Food Service Equipment Market: By Equipment Type (Cooking Equipment, Storage and Handling Equipment, Food and Beverage Preparation Equipment, Refrigeration Equipment, Ware Washing Equipment, Serving Equipment, and Others), By Distribution Channel (Online, and Offline (Hypermarket, Multi-Brand Outlets, Specialty Outlets)),  By End User (Full Service Restaurant and Bars, Quick Service Restaurant, Institutional, Indoor and Outdoor Caterers, Hotels and Resorts, Transportation, and Others), and Geography

Food service equipment market was valued at USD 39,281.1 million in 2023 and is poised to grow at a CAGR 7.5% from 2024 to 2030. Increasing demand for hospitality sector such as hotels and restaurants, rising takeout orders, shifting eating habits are some of the key drivers of the market. Growing digitization, the demand for environmentally friendly & sustainable equipment, and stringent consumer safety regulations are expected to create favourable growth for the market in the forecast period. The increasing demand for technological advancements in restaurants and advanced food service equipment & the catering industry are driving factors for the growth of the Food Service Equipment Industry. commercially, the food service equipment market uses cookware, wash ware and preparation, storage, and serving equipment, for cooking and preservation of food products. This equipment is commonly used in hotels, restaurants, commercial institutes, and budgetary hotels for preparation of wide variety of cuisines.

The rising investment by the key players and increasing availability of catering equipment are the major factors driving the growth of the food service equipment market share. Furthermore, increasing number of cafes & restaurants, and development of urban infrastructure in both developed & developing countries, contribute to the growth of the food service equipment market. Moreover, shift to modular kitchens with advanced features in response to customers' shifting requirements for kitchen furnishings has enhanced the demand for food service equipment. International investments, experiments, innovations in various cuisines, and development in the travel and tourism industry is expected to offer beneficial opportunities to expand the food service equipment market.

Food Service Equipment Market Key Developments:

• In July 2023, Hoshizaki America expanded its sales team in the country with three new manufacturers’ representative groups to represent their refrigeration lines.
• In February 2023, The Middleby Corporation acquired the Marco Beverage Systems, manufacturer of energy-efficient beverage dispensing solutions. This acquisition will expand the Middleby’s offerings in cold brew dispense and coffee brewers, along with various types of hot, cold, and sparkling water dispensers.
• In January 2023, Rancilio Specialty RS1 achieved the Premium Certification from the Italian Espresso Institute (IEI), which made it one of the first espresso machines to achieve this certification. The RS1 features a multi-boiler system and Advanced Temperature Profiling technology.