Author: Himanshu Patni
14 November 2023
Global Commercial Cooking Equipment Market is expected to reach the market valuation of by 2030 expanding at a reasonable CAGR of 6.4% during the forecast period (2023-2030). 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, the market size of the quick-service restaurant industry worldwide consistently increased each year. In 2020, the sector was valued at approximately 875.26 million U.S. dollars, reflecting an increase over the previous year’s size of 862.58 million 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 2021, Japan has the highest per capita spending on food which 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, and hotels, including pizzerias.
Growth in the food outlets and restaurants etc. is one of the prominent reasons driving the demand for commercial cooking equipment. In addition, the growing demand for junk food and processed food in the millenniums is one of the prominent reasons which is contributing to the growth of the market. For Instance: In 2021, 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.
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 fragmented into Hotels and Restaurants, Hospitals, and Food Industry. 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 2021. 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 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.
Global Commercial Cooking Equipment Market Segmentation
Market Insight, by Type
• Ovens
• Ranges
• Burners
• Grills
• Griddles
• Deep Fryers
• Other
Market Insight, by End-Use
• Hotels and Restaurant
• Hospitals
• Food Industry
Market Insight, by Region
· North America
o United States
o Canada
o Rest of North America
· Europe
o France
o Germany
o Spain
o Italy
o United Kingdom
o Rest of Europe
· Asia-Pacific
o China
o Japan
o India
o South Korea
o Australia
o 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
• Blodgett Corporation
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