Foodservice equipment (FSE) are widely used in commercial settings for food handling and processing applications. Although more popular in full-service restaurants, FSE are also gaining remarkable traction in quick-service restaurants. With widespread adoption in restaurant settings based in developed countries, foodservice equipment are expected to witness an expanding market in developing countries as well. Future Market Insights has conducted a thorough analysis of the foodservice equipment market. As per the research undertaken, the global market for foodservice equipment is expected to witness steady growth over 2017-2027, and is poised to register a value CAGR of 4.7% throughout the period of forecast. The market is valued at around US$ 30 Bn in 2017, and is anticipated to spike up to reach a valuation of about US$ 49 Bn by the end of the year of assessment (2027).
Using high-tech equipment in restaurant kitchens is observed
Consumers today are foodie and health conscious. A shift in dietary habits raises the demand for clean, hygienic, nutritious, and indulgent food, eventually triggering a transformation in the foodservice equipment industry. Restaurant owners are increasingly incorporating innovative equipment in order to cater to ever-growing consumer demands. A new trend in market includes using energy-efficient, advanced technology equipment in restaurant kitchens.
Inclination towards grab-and-go food
One of the most popular trends in the foodservice industry today, is grab-and-go or takeaway food. Consumers are increasingly preferring pick-up grab-and-go foodservice as an added convenience to cope with a fast-paced lifestyle. This alternative over conventional restaurants, offers a higher and faster food accessibility level. A growing trend of takeaway food among consumers in developed as well as developing countries is foreseen to strengthen the FSE market in fast-casual restaurant settings.
Technology integration in food settings
Serving the generation Z consumers is the new challenge for the FSE industry; use of customized foodservice equipment is a growing trend in market. Moreover, free Wi-Fi, online food ordering facility, digital menu boards and tables, and many increasing technological additions are included in various restaurants.
Cooking equipment to gain high traction in the years to follow
Cooking equipment segment in the product type category is anticipated to reflect high growth potential in the coming years. The segment stood at a value higher than US$ 10 Bn in 2017 and dominated the global market with respect to higher market share. It is likely to lead the global market throughout the period of assessment with a high market valuation and is estimated to reach more than US$ 16 Bn by the end of the year of assessment. The cooking equipment segment is poised to register a value CAGR of 4.9% during the forecast period.
Grills to largely contribute to the growth of the cooking equipment segment
Cooking equipment segment is further categorized into grills, fryers, ovens, toasters and others. The grills sub segment in this category is expected to highly contribute to the growth of the parent segment with a high market valuation. In 2017, grills reflected a value of around US$ 3200 Mn and is anticipated to reach a value of more than US$ 5400 Mn by the end of the assessment period. Additionally, the grills sub segment is projected to grow at a significant CAGR of 5.2% during the forecast period.
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