PUBLISHER: The Business Research Company | PRODUCT CODE: 1582580
PUBLISHER: The Business Research Company | PRODUCT CODE: 1582580
Restaurant equipment includes specialized tools, appliances, and machinery used in commercial kitchens and dining establishments for preparing, cooking, storing, and serving food and beverages. These tools are crucial for ensuring efficiency, consistency, and quality in food service operations.
The primary types of restaurant equipment are cooking equipment, work tables, food holding and warming devices, and food preparation equipment. Cooking equipment encompasses a range of tools, appliances, and devices used in food preparation and cooking, such as stoves, ovens, microwaves, pots, pans, and utensils. This equipment is distributed through both online and offline channels and serves various applications, including hotels, fast food chains, food trucks, carts or stands, cafes, and more.
The restaurant equipment market research report is one of a series of new reports from The Business Research Company that provides restaurant equipment market statistics, including the restaurant equipment industry's global market size, regional shares, competitors with a restaurant equipment market share, detailed restaurant equipment market segments, market trends and opportunities, and any further data you may need to thrive in the restaurant equipment industry. This restaurant equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The restaurant equipment market size has grown strongly in recent years. It will grow from $3.59 billion in 2023 to $3.88 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The growth during the historic period can be attributed to increased demand for specialized equipment, shifts toward healthier eating, a variety of cuisines, the need for faster service, investments in restaurants, and upgrades to existing equipment.
The restaurant equipment market size is expected to see strong growth in the next few years. It will grow to $5.30 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth during the forecast period can be attributed to heightened food safety and hygiene standards, regulations on energy efficiency, urbanization, the influence of international cuisines, and the expansion of university dining facilities. Key trends in this period include the growing adoption of smart and connected kitchen appliances, the deployment of automation and robotics in the kitchen, equipment designed to support online and mobile ordering, demand for modular and customizable equipment, and the integration of data analytics and the Internet of Things (IoT).
The growing demand for ready-to-eat meals is expected to drive the expansion of the restaurant equipment market. Ready-to-eat meals are fully cooked, prepared, and packaged foods that require no additional cooking or preparation before consumption. The rise in demand for these meals is driven by factors such as convenience, busy lifestyles, time efficiency, and urbanization. Restaurant equipment is essential for the efficient preparation, cooking, and packaging of ready-to-eat meals, ensuring high-quality and convenient food products. For example, in March 2024, the Bank of Ayudhya Public Company Limited, a Thailand-based commercial bank, projected that the domestic market for Thai-made ready-to-eat food would grow by 3.0-4.0% annually from 2024 to 2026. Additionally, in 2022, the ready-to-eat food industry had a total domestic and export sales volume of 482.4 thousand tons, valued at USD 2.0 billion. Consequently, the increasing demand for ready-to-eat meals is propelling the growth of the restaurant equipment market.
Key players in the restaurant equipment market are concentrating on developing advanced products, such as next-generation combi ovens, to improve cooking efficiency and versatility. These advanced kitchen appliances combine steam and convection cooking methods for enhanced efficiency, precision, and versatility. For instance, in November 2023, UNOX Inc., a US-based manufacturer of food machinery, introduced its X-Generation combi ovens. Designed to revolutionize the food service industry, these ovens feature advanced technology to improve cooking speed, uniformity, and energy efficiency. They also include food-load sensitivity and intelligent climate management. The X-Generation ovens boast a modern design characterized by verticality and symmetry and are constructed from durable, high-strength materials. They come with the new Digital.ID operating system for seamless interaction and control.
In April 2024, Joe Warren & Sons Co. Inc., a US-based food equipment service company, acquired Able Restaurant Equipment Service Inc. for an undisclosed amount. This acquisition allows Joe Warren & Sons to enhance its service offerings in New Hampshire by incorporating refrigeration services from Able's existing portfolio. It also helps Joe Warren & Sons to expand and strengthen its market presence in the state. Able Restaurant Equipment Service Inc. specializes in the sales, service, and maintenance of restaurant equipment.
Major companies operating in the restaurant equipment market are Libbey Incorporated, Cambro Manufacturing Co, The Vollrath Company, Hobart Food Equipment, Provisur Technologies Inc., Broaster Company, Blodgett Oven Company, Falcon Foodservice Equipment ltd, Victory Refrigeration, AMTek Microwaves, Adexa Direct, Riddhi Display Equipments Pvt Ltd, TAG Catering Equipment UK Ltd, Bakers Pride, Roundstone Catering Equipment Ltd, Cater-kwik Ltd, Target Catering Equipment, Canadian Restaurant Supply, Permul Ltd, Babak Food Equipment, Empura Equipment, Thomasnet, Apollo Kitchen Equipments and Services Pvt Ltd
North America was the largest region in the restaurant equipment market in 2023. The regions covered in the restaurant equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the restaurant equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The restaurant equipment market consists of sales of serving equipment, dishwashing equipment, commercial furniture, safety and cleaning equipment. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Restaurant Equipment Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on restaurant equipment market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for restaurant equipment ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The restaurant equipment market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.