Evolving food industry trends and changing dynamics of manufacturing and delivering methods in the foodservice industry are primarily shaping the market for foodservice equipment. Sales would multiply at a promising CAGR of over 5% during 2019 – 2029, as projected by a new Future Market Insights (FMI) report.
Most restaurant owners are shifting towards smaller-sized kitchen equipment to optimize their space and perform multiple functions at the same time. Operators of food trucks and pop-up restaurants are on the lookout for equipment that can easily fit on a counter top and free up square footage for other essentials. These trends will remain pivotal in the market build-up over the following years.
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In 2020, the overall sales for foodservice equipment Market witnessed a massive decline due to the Covid-19 crisis as lockdown was implemented and all the factorial units were closed which led the manufacturing companies to face immense losses. Now in 2021, the global manufacturers are giving entire focus on improving their sales and profitability through product innovations and upgrades.
Leading corporations including AB Electrolux, Ali Group, Dover Corporation, Duke Manufacturing, Haier Group, SMEG S.p.A.and the Middleby Corporation are making high investments in the establishment of research institutes in different regions to come up with improvements in their offerings. They are adopting business strategies such as sales contracts, strategic alliances, acquiring technical expertise, product approvals, patents and events, joint ventures, partnership agreements, collaborations, digital marketing, mergers and acquisitions, capacity utilisations, technological advancements etc to lead the global foodservice equipment Masrket with largest market share.
For instance, Ali Group, a leading company in the food service equipment industry, announced the acquisition of KOLD-DRAFT® International from The Legacy Companies based in Fort Lauderdale, Fla. The acquisition is aimed to enhance Ali Group’s portfolio in the ice machine segment and is expected to increase the brand presence and visibility.
In addition to this, Electrolux in North America announced the donation of $1.2 Million in kitchenware to non profit organisations to support them in the holiday celebrations. Frigidaire branded pots, pans and utensils – more than 56,000 items in total – were donated at Covid-19 safe free pop-up events held in Anderson, Charlotte, Kinston and Springfield to help stock local kitchens. The non profit agencies picked up items free of cost and donated them to families and individuals they cater to.
North America is predicted to rule the global foodservice equipment market through 2030 owing to rising awareness of health and food safety. Presence of leading manufacturing companies that produce and distribute superior class foodservice equipment globally contributes to make Europe a leading region. The other key regions augmenting the growth of the foodservice equipment market include Latin America, South Asia, East Asia, Oceania and MEA.
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By Segment:
The global foodservice equipment market is segmented in detail to cover every aspect of the market and present complete market intelligence to the reader.
Equipment
- 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
- Semi-integrated
- Fully-integrated
- Countertops/Benchtop & Portables
- Other F&B Service Equipment
End Use
- Full Service Restaurant & Bars
- Quick Service Restaurant
- Indoor and Outdoor Caterers
- Hotels & Resorts
- Club Restaurants
- Commercial Canteens
- Institutions & Offices
- Hospitals
- Transportation
- Airways
- Ships
- Railways
Sales Channel
- Physical Stores
- Online Platforms
Region
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- MEA
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Competitive Analysis:
With more number of small-scale manufacturers having similar product offerings, the market structure would remain fragmented. Furthermore, the increasing number of players in the foodservice equipment market has been pushing manufacturers to include forward integration in terms of services and installation, by offering aftersales support. In terms of revenue, significant players such as Middleby Corporation, Welbilt, Ali Group S.r.l., ITW Food Equipment Group, AB Electrolux, Hoshizaki Electric Co., Ltd, Qingdao Haier Co., Ltd, and Rational AG together hold a significant share of market pie, backed by well-established sales networks and long-term partnerships with consumers.
Top manufacturers are strategically acquiring regional players to expand their global presence. For instance, Middleby Corporation has acquired Seattle-based Synesso, a designer and manufacturer of semi-automatic espresso machines. The company also acquired Brewtech, a market leader in professional craft brewing and beverage equipment, and Powerhouse Dynamics, Inc a leader in cloud-based IoT solutions for the foodservice industry.