Global Food Service Equipment Market to Grow at a CAGR of 5.7% During 2024-2032, Driven by the Rising Popularity of Quick Service Restaurants and the Development of App-Based Food Delivery Solutions

The Asia Pacific holds a significant market share due to rapid population growth and rising disposable income. The growing trend of takeaway services, food trucks, and the development of app-based food delivery solutions support the food service equipment market growth.

Additionally, due to consumers’ hectic lifestyles, advanced automatic equipment such as air fryers, ovens, and dishwashers is gaining popularity as they can reduce manual labour. The market is further expected to develop as a result of the increasing use of the Internet of Things (IoT) in foodservice equipment, such as refrigerators, freezers, ovens, and cooktops with embedded sensors to monitor temperature, humidity, and voltage in full-service restaurants and hotels.

The i ncreasing trend of casual dining, the expansion of supermarket chains, and the popularity of fast food among the young population further create opportunities for the market expansion. Besides, surging partnerships between key players are positively influencing the market.

In January 2024, as its new manufacturers' representative in Texas and Oklahoma, Alto-Shaam partnered with LMS Associates, a prestigious independent company that is dedicated to providing cutting-edge equipment solutions. Under the partnership, LMS is expected to advertise Alto-Shaam's whole line of commercial kitchen appliances, such as its heated holding solutions, QuickChillerTM blast chillers, Cook & Hold ovens, ProdigiTM combi ovens, rotisserie ovens, multi-cook Converge® and Vector® ovens, to increase consumer awareness.

Through this new collaboration, the company aims to better serve customers with equipment solutions that can contribute to its strategic growth objectives. The availability of such products on e-commerce channels such as Amazon (NASDAQ: AMZN) expands the market growth.

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Market Analysis by Product, End Use, and Region:

• The market, on the basis of product, can be divided into cooking equipment, storage and handling equipment, warewashing equipment, food and beverage preparation equipment, and serving equipment.

• Based on end use, the market can be divided into full-service restaurant and hotel, quick service restaurant and pub, and catering.

• The major regional markets for food service equipment include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The food service equipment market growth can be attributed to the busy lifestyle of consumers and the rising demand for ready-to-eat meals. Additionally, the expansion of fast-food chains and quick-service restaurants aids the market.

• Technological advancements and innovations such as the development of blue light technology, the integration of IoT in smart kitchen appliances, including refrigerators, microwaves, and turbo ovens, and the growing popularity of integrated kitchen apps in commercial kitchens drive the market growth.

• Consumer awareness towards sustainability and their desire to reduce energy consumption is surging the demand for energy-efficient food service appliances, including slow cookers, air fryers, combination microwaves, and dishwashers, among others.

• There is a growing preference for food service equipment with creative designs amid the rising influence of social media and consumers' demand for aesthetics and fashionable designs. Furthermore, the expansion of the online retail and e-commerce sector is boosting the accessibility to a large selection of equipment with doorstep delivery, further fuelling the market.

Key Offerings of the Report:

• The EMR report gives an overview of the global food service equipment market for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the product, end use, and regions of food service equipment.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global food service equipment market are Ali Group S.R.L. a Socio Unico, Alto-Shaam, Inc, Cambro Manufacturing Company Inc, Duke Manufacturing Co., and Comstock-Castle Stove Co. Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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