The global foodservice equipment market generated USD34.25bn in 2019 and is expected to garner USD44.81bn by 2027, growing at a CAGR of 5.7% from 2021 to 2027, according to a report by Allied Market Research titled “Food Service Equipment Market by Product Type and End-Use: Global Opportunity Analysis and Industry Forecast, 2021–2027.”
Growth in the foodservice industry and an increase in preference for quick-service restaurants drive the growth of the global foodservice equipment market. However, high capital requirement restrains the market growth. On the other hand, regulatory benefits and a rise in demand for energy-efficient and cost-effective products present new opportunities in the coming years, according to the research company.
Based on product type, the cooking equipment segment is projected to maintain its leadership status by 2027. Usage of foodservice equipment helps reduce labor costs, improve food safety, and minimize operational costs which propel the growth of the segment. However, the storage and handling equipment segment is expected to grow at the highest CAGR of 6.8% during the forecast period. Demand for frozen food and growth in fast food chains proliferate the segment growth.
Based on end-use, the full-service restaurant & hotel segment held the highest market share in 2019, accounting for nearly three-fourths of the total share of the global foodservice equipment market, and is expected to maintain its dominant share during the forecast period. However, the quick-service restaurant & pub segment is expected to witness the highest CAGR of 7.7% from 2021 to 2027.