The Latest Food Service Equipment Industry Statistics Explained
In 2019, the global food service equipment market was reportedly worth $34.53 billion
The statistic “In 2019, the global food service equipment market was reportedly worth $34.53 billion” indicates the estimated total value of the food service equipment market worldwide for that specific year. This figure represents the total revenue generated from the sales of various equipment used in the food service industry, such as cooking appliances, refrigeration units, food preparation tools, and serving supplies. The market value of $34.53 billion showcases the significant size and economic impact of the food service equipment industry on a global scale in 2019, reflecting the demand and investment in commercial kitchens, restaurants, catering services, and other food-related businesses.
It is projected that the food service equipment market will reach $56.31 billion by 2027
The statistic indicates a projected financial value for the food service equipment market, forecasting that by the year 2027, the market’s total worth is estimated to reach $56.31 billion. This projection likely takes into consideration various factors such as past market trends, current economic conditions, industry growth rates, and emerging technologies. Such statistical forecasts are essential for businesses, policymakers, and investors to gauge the potential size and growth trajectory of the market, allowing them to make informed decisions regarding investment, strategy development, and market positioning in the food service equipment industry.
The food service equipment market is expected to grow at a compound annual growth rate (CAGR) of 5.5% from 2022 to 2027
This statistic indicates that the food service equipment market is projected to experience steady growth over the period from 2022 to 2027, with a compound annual growth rate (CAGR) of 5.5%. The CAGR represents the average annual growth rate over the specified time frame, implying that the market is forecasted to increase by 5.5% each year on average. This growth rate suggests a positive outlook for the food service equipment industry, potentially driven by factors such as technological advancements, increased demand for efficient and innovative equipment in the food service sector, and changing consumer preferences. Companies operating in this market should consider this growth projection in their strategic planning to capitalize on emerging opportunities and stay competitive in the evolving landscape.
In 2020, the North American food service equipment market was worth approximately $14.1 billion
In 2020, the North American food service equipment market was estimated to have a total value of around $14.1 billion. This statistic indicates the economic significance and scale of the food service equipment industry in the North American region during that year, reflecting the substantial investment and consumer demand for equipment used in the food service sector. Such high market worth underscores the importance of the food service equipment market within the broader food industry, encompassing a wide range of products including kitchen appliances, refrigeration systems, cooking equipment, and other essential tools used in commercial food preparation and service. This statistic provides valuable insights into the size and growth potential of the North American food service equipment market and highlights its relevance and impact within the overall food service industry.
The refrigeration equipment segment dominated the global food service equipment market with a share of 34.0% in 2019
The statistic indicates that refrigeration equipment was the most dominant sector within the global food service equipment market in 2019, holding a market share of 34.0%. This suggests that a significant portion of the market’s sales, revenue, or installations during that year were related to refrigeration equipment. Given the importance of maintaining food safety and quality in the food service industry, it is not surprising that refrigeration equipment, which includes refrigerators, freezers, and cold storage units, played a leading role in the market. This statistic highlights the strong demand and reliance on refrigeration equipment by food service establishments worldwide.
The cooking equipment segment in the food service equipment market is predicted to exhibit a CAGR of 4.5% from 2020 to 2027
The statement indicates that the cooking equipment segment within the food service equipment market is forecasted to experience a Compound Annual Growth Rate (CAGR) of 4.5% from 2020 to 2027. This means that on average, the market size for cooking equipment is expected to increase by 4.5% annually over this period. A higher CAGR suggests a higher growth rate and potential opportunities in the market for businesses operating within the cooking equipment segment of the food service industry. This data can be used by industry stakeholders to make informed decisions regarding investments, strategic planning, and market positioning to capitalize on the expected growth in this market segment.
Rapid casual dining restaurants accounted for over 34% of the total U.S. commercial foodservice equipment sales in 2019
This statistic indicates that in 2019, rapid casual dining restaurants were a significant driver of the total sales of commercial foodservice equipment in the United States, accounting for more than one-third (34%) of the market share. Rapid casual dining restaurants are a blend of fast casual and traditional casual dining establishments, known for combining quality ingredients and quick service. The fact that they contributed such a significant portion of equipment sales highlights their growth and importance in the foodservice industry. This statistic suggests that the demands and requirements of rapid casual dining establishments played a crucial role in shaping the commercial foodservice equipment market in 2019.
Europe food service equipment market is expected to grow at a CAGR of 4.7% from 2021-2026
The statistic indicates that the Europe food service equipment market is projected to experience a Compound Annual Growth Rate (CAGR) of 4.7% over the period from 2021 to 2026. This signifies the anticipated average annual growth rate of the market during this five-year period. The CAGR of 4.7% suggests that the market is expected to expand steadily, indicating a positive outlook for the food service equipment industry in Europe. This growth rate indicates potential opportunities for businesses operating in this sector to capitalize on the expanding market demand and consumer preferences, driving overall market growth over the forecasted period.
In Asia-Pacific, China held the largest market share of 58.9% in the foodservice equipment market in 2020
The statistic indicates that in the Asia-Pacific region in 2020, China dominated the foodservice equipment market by holding the largest market share of 58.9%. This means that more than half of the market for foodservice equipment in the region was captured by China, showcasing its significant presence and influence in the industry. The high market share suggests that China is a key player in providing equipment and services to the foodservice sector, potentially offering a wide range of products and solutions to meet the varying needs of businesses within the industry. This statistic underscores the importance of China as a major market player in the Asia-Pacific region in the foodservice equipment sector.
The global commercial kitchen appliances/ equipment market, part of the food services equipment market, is expected to grow to $112.47 billion by 2025
The statistic that the global commercial kitchen appliances/equipment market, which is a segment of the food services equipment market, is projected to reach $112.47 billion by the year 2025 suggests a significant and robust growth trajectory for this industry. This forecast indicates an increasing demand for commercial kitchen appliances and equipment worldwide, likely driven by factors such as growth in the food services industry, expanding foodservice establishments, advancements in technology leading to more efficient and innovative equipment, and rising disposable incomes. The anticipated expansion in this market signifies opportunities for manufacturers, retailers, and other stakeholders operating in the food services equipment sector to capitalize on the growing demand for high-quality and sophisticated kitchen appliances and equipment to cater to the evolving needs of commercial kitchens globally.
Responsibility about environmental impact is influencing the food service equipment market, with Energy Star compliant equipment sales growing 128% from 2010 to 2015
The statistic highlights the increasing impact of environmental responsibility on the food service equipment market, demonstrating a significant growth in sales of Energy Star compliant equipment. The 128% sales increase observed between 2010 and 2015 clearly indicates a shifting trend towards more sustainable and energy-efficient products within the industry. This trend likely reflects both consumer demand for environmentally friendly options and regulatory pressures to reduce the carbon footprint of businesses. As businesses and consumers become more conscious of their environmental impact, the market for energy-efficient food service equipment is poised for further growth as organizations prioritize sustainability initiatives.
Walk-in coolers accounted for over 25% share of the North American food service equipment market in 2020
The statistic ‘Walk-in coolers accounted for over 25% share of the North American food service equipment market in 2020’ indicates that walk-in coolers, which are refrigeration units commonly used in restaurants and food service establishments to store food items at low temperatures, played a significant role in the market. Specifically, they held a substantial portion of the overall market, with their share amounting to more than a quarter of the total North American food service equipment market in the year 2020. This suggests that walk-in coolers are a popular and important product category within the food service industry in North America, highlighting their widespread use and importance for businesses in the region.
As of 2019, full-service restaurants accounted for over one third of the global food service equipment market revenue
The statistic indicates that in 2019, full-service restaurants were a significant driver of revenue in the global food service equipment market, making up more than one third of the total market revenue. This suggests that full-service restaurants, which offer a range of dining options and services to customers, played a crucial role in driving the demand for various types of food service equipment globally. This could be due to factors such as the popularity of full-service dining experiences, the expansion of the restaurant industry, and the increasing consumer preference for dining out. Understanding the dominance of full-service restaurants in the market revenue can help businesses in the food service equipment industry tailor their products and services to meet the specific needs and requirements of this segment.
Growing at a CAGR of 5.2%, Asia-Pacific is expected to become the fastest growing region in the food service equipment market between 2021 and 2026
The statistic indicates that the Asia-Pacific region is forecasted to be the fastest-growing region in the food service equipment market from 2021 to 2026, with a Compound Annual Growth Rate (CAGR) of 5.2%. This means that the market for food service equipment in the Asia-Pacific region is expected to expand at an average annual rate of 5.2% over the specified period. This growth rate is higher compared to other regions, suggesting that the demand for food service equipment in Asia-Pacific is projected to increase at a relatively faster pace. Factors such as population growth, urbanization, rising disposable incomes, and changing consumer preferences towards dining out are likely driving this growth in the food service equipment market in the Asia-Pacific region.
The food service equipment market in India is expected to grow at a CAGR of around 12% during 2020-2025
The statistic indicates that the food service equipment market in India is projected to experience a Compound Annual Growth Rate (CAGR) of approximately 12% over the period of 2020 to 2025. This suggests a strong and consistent growth trajectory in the industry, implying that the demand for food service equipment in India is anticipated to increase steadily at an annual rate of 12%. Factors such as evolving consumer preferences, rising disposable incomes, rapid urbanization, and the expanding foodservice sector likely drive this growth. Businesses operating in this market can utilize this statistic to make informed decisions regarding investments, marketing strategies, and expansion opportunities in order to capitalize on the potential growth of the food service equipment market in India.
Stoves & ovens accounted for a significant portion of 26.2% of the total market revenue in 2020 in the cooking and serving equipment category
The statistic indicates that stoves and ovens contributed significantly to the total market revenue in the cooking and serving equipment category in 2020, accounting for 26.2%. This suggests that stoves and ovens were a major revenue generator within the category, likely being one of the most popular or most expensive items purchased by consumers or businesses. The high percentage indicates the importance and demand for stoves and ovens in the market, reflecting a strong market share and opportunity for manufacturers and retailers to capitalize on this product segment in their marketing and sales strategies.
The commercial fryers segment in the food service equipment market was valued at $390 million in 2019
The statistic indicates that in 2019, the commercial fryers segment within the food service equipment market had an estimated value of $390 million. This suggests that there is a significant market demand for commercial fryers used in food service establishments such as restaurants, fast food chains, and other food service providers. The value of $390 million highlights the economic significance of this particular segment within the larger food service equipment industry, demonstrating the importance of commercial fryers in serving the needs of the food service sector. This statistic provides valuable insight into the size and potential growth of the commercial fryers market, offering key information for industry stakeholders and decision-makers.
By 2025, the global demand for food service equipment in the bakery segment is expected to exceed one million units
This statistic indicates a significant projected increase in the global demand for food service equipment specifically within the bakery segment by the year 2025, with expectations that the demand will surpass one million units. This suggests a growing market for bakery equipment worldwide, driven likely by factors such as increasing consumer preference for bakery products, expanding bakery industry, and technological advancements in food service equipment. Such a sharp rise in demand also points towards a potential surge in bakery businesses, expansion of bakery chains, and increased production capabilities in this sector. It signifies an opportunity for manufacturers and suppliers to cater to this burgeoning market and for businesses to capitalize on the projected growth in the bakery industry.
The market size of the food service equipment in Japan reached a value of about 786.9 billion Japanese yen in 2018
The statistic indicates that in 2018, the market size of food service equipment in Japan was estimated to be approximately 786.9 billion Japanese yen. This value suggests the total worth of all food service equipment sold and used in Japan during that year. The market size reflects the demand and consumption patterns within the food service industry in Japan, encompassing items such as kitchen appliances, refrigeration units, cooking equipment, and other tools and machinery utilized in restaurants, cafes, and other food service establishments. This data is crucial for understanding the economic activity and trends within the food service equipment sector in Japan, providing insight into the health and growth of the industry.
In 2020, US-based firm Illinois Tool Works Food Equipment Group accounted for about 5% of the global food service equipment market
The statistic provided indicates that in 2020, the US-based firm Illinois Tool Works Food Equipment Group held a significant market share in the global food service equipment market, accounting for approximately 5% of the total market. This suggests that Illinois Tool Works Food Equipment Group is a major player in the industry and competes with other companies on a global scale. The fact that they hold 5% of the market demonstrates their market presence and influence, highlighting their position as a key player in the food service equipment sector. This statistic is important for understanding the competitive landscape of the food service equipment market and the market share held by different companies within it.
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