Product Type (Cooking Equipment, Storage & Handling Equipment, Ware Washing Equipment, and Serving Equipment) and End Use (Full-Service Restaurants & Hotels, Quick Service Restaurants & Pubs, and Catering): Global Opportunity Analysis and Industry Forecast, 2021–2027. According to the report, the global food service equipment market generated $34.25 billion in 2019, and is expected to garner $44.81 billion by 2027, growing at a CAGR of 5.7% from 2021 to 2027.
Drivers, restraints, and opportunities
Growth in food service industry and increase in preference for quick-service restaurants drive the growth of the global food service equipment market. However, high capital requirement restrains the market growth. On the other hand, regulatory benefits and rise in demand for energy-efficient and cost-effective products present new opportunities in the coming years.