Food Service Equipment Market to grow by USD 12.34 billion from 2023 to 2027, Shift toward energy-efficient food service equipment boosts the market - Technavio

NEW YORK, Sept. 6, 2023 /PRNewswire/ -- The food service equipment market size is expected to grow by USD 12.34 billion between 2022 and 2027. However, the growth momentum of the market will progress at a CAGR of 6.09% during the forecast period. The market is segmented by distribution channel (offline and online), product (cooking and preparation equipment, refrigeration equipment, warewashing equipment, storage and handling equipment, and others), and geography (APAC, North America, Europe, South America, and Middle East and Africa). The report analyses the market size and growth and provides accurate predictions on the growth of the market. View FREE PDF Sample 

The increasing shift towards energy-efficient food service equipment drives the global food service equipment market growth during the forecast period.  There is a growing concern regarding global warming and high energy consumption across industries, and several market players are increasingly focusing on offering eco-friendly food service equipment. Additionally, there is an increasing integration of cutting-edge technology, which helps to enhance efficiency as well as incorporation of water- and energy-saving features in food service equipment. As a result, there is a rise in demand from several end-users and manufacturers that are heavily investing in new advanced technological developments. Furthermore, there is an increasing prevalence of ENERGY STAR certification and other technologies to indicate energy efficiency in the food service equipment market. This food services equipment with ENERGY STAR is considered to enhance efficiency by 15% when compared to standard models. Furthermore, it also helps to minimize carbon footprint. There is a growing adoption of ENERGY STAR-certified commercial food service (CFS) equipment due to energy savings, reducing their operating costs. Hence, such factors are positively impacting the food service equipment market. Therefore, it is expected to drive the global food service equipment market during the forecast period. The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing report

Key Highlights:

• The report recognizes the following as some of the key players in the food service equipment market: 3M Co., Ali Group Srl, Cambro Manufacturing Co., Duke Manufacturing, Electrolux Professional AB, Haier Smart Home Co. Ltd., Illinois Tool Works Inc., Koninklijke Philips NV, LG Electronics Inc., MEIKO Maschinenbau GmbH and Co. KG, Panasonic Holdings Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Selecta Group BV, The Middleby Corp., and RATIONAL Group
• Food Service Equipment Market is fragmented in nature.
• Market to observe 5.02% YOY growth in 2023.

Keg Segments:

The market share growth by the offline segment is significant during the forecast period. The offline distribution channel comprises the sales through specialty stores, department stores, hypermarkets, supermarkets, convenience stores, and clubhouse stores.  Several market players are entering into strategic partnerships with large retail chains for household appliances in order to compete with e-commerce platforms. For instance, one of the prominent market players, Haier Group has signed a partnership with GOME Retail and Suning, among the largest Chinese retail markets to better understand region-specific demands. One of the main segments in the offline distribution channel has the largest market share due to a wide range of offerings and products from various brands at different prices. Home Depot Product Authority, AJ Madison, GOME Retail, and Suning are some of the specialty stores that sell food service equipment.  Furthermore, there is an increasing preference for hypermarkets and supermarkets among consumers due to its convenience. Hence, such factors are expected to fuel the growth of the offline segment which in turn will drive the food equipment market growth during the forecast period. Get a glance at the market contribution of the segments, Request FREE Sample 

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Table of Contents;

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Distribution Channel

Market Segmentation by Product

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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