Food Service Equipment Market Expected to Reach $74.4 Billion by 2035

According to a new report published by Allied Market Research, titled, “Food Service Equipment Market," The food service equipment market was valued at $35.8 billion in 2023, and is estimated to reach $74.4 billion by 2035, growing at a CAGR of 6.3% from 2024 to 2035.

Food service equipment refers to a broad category of appliances, tools, machinery, and other devices specifically designed and utilized within the food service industry. These equipment are essential for various food-related operations, including food preparation, cooking, storage, transportation, serving, and cleaning. Food service equipment encompasses a wide range of products, such as commercial-grade ovens, refrigerators, freezers, grills, fryers, dishwashers, food processors, slicers, mixers, serving carts, and more.

These appliances are typically built to withstand the demands of high-volume use in commercial kitchens, catering businesses, restaurants, cafeterias, hotels, and other food service establishments. The food service equipment are engineered to meet stringent health, safety, and sanitation standards while facilitating efficient and hygienic food handling processes. 

The global food service equipment market segments are categorized into product type, end use, and region. By product type, it is classified into cooking equipment, storage & handling equipment, food & beverage preparation equipment, ware washing equipment, and serving equipment. Among these, cooking equipment segment occupied the major food service equipment market share  in 2023 and is anticipated to maintain its dominance during the forecast period. By employing food service equipment lowers labor costs, enhances food safety, and saves operating expenses. Due to the influence of outside food and changes in lifestyle, restaurants are becoming more and more popular.

Moreover, customers now have more options for dining out due to the growing popularity of creative baking and cooking among consumers. Restaurants are involved in investing in various cooking equipment types in order to provide optimal services to their patrons, hence contributing to the growth of the market. In addition, fast-food establishments have been observing a growing tendency toward larger, open kitchen areas to allow customers to observe the food preparation process and the kinds of equipment employed. It is anticipated that increased spending in Europe and Asia-Pacific on replacement of cooking equipment will boost the food service equipment market size. 

By end use, it is divided into full service restaurants and hotels, quick service restaurants, and catering. Among these, full service restaurant and hotels segment occupied the major share of the market in 2022 and is anticipated to maintain its dominance during the food service equipment market forecast period. These establishments handle large volumes of food preparation and serving on a daily basis, requiring a wide range of specialized restaurant kitchen  equipment to support their diverse menus and customer demands. With a focus on delivering consistent cooking results, precise temperature control, and aesthetically pleasing presentation, full-service restaurants and hotels invest in sophisticated equipment such as combi ovens, sous vide machines, and specialized plating tools.

Moreover, stringent health, safety, and sanitation regulations drive the need for commercial-grade equipment designed for easy cleaning and maintenance. While the initial investment in food service equipment can be substantial, these establishments recognize the long-term benefits in terms of optimizing kitchen workflows, minimizing food waste, reducing operational costs, and ultimately improving profitability, ehich has provided food service equipment market opportunities. Overall, the combination of high volume operations, diverse menu offerings, customer expectations, regulatory compliance, and long-term ROI makes full-service restaurants and hotels key players in the food service equipment market. 

Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and Latin America & MEA. In recent years, the food service business has experienced notable advancements in terms of product affordability and technology. Restaurants, bars, and other commercial eateries favor the use of automated equipment, according to food service equipment market trend. To help the industry produce donuts and bread rolls, Belshaw Adamatic Bakery Group (a division of Ali Group North America) produced makeup lines, donut systems, and divider rounders. To meet the expanding demands of their clientele and automate their operations, industry participants have made significant investments in food equipment solutions. The fast food chain and restaurant sector leads the North American food service market in terms of growth, which has incresed the food service equipment market growth. 

According to food service equipment market analysis, early automation adoption in commercial kitchens is the primary driver of the food service equipment market's growth in North America. The food service equipment industry's accessibility to reasonably priced, safe, and well-made equipment enables small businesses to experiment with and adopt kitchen solutions for a range of uses. Additionally, businesses embrace food service equipment due to the rising cost of professional labor. 

The major players profiled in the food service equipment market report include Duke Manufacturing Co. Inc., Electrolux, Dover Corporation, Illinois Tool Works (ITW), Inc., Ali Group S.r.l. a Socio Unico, Welbilt, Inc., Middleby Corporation, Alto-Shaam, Inc., Comstock-Castle Stove Co., Inc., and Cambro Manufacturing Co. Inc. 

KEY FINDINGS OF STUDY      

• By product type, the cooking equipment segment dominated the global food service equipment market in 2023.   

• By end use, the full-service and hotel segment dominated the global food service equipment market in 2023.     

• By region, North America dominated the global food service equipment market in 2023.