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Food Service Equipment (Commercial Refrigeration) Market Trends

Food Service Equipment (Commercial Refrigeration) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020

Changing Food Habits and Growing Digitization to Drive Foodservice Equipment Market

Some of the primary reasons driving the global foodservice equipment market are growing demand for takeout, evolving habits of food consumption, and the expanding hospitality industry. Additionally, factors such as growing digitization, the need for sustainable and environmentally friendly equipment, and strict consumer safety regulations are projected to generate significant development possibilities for the global foodservice equipment market in the near future. The industry has grown quickly to meet the changing wants of consumers who want to furnish their kitchen areas. Changing social conventions, along with technological advancements, have produced a dynamic industry for end-use equipment.

There has been an extensive range of technologically innovative and advanced product lines that have flooded the industry over the years. It is from the invention of equipment for the preparation and storage of food, such as electrical refrigerators, ranges, and cooking stoves to the supply of custom food service appliances that cook different cuisines. These innovations are expected to favor growth of the global foodservice equipment market in the long run. Additionally, quick technological improvements made possible by continuous Research and Development (R&D) efforts have aided appliance makers in providing clients with technology-driven efficiency.

Rise in the Number of Restaurants and Increasing Focus on Food Quality to Drive Market Growth

The rise of various casual restaurant chains in Europe and North America has resulted in a huge surge in demand. Many regulatory agencies across the world require companies to offer commercial kitchen equipment that have been approved and tested. The goal of these safety regulations is to provide a safe environment for both restaurant owners and customers. The National Sanitation Foundation (NSF), an American non-profit organization dedicated to product testing, inspection, and certification, has created a number of equipment safety standards to guarantee that food safety regulations and sanitation protocols are met by the end-use sector. Standards for the material utilized, equipment architecture, and design have been established, with food safety being the top focus.

Consumers are adopting energy-efficient appliances as a result of rising knowledge about energy use and eco-friendly activities, generating potential for this industry. To prevent the escalating effect of climate change, energy consumption regulations throughout the world stress minimizing Green House Gas (GHG) emissions. Consumers are increasingly choosing appliances with the ENERGY STAR certification, which is a marker of energy efficiency that helps restaurants, institutional kitchens, and cafés conserve energy while lowering maintenance and utility costs.

Food Service Equipment (Commercial Refrigeration) Market - Snapshot

Global food service equipment (commercial refrigeration) market is likely to be driven by innovation in processing technology and advancements in the food processing industry. The expansion in the capacities of food manufacturing together with growth of the food processing industry, the global food service equipment (commercial refrigeration) market is poised for considerable growth.

With the rising preference for functional foods and healthy food, manufacturers are anticipated to take up new equipment to cater to the evolving demand for healthy functional beverages and food items. Business organizations across the foodservice, food retail, and food processing value chains have many opportunities to increase or access their penetration of equipment products, organically or via acquisition

Changing Lifestyle of People Demand Hassle-free Cooking Options

The global food service equipment (commercial refrigeration) market is likely to observe considerable growth over the years of assessment. The burgeoning demand for high-end technologies is expected to create new avenues of growth for the market over the years of projection.

Changing lifestyle with more participation of women in the workforce has generated more demand for various kitchen appliances for easy and quick preparation of food. The equipment that are used to carry out different food service operation range from

  • Cooking
  • Cutting
  • Baking

These equipments are essential for the production of food for a large number of customers.

Global Food Service Equipment (Commercial Refrigeration) Market: Snapshot

The global market for food service equipment, especially when it comes to commercial refrigeration, has come a long way in terms of products available and the technologies powering the variety of products in the global market. The increased use of packaged and ready-to-cook products in the food sector across the globe, rising global demand for fast food varieties, and the vast surge in the number of hotels, fine-dine restaurants, as well as fast food joints across the globe have necessitated the use of commercial refrigerators to keep finished items or raw materials fresh for longer durations.

The improved infrastructure of the electricity sector in a number of emerging economies has also encouraged the increased uptake of commercial refrigerators. However, the high costs of these products and complexities associated with their usage could hamper the growth prospects of the global food service commercial refrigeration equipment market.

According to the report, the global food service equipment (commercial refrigeration) market will exhibit an impressive 4.8% CAGR over the period between 2014 and 2020, rising to a promising revenue opportunity by 2020 from a valuation of US$31,544 mn in 2013.

Demand for Walk-in Refrigerators to Remain Highest

The report segments the market based on criteria such as product type and geography. Based on product type, the market has been segmented into refrigerated vending machines, glass door merchandisers (GDMs), beverage dispensers, ice cream machines, commercial fridges/freezers, ice cream cabinets, ice machines, walk-ins, and blast freezers. Of these, the segment of walk-in refrigerators accounted for the dominant share of revenue in the global market at the beginning of the report’s forecast period, thanks to the vast rise in the numbers of fine-dine restaurants and hotels in emerging as well as developed economies across the globe. The segment is also expected to account for the dominant share in the overall market over the report’s forecast period.

Owing to rising disposable incomes and the easy availability of products developed by local, regional, as well as international brands, the demand for ice cream cabinets has also witnessed a major uptick in the recent years, especially in emerging economies across regions such as Asia Pacific. The demand for glass door merchandisers, beverage dispensers, and ice machines has also massively increased due to the flourishing quick food service industry in emerging economies over the years.

Asia Pacific to Remain Most Promising Regional Market

From a geographical standpoint, the report segments the global food service equipment market on regional markets such as Asia Pacific, Latin America, Europe, North America, and Middle East and Africa. Of these, the market in Asia Pacific is expected to expand at an impressive pace in the next few years, thanks to the rising disposable incomes, increased consumption of outside food, and a thriving hospitality industry.

The market in North America, grabbing the dominant share of revenue in the market at the start of the report’s forecast period, is likely to continue to retain it’s leading position in the overall market. The well-established hospitality sector in the region and the high adoption rate for advanced technology products in the food service sector will continue to drive the regional market further.

Some of the leading companies operating in the global food service equipment market are Meiko, Ali Group, Duke Manufacturing Co. Inc., Manitowoc Company Inc., Hoshizaki Electric Co., Ltd., Libbey Inc., Dover Corporation, Middleby Corporation, Electrolux AB, Rational AG, Hobart Corporation, Vollrath Co., Tupperware Brands Corporation, and Fujimak Corporation.

Advancements across the Hospitality Sector to Lay a Red Carpet of Growth across the Food Service Equipment Market

The hospitality sector around the globe has witnessed tremendous advancements over the years. The rising number of participants in the food industry through hotels, catering establishments, and restaurants has led to the advent of various technologies and equipment to enhance the dine-in experience. Food service equipment is one of them. Hence, all these factors will bring profitable growth opportunities for the food service equipment market during the forecast period of 2014-2020.

  • Food service equipment is used for processing or managing food for numerous purposes. The equipment is used to perform various functions such as drying, processing, roasting, etc. They are used for preparing varied food items. The benefits attached to the equipment will bode well for the growth. Furthermore, the equipment help in easing the operations in the kitchen while cooking. This prominent advantage will add extra starts of growth.
  • The technological advancements observed across the food service equipment market will help in accelerating the growth prospects. The players in the food service equipment market are constantly engaged in research and development activities. These activities help in product innovation. Collaborations also help in strengthening the foothold of the players, eventually sowing the seeds of growth. The utilization of the Internet-of-Things (IoT) and other factors will invite immense growth opportunities.
  • The novel coronavirus outbreak has completely changed the growth projections of the food service equipment market. The growing virus transmission incidents forced many countries to adopt strict lockdown measures. These restrictions resulted in the ruining of growth prospects of the food service equipment market. Restaurants and food chains were also closed on the back of the strict restrictions. This aspect resulted in a decline in the growth of the food service equipment market.
  • Nevertheless, the easing of lockdown restrictions is proving to be a boon for the players in the food service equipment market.

Frequently Asked Questions

At What CAGR Foodservice Equipment Market predicted to grow during the Forecast Period?

Foodservice Equipment Market Predicted to 4.9% CAGR during the Forecast Period.

What is The Forecast Period of Foodservice Equipment Market?

Foodservice Equipment Market Forecast Till 2020

Who Are The Players Involved In The Foodservice Equipment Market?

The Players Involved in the Foodservice Equipment Market Meiko, Ali Group, Duke Manufacturing Co. Inc., Manitowoc Company Inc., and others.

What are the key factors driving the Foodservice Equipment Market?

Rise in the Number of Restaurants and Increasing Focus on Food Quality to Drive Market Growth

What Would Be The Valuation Of The Foodservice Equipment Market By 2020?

The Foodservice Equipment Market Would be of US$ 42200 million in 2020

    1. Preface

        1.1. Report description

        1.2. Research scope

        1.3. Research methodology

        1.4. Executive Summary

    2. Market overview

        2.1. Introduction

        2.2. Market Dynamics

            2.2.1. Market Drivers

                2.2.1.1. Increasing number of hotels and restaurants worldwide

                2.2.1.2. Increasing demand for cost effective Food service equipment (commercial refrigeration)

                2.2.1.3. Need for energy efficiency

            2.2.2. Market Restraints

                2.2.2.1. High capital investment

                2.2.2.2. Complexities associated with the usage of equipment

            2.2.3. Market opportunities

                2.2.3.1. Food service operators to expand to different geographical locations

        2.3. Food service equipment (commercial refrigeration) Market – Porter’s Five Forces Analysis

            2.3.1. Bargaining power of suppliers

            2.3.2. Bargaining power of buyers

            2.3.3. Threat from substitutes

            2.3.4. Threat of new entrants

            2.3.5. Competitive rivalry

        2.4. Value chain analysis

        2.5. Global Food service equipment (commercial refrigeration) Market: Market attractiveness analysis by types, 2013

        2.6. Market share by key players

    3. Global Food Service Equipment (Commercial refrigeration) Market Analysis, by Type

        3.1. Introduction

        3.2. Ice Machines

            3.2.1. Ice Machines market size and forecast, 2013-2020 (USD million & Thousand units)

        3.3. Refrigerated Vending Machines

            3.3.1. Refrigerated vending machines market size and forecast, 2014-2020 (USD million & Thousand units)

        3.4. Beverage Dispensers

            3.4.1. Beverage Dispensers market size and forecast, 2014-2020 (USD million & Thousand units)

        3.5. GDMs

            3.5.1. GDMs market size and forecast, 2014-2020 (USD million & Thousand units)

        3.6. Commercial fridges/freezers

            3.6.1. Commercial fridges/freezers market size and forecast, 2014-2020 (USD million & Thousand units)

        3.7. Blast freezer

            3.7.1. Blast freezer market size and forecast, 2014-2020 (USD million & Thousand units)

        3.8. Ice cream machines

            3.8.1. Ice cream machines market size and forecast, 2013-2020 (USD million & Thousand units)

        3.9. Ice cream cabinets

            3.9.1. Ice cream cabinets market size and forecast, 2013-2020 (USD million & Thousand units)

        3.10. Walk Ins

            3.10.1. Walk Ins market size and forecast, 2013-2020 (USD million & Thousand units)

        3.11. Others

            3.11.1. Others market size and forecast, 2013-2020 (USD million & Thousand units)

    4. Global Food Service Equipment (commercial refrigeration) Market Analysis and Forecast, by Geography

        4.1. Introduction

        4.2. North America

            4.2.1. North America food service equipment (commercial refrigeration) market size and forecast, 2013-2020 (USD million & Thousand units)

        4.3. Latin America

            4.3.1. Latin America food service equipment (commercial refrigeration) market size and forecast, 2013-2020 (USD million & Thousand units)

        4.4. East (Europe)

            4.4.1. East (Europe) food service equipment (commercial refrigeration) market size and forecast, 2013-2020 (USD million & Thousand units)

        4.5. South West (Europe)

            4.5.1. South West (Europe) food service equipment (commercial refrigerator) market size and forecast, 2013-2020 (USD million)

        4.6. North West (Europe)

            4.6.1. North West (Europe) food service equipment (commercial refrigeration) market size and forecast, 2013-2020 (USD million)

        4.7. Central (Europe)

            4.7.1. Central (Europe) food service equipment (commercial refrigeration) market size and forecast, 2013-2020 (USD million & Thousand units)

        4.8. Asia Pacific

            4.8.1. Asia Pacific food service equipment (commercial refrigeration) market size and forecast, 2013-2020 (USD million & Thousand units)

        4.9. Russia

            4.9.1. Russia food service equipment (commercial refrigeration) market size and forecast, 2013-2020 (USD million & Thousand units)

        4.10. China

            4.10.1. China food service equipment (commercial refrigeration) market size and forecast, 2013-2020 (USD million & Thousand units)

        4.11. India

            4.11.1. India food service equipment (commercial refrigeration) market size and forecast, 2013-2020 (USD million & Thousand units)

        4.12. Turkey & MEA

            4.12.1. Turkey & MEA food service equipment (commercial refrigeration) market size and forecast, 2013-2020 (USD million & Thousand units)

    5. Company Profiles

        5.1. Ali Group

            5.1.1. Company overview

            5.1.2. Financial overview

            5.1.3. Business strategy

            5.1.4. Recent developments

        5.2. Meiko

            5.2.1. Company overview

            5.2.2. Financial overview

            5.2.3. Business strategy

            5.2.4. Recent developments

        5.3. Hobart Corporation

            5.3.1. Company overview

            5.3.2. Financial overview

            5.3.3. Business strategy

            5.3.4. Recent developments

        5.4. Manitowoc Company Inc.

            5.4.1. Company overview

            5.4.2. Financial overview

            5.4.3. Business strategy

            5.4.4. Recent developments

        5.5. Fujimak Corporation

            5.5.1. Company overview

            5.5.2. Financial overview

            5.5.3. Business strategy

            5.5.4. Recent developments

        5.6. Hoshizaki Electric Co., Ltd.

            5.6.1. Company overview

            5.6.2. Financial overview

            5.6.3. Business strategy

            5.6.4. Recent developments

        5.7. Rational AG

            5.7.1. Company overview

            5.7.2. Financial overview

            5.7.3. Business strategy

            5.7.4. Recent developments

        5.8. Libbey Inc.

            5.8.1. Company overview

            5.8.2. Financial overview

            5.8.3. Business strategy

            5.8.4. Recent developments

        5.9. Dover Corporation

            5.9.1. Company overview

            5.9.2. Financial overview

            5.9.3. Business strategy

            5.9.4. Recent developments

        5.10. Duke Manufacturing Co. Inc.

            5.10.1. Company overview

            5.10.2. Financial Overview

            5.10.3. Business strategy

            5.10.4. Recent developments

        5.11. Electrolux AB

            5.11.1. Company overview

            5.11.2. Financial overview

            5.11.3. Business strategy

            5.11.4. Recent developments

        5.12. Tupperware Brands Corporation

            5.12.1. Company overview

            5.12.2. Financial overview

            5.12.3. Business strategy

            5.12.4. Recent developments

        5.13. Vollrath Co.

            5.13.1. Company overview

            5.13.2. Financial Overview

            5.13.3. Business strategy

            5.13.4. Recent developments

        5.14. Cambro Manufacturing Company, Inc.

            5.14.1. Company overview

            5.14.2. Financial Overview

            5.14.3. Business strategy

            5.14.4. Recent developments

        5.15. Alto Shaam Inc.

            5.15.1. Company overview

            5.15.2. Financial Overview

            5.15.3. Business strategy

            5.15.4. Recent developments

        5.16. Dispensing Dynamics International Inc.

            5.16.1. Company overview

            5.16.2. Financial Overview

            5.16.3. Business strategy

            5.16.4. Recent developments

        5.17. Middleby Corporation

            5.17.1. Company overview

            5.17.2. Financial overview

            5.17.3. Business strategy

            5.17.4. Recent developments

    List of Tables

    TABLE 1: Global Food Service Equipment (commercial refrigeration) market snapshot

    TABLE 2: Global Food Service Equipment (commercial refrigeration) market size and forecast by type, 2013-2020 (USD million)

    TABLE 3: North America food service equipment (commercial refrigeration) market size and forecast, by type, 2013-2020 (USD million)

    TABLE 4: North America food service equipment (commercial refrigeration) market size and forecast, by type, 2013-2020 (Thousand Units)

    TABLE 5: Latin America food service equipment (commercial refrigeration) market size and forecast, by type, 2013-2020 (USD million)

    TABLE 6: Latin America food service equipment (commercial refrigeration) market size and forecast, by type, 2013-2020 (Thousand units)

    TABLE 7: East (Europe) food service equipment (commercial refrigeration) market size and forecast, by type, 2013-2020 (USD million)

    TABLE 8: East (Europe) food service equipment (commercial refrigeration) market size and forecast, by type, 2013-2020 (Thousand units)

    TABLE 9: South West (Europe) food service equipment (commercial refrigeration) market size and forecast, by type, 2013-2020 (USD million)

    TABLE 10: South West (Europe) food service equipment (commercial refrigeration) market size and forecast, by type, 2013-2020 (Thousand units)

    TABLE 11: North West (Europe) food service equipment (commercial refrigeration) market size and forecast, by type, 2013-2020 (USD million)

    TABLE 12: North West (Europe) food service equipment (commercial refrigeration) market size and forecast, by type, 2013-2020 (Billion units)

    TABLE 13: Central (Europe) food service equipment (commercial refrigeration) market size and forecast, by type, 2013-2020 (USD million)

    TABLE 14: Central (Europe) food service equipment (commercial refrigeration) market size and forecast, by type, 2013-2020 (Thousand units)

    TABLE 15: Asia Pacific food service equipment (commercial refrigeration) market size and forecast, by type, 2013-2020 (USD million)

    TABLE 16: Asia Pacific food service equipment (commercial refrigeration) market size and forecast, by type, 2013-2020 (Thousand units)

    TABLE 17: Russia food service equipment (commercial refrigeration) market size and forecast, by type, 2013-2020 (USD million)

    TABLE 18: Russia food service equipment (commercial refrigeration) market size and forecast, by type, 2013-2020 (Thousand units)

    TABLE 19: China food service equipment (commercial refrigeration) market size and forecast, by type, 2013-2020 (USD million)

    TABLE 20: China food service equipment (commercial refrigeration) market size and forecast, by type, 2013-2020 (Thousand units)

    TABLE 21: India food service equipment (commercial refrigeration) market size and forecast, by type, 2013-2020 (USD million)

    TABLE 22: India food service equipment (commercial refrigeration) market size and forecast, by type, 2013-2020 (Thousand units)

    TABLE 23: Turkey & MEA food service equipment (commercial refrigeration) market size and forecast, by type, 2013-2020 (USD million)

    TABLE 24: Turkey & MEA food service equipment (commercial refrigeration) market size and forecast, by type, 2013-2020 (Thousand units)

    List of Figures

    FIG. 1: Market segmentation: Global Food Service Equipment (commercial refrigeration) market

    FIG. 2: Porter’s five forces analysis for Food service equipment (commercial refrigeration) market

    FIG. 3: Global Food service equipment (commercial refrigeration) market value chain analysis

    FIG. 4: Food service equipment (commercial refrigeration) market attractiveness, by types

    FIG. 5: Market share by key Food Service Equipment vendors, 2013 (Value %)

    FIG. 6: Global Food Service Equipment (commercial refrigeration) market share and forecast, by type, 2013 vs. 2020 (Value %)

    FIG. 7: Ice Machines market size and forecast, 2013-2020 (USD million & Thousand units)

    FIG. 8: Refrigerated vending machines market size and forecast, 2013-2020 (USD million & Thousand units)

    FIG. 9: Beverage Dispensers market size and forecast, 2013-2020 (USD million & Thousand units)

    FIG. 10: GDMs market size and forecast, 2013-2020 (USD million & Thousand units)

    FIG. 11: Commercial fridges/freezers market size and forecast, 2013-2020 (USD million & Thousand units)

    FIG. 12: Blast freezer market size and forecast, 2013-2020 (USD million & Thousand units)

    FIG. 13: Ice cream machines market size and forecast, 2013-2020 (USD million & Thousand units)

    FIG. 14: Ice cream cabinets market size and forecast, 2013-2020 (USD million & Thousand units)

    FIG. 15: Walk Ins market size and forecast, 2013-2020 (USD million & Thousand units)

    FIG. 16: Other market size and forecast, 2013-2020 (USD million & Thousand units)

    FIG. 17: Global Food Service Equipment (commercial refrigeration) market share and forecast, by geography, 2013 vs. 2020 (Value %)

    FIG. 18: North America food service equipment (commercial refrigeration) market size and forecast, 2013-2020 (USD million & Thousand units)

    FIG. 19: Latin America food service equipment (commercial refrigeration) market size and forecast, 2013-2020 (USD million & Thousand units)

    FIG. 20: East (Europe) food service equipment (commercial refrigeration) market size and forecast, 2013-2020 (USD million & Thousand units)

    FIG. 21: South West (Europe) food service equipment (commercial refrigerator) market size and forecast, 2013-2020 (USD million)

    FIG. 22: North West (Europe) food service equipment (commercial refrigeration) market size and forecast, 2013-2020 (USD million)

    FIG. 23: Central (Europe) food service equipment (commercial refrigeration) market size and forecast, 2013-2020 (USD million & Thousand units)

    FIG. 24: Asia Pacific food service equipment (commercial refrigeration) market size and forecast, 2013-2020 (USD million & Thousand units)

    FIG. 25: Russia food service equipment (commercial refrigeration) market size and forecast, 2013-2020 (USD million & Thousand units)

    FIG. 26: China food service equipment (commercial refrigeration) market size and forecast, 2013-2020 (USD million & Thousand units)

    FIG. 27: India food service equipment (commercial refrigeration) market size and forecast, 2013-2020 (USD million & Thousand units)

    FIG. 28: Turkey & MEA food service equipment (commercial refrigeration) market size and forecast, 2013-2020 (USD million & Thousand units)

    FIG. 29: Meiko annual revenue 2013, (USD million)

    FIG. 30: Illinois Tool Works Inc. annual revenue and food service segment revenue 2011-2013, (USD billion)

    FIG. 31: Manitowoc Company Inc. annual revenue 2011-2013, (USD billion)

    FIG. 32: Annual revenue of Fujimak Corporation, 2011-2013 (USD Million)

    FIG. 33: Annual revenue of Hoshizaki Electric Co., Ltd. 2011-2013 (USD Million)

    FIG. 34: Annual revenue of Rational AG, Inc., 2011-2013 (USD Million)

    FIG. 35: Annual Revenue of Rational AG, by Region, 2012-2013 (USD Million)

    FIG. 36: Annual revenue of Libbey Inc., 2011-2013 (USD Million)

    FIG. 37: Annual Revenue of Dover Corporation, 2011-2013 (USD billion) and Annual Revenue of Refrigeration and Food Service Equipment Segment, 2011-2013 (USD billion)

    FIG. 38: Annual Revenue of Electrolux AB, 2011-2013 (USD billion) and Annual Revenue of Professional Food Service Equipment Segment, 2011-2013 (USD billion)

    FIG. 39: Annual Revenue of Tupperware Brands Corporation, 2011-2013 (USD billion)

    FIG. 40: Middleby Corporation annual revenue and food service segment revenue, 2011-2013 (USD million)

    FIG. 41: Annual Revenue of Middleby Corporation, by Region, 2011-2013 (USD Million)

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Food Service Equipment (Commercial Refrigeration) Market Trends

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