Restaurant Innovations Play a Vital Role in Fuelling Food Service Equipment Market Growth
Restaurants have been focusing on incorporating food service equipment that are smart, compact and user friendly. According to North America Association of Food Equipment Manufacturers, food service equipment that enhances operational efficiency and reduces labour is essential in every kitchen in any type of restaurant. In this backdrop, restaurants and diners are furnished with various food service equipment such as washing equipment, stove, fryer, and handling equipment that consume less space, in turn saving costs associated with floor occupancy. In addition, rising restaurant innovations such as use of digital point-of-sale (POS) and automation continue to impact the food service equipment market.
Automating the entire process from taking food orders to preparation and payment completion and real time reporting can provided a comprehensive scrutiny that can support restaurant managers and owners to make informed data-driven decisions. Such innovations can improve operational workflow while the staff can focus more on customers and give a value-added service. This factor is expected to influence the demand of improvised restaurant equipment in turn bolstering growth of the food service equipment market.
Energy Efficient Equipment to Pave Potential Pathways for Food Service Equipment Market Growth
Increasing awareness apropos to environment health and energy consumption has pushed customers to adopt appliances that are energy efficient, which is likely to present new opportunities in the food service equipment market. Energy consumption regulations across the globe have given emphasis to GHG (Green House Gas) emission reduction in a bid to mitigate negative impact on the climate and environment. That said, customers are opting for food service appliances that hold Energy Star symbol that reflects the energy efficiency of the appliance. Use of such equipment can help institutional kitchens, cafes, and restaurants to save significant amount of energy alongside reducing utility and maintenance costs.
For instance, according to Energy Star Program of US EPA (Environmental Protection Agency), food service equipment with Energy Star can save costs of end users up to US$5,300 or about 340 MMBTU every year. Manufacturers of food service equipment are thereby offering products that have Energy Star certification. For instance, Vulcan offers electric and gas fryers such as 35lbVEG Series Gas Freestanding Fryer, 50lb ER Series Electric Freestanding Fryer, 45lb PowerFry5™ VK Series Gas Freestanding Fryer and 75lb CEF Series Electric Counter Fryer that have Energy Star certification. Consequently, energy efficient food service equipment can pave an opportunistic pathway for the growth of the market in the coming years.
Cooking Equipment to Largely Contribute to Food Service Equipment Market Valuation
Sales of cooking equipment are expected to increase dramatically in the years to follow. This can be attributed to the extensive use of appliances such as fryers, grills, ovens, and stoves in commercial kitchens. With the growing number of QSRs and full-service restaurants, the demand for efficient kitchen appliances is expected to increase in turn influencing the demand for cooking equipment thereby contributing to the valuation of the food service equipment market.
North America Likely to Maintain Dominance; Asia Pacific to Showcase Lucrative Opportunities for Food Service Equipment Market
Developed countries in North America are expected to account for a significant share in the food service equipment market. Presence of huge and well-established restaurant brands such as KFC Corporation, Burger King Corporation, Starbucks Coffee Company, and McDonald’s has accelerated the adoption of advanced food service equipment, in turn complementing to the growth of the market in the developed counties of North America such as US and Canada. In addition, other macro factors including infrastructure and economic development such as site expansions, renovations, replacements, and new restaurant establishments are likely to give an impetus to the demand for food service equipment in the region.
On the other hand, developing economies in the Asia Pacific are expected to showcase momentous growth rate in the coming years. Pervasive westernizing dining customs along with moderately growing food and culinary tourism industry is likely to augment demand for food service equipment. This aspect coupled with increasing preference and consumption of processed food products is expected to fuel demand for food service equipment in the region, making it a lucrative go-to-market.
Global Food Service Equipment Market: Competitive Landscape
Companies in the food service equipment market are focused on introducing new products and are using new technologies to maintain market position. For instance, in 2021, Alto-Shaam added to Vector H Series, one of its multi-cook oven portfolios, featuring wide chambers that can be used to cook 16 inch pizzas. With this addition, operators can control fan speed, temperature and cooking time in every chamber alongside cooking assortment of items with zero flavour transfer.
Few of the key players in the global food service equipment market include Alto-Shaam, Castle Stove, Welbilt Inc., Dover Corporation, and Haier Group.
Global Food Service Equipment Market is Segmented as Below:
By Equipment Type:
By End Use:
By Sales Channel:
Key Elements Included In The Study: Global Food Service Equipment Market
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