Commercial Cooking Equipment Market is Expected to Foresee Significant Growth During the Forecast Period. North America to Witness the Highest Growth
- Vikas Kumar
- October 11, 2021
- CONSUMER GOODS, NEWS
- Commercial Cooking Equipment Market, Commercial Cooking Equipment Market Growth, Commercial Cooking Equipment Market news, Commercial Cooking Equipment Market Share, Commercial Cooking Equipment Market Size, Commercial Cooking Equipment Market Trend
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Global Commercial Cooking Equipment Market is expected to reach the market valuation of US$ 14.6 billion by 2027 expanding at a reasonable CAGR of 4.6% during the forecast period (2021-2027).
A rise in disposable income, an emerging number of working professionals coupled with the busy and hectic life schedule is leading to the growing demand for Commercial Cooking Equipment. As per Statista, the market size of the quick-service restaurant industry worldwide consistently increased each year. In 2019, the sector was valued at approximately 875.26 billion U.S. dollars, reflecting an increase over the previous year’s size of 862.58 billion U.S. dollars. However, because of the stay-at-home restrictions implemented across the globe to minimize the spread of the coronavirus, the sector was forecast to decline in 2020.
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The growth of the commercial cooking equipment market across the globe can be attributed to the increasing per capita spending of consumers on food worldwide which has inclined many consumers towards fast, convenient, and healthy modes of cooking that requires less cooking time. For instance, in 2019, Japan has the highest per capita spending on food that is USD 4417.5 per person followed by Australia, Canada, and France with per-person spending of USD 3,003.6, USD 2986.9, and USD 2983.4, respectively. This has been increasing the demand for cooking equipment at restaurants, cafes, hotels, including pizzerias.
Growth in the food outlets and restaurants etc. is one of the prominent reasons driving the demand for commercial cooking equipment. Also, the growing demand for junk food and processed food among millenniums is one of the prominent reasons which is contributing to the growth of the market. For Instance: In 2020, the number of pizza restaurants established was 78,092 in the United States alone. Even after the year-on-year fluctuations, the number of pizza restaurants was increased by roughly 6,000 units over the past 9 years
2020 proved to be the most challenging year for the food industry in decades, significantly testing the resilience of food supply chains. Many of the industry’s challenges stemmed from the spread and aftermath of COVID-19, forcing food organizations to adjust in new ways to maintain their supply chain continuity, integrity, and overall resilience. Moreover, the effect of COVID-19 on commercial cooking equipment was witnessed due to disruptions in the supply chain and lower spending on cooking appliances.
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Based on the Product Type, the market is fragmented into Ovens, Ranges, Burners, Grills, Griddles, Deep Fryers, and Others (Kettle, Steamer, etc.) The ovens segment grabbed the leading market share in 2020 and gathers USD XX Bn. Moreover, the market of this segment is expected to skyrocket by 2027 by growing at an exponential CAGR during 2020-2021.
Based on the End-Use, the market is fragmented into Hotels and Restaurant, Hospitals, Others (Ferry & Cruise, Institutional Canteens). The hotel and restaurant segment grabbed the leading market share and dominated the market. The demand for hotels and restaurant segments is attributed to the rising number of hotels and restaurants. The number of hotel rooms globally had risen by 17.7% from 2008 to 17 million in 2018. These rooms were in more than 184,000 hotels, a rise of 8.4% from 2008 levels.
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Additionally, the report provides detailed initiatives that are being taken in the field of Commercial Cooking Equipment. The market is classified into distinct regions including North America (the U.S, Canada, Rest of North America), Europe (Germany, France, Spain, Italy, and United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, Australia, India, South Korea, and the Rest of APAC), Rest of World has been conducted. North America region dominated the market and grabbed major market share in 2020. However, the Asia-Pacific region is expected to witness the highest CAGR during the forecast period on account of rising disposable income and growing trend for eating out in the countries such as China, India, and Japan.
Global Commercial Cooking Equipment Market Segmentation
Market Insight, by Type
- Deep Fryers
- Other (Kettle, Steamer, etc.)
Market Insight, by End-Use
- Hotels and Restaurant
- Others (Ferry & Cruise, Institutional Canteens)
Market Insight, by Region
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Rest of World
Top Company Profiles
- 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
- The Middleby Corporation