Commercial Cooking Equipment Market: Current Analysis and Forecast (2023-2030)

Commercial kitchen equipment are appliances that are used to produce, store and cook food which ranges from cooling equipment, heating equipment, preparation equipment, washing equipment to kitchen display systems. The benefits of kitchen equipment's such as reduced labor cost, higher productivity, minimal wastage etc. are adding pace to the growth of the market.

A rise in the number of restaurants, cafes, QSR, etc. is leading to the growing demand for commercial kitchen equipment. According to 'the Pizza Power Report 2022' in the United States, the total number of pizza locations increased from 77,724 to 78,092, a nudge of 0.47% in 2022. In addition, in the same year, the number of independent pizzerias rose from 41,573 to 41,879, while the chains added a few stores, too, from 36,151 to 36,213. In addition, India's QSR market is expected to clock a compound annual growth rate of 23% between now to fiscal year 2025, as revealed by Edelweiss Securities.

Increasing demand for these energy-efficient and technologically advanced products because of the mounting consumer expenditure globally on food products is also propelling the growth of the commercial cooking equipment market. For instance, in 2021, the expenditure on food, drinks, and catering was USD 312 billion in the United Kingdom, as per the Department for Environment Food & Rural Affairs. Also, Canadian fast-food statistics reveal the Canadian fast-food industry is worth an impressive $27 billion in 2022. It is expected to grow by 0.8% compared to the previous year. In addition, the fast-food industry Canada facts show up to 34% of Canadians report dreaming of opening a restaurant, in the coming years and 3.7% are thinking of quick service. Casual and family-style restaurants are the most popular choice, and up to 32.7% would choose that.

The growing technological advancements in the food service equipment for food preparation, along with continuous research & development have helped the food service industry to make a wide range of innovative baked goods, which has encouraged the manufacturers to deliver technologically efficient appliances. Owing to this, the cooking equipment market is expected to observe significant growth in the coming years. For example, XLT Conveyor Oven 3870 comprises highly efficient quiet fire burners, removable panels, and optical flame sensor technology and comes with triple stacks.

Based on the product type, the market is fragmented into Ovens, Ranges, Burners, Grills, Griddles, Deep Fryers and others. The ovens segment grabbed 33% market share 2022. Ovens are highly versatile appliances, capable of cooking a wide range of foods, including baking, roasting, broiling, and more. This versatility makes them a popular choice among consumers, as they can be used for various cooking purposes. Ovens provide convenience to users by offering features like programmable timers, pre-set cooking functions, and self-cleaning options. These features make cooking with ovens easier and less time-consuming, which appeals to busy individuals or those who prefer effortless cooking. However, the grillers segment would emerge in the forecast period and would witness a considerable higher CAGR during the forthcoming period.

Based on the End-Use, the market is segmented into Hotels and Restaurant, Hospitals and food industry. The hotels and Restaurant segment significant growth in market share in 2022. With the ongoing vaccination drive and easing of travel restrictions, the hospitality industry, including hotels and restaurants, is expected to rebound from the impact of the COVID-19 pandemic. As more people start to travel and dine out, there will be an increased demand for accommodation and restaurant services, leading to growth in market share for this segment. As travel restrictions are lifted, people will resume their travel plans, including both domestic and international tourism. This will boost the demand for hotel stays and dining experiences in various destinations, further driving the growth of the hotels and restaurant segment. Moreover, this segment is expected to have higher growth during the forecast period. However, the others segment would emerge as the leading one in the forecast period of 2023-2030F.

For a better understanding of the market adoption of the Commercial Cooking Equipment Market, the market is analyzed based on its worldwide presence in the countries such as North America (the United States and Canada, Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and Rest of APAC), and Rest of World. North America constitutes a major market for the Commercial Cooking Equipment Market industry and generated revenue in 2022. North America has a robust and diverse foodservice industry comprising restaurants, cafes, hotels, catering businesses, and other establishments. This industry serves a large population base, including locals and tourists, leading to high demand for commercial cooking equipment. The hospitality sector in North America is experiencing steady growth, fueled by an increase in tourism and business travel. As a result, hotels, resorts, and other accommodation providers require commercial cooking equipment to cater to their guests' dining needs.

Some of the major players operating in the market are AB Electrolux, Ali S.p.A., Carrier Corporation, Duke Manufacturing, Falcon Professional Kitchen L.L.C, FUJIMAK CORPORATION, Illinois Tool Works Inc., Manitowoc Foodservice, Rational AG, Blodgett Corporation, etc.