billion by the end of 2023, providing potential for market expansion. Furthermore, increasing consumer appetite for frozen food items in Japan and China will likely drive regional food service equipment market growth. Due to a growing number of customers trying new meals and acquiring a taste for other cuisines, restaurants gradually incorporate varied cuisines into their menus.
The Main Explanations for Food Service Equipment Expanding Faster in Europe in the Next Years
The European food service business is predicted to grow rapidly, with increased hotel and restaurant occupancy and a developing travel and tourism sector throughout the area. Restaurants are increasingly implementing technology-based advanced food service equipment to improve their offerings, propelling the market growth. Furthermore, increased demand for bakery and confectionary food goods in Germany, the United Kingdom, and France is expected to drive massive demand for food service machinery.
