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 2022 – 2029, as projected by a new Future Market Insights (FMI) report.
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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.
Key Takeaways – Foodservice Equipment Market Study
- Food tourism – a new global trend especially in millennials has played a vital role in driving interest in food experiences and has led to increase in the number of food tour companies. This increase will continue to push demand for professional foodservice equipment for proper food handling and hygiene.
- Automatic, wireless, and aesthetic designs in foodservice equipment that fit in smaller floor spaces, and are amenable with rules set by regulatory bodies such as NSF, will gain more significance.
- Emergence of equipment with multifunctional capabilities will weigh heavy on conventional models in the near future.
- To gain an edge over competition and increase efficiency, restaurants and hotels are upgrading and replacing old foodservice equipment with convenient digital touch control foodservice equipment.
- By eliminating the usage of natural resources, key players are focused on introducing new equipment with energy efficiency capabilities, leading to improved cooking and production time.
- North America is projected to be a prominent regional market for foodservice equipment, owing to high demand for replacement and renovations, along with aftermarket parts and service offerings, especially in the U.S.
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The demand for foodservice equipment is mainly defined by renovation activities and miniaturization of the equipment to fit in relatively small floor spaces. Product customization, with new space-saving installations in accordance with standards, rules, and codes will play an important role in the value chain of the market.
Foodservice Equipment Market: Participant Insights
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.
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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.