Rise in demand for quick-service restaurants and fast-food chains and change in consumer lifestyles have fueled the market expansion. Technological advancements leading to energy-efficient and smart kitchen appliances have attracted buyers from various establishments, driving the sales of commercial cooking equipment. Moreover, growth in food safety regulations and hygiene standards has prompted establishments to upgrade their equipment. Furthermore, the expansion of the hospitality sector, including hotels and catering services, has boosted the market demand in recent years.
WILMINGTON, Del., Sept. 12, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Commercial Cooking Equipment Market [https://www.alliedmarketresearch.com/commercial-cooking-equipment-market] by Product Type (Braising Pans/Tilting Skillets, Broilers/Char Broilers/Grills/Griddles, Cook-chill Systems, Fryers, Cookers, Ranges, Kettles, Steamers, Ovens and Others), and End Use (Full-Service Restaurants, Quick-Service Restaurants and Catering): Global Opportunity Analysis and Industry Forecast, 2024-2034". According to the report, the global commercial cooking equipment market size was valued at $13.7 billion in 2023, and is projected to reach $18.6 billion by 2034, growing at a CAGR of 2.9% from 2024 to 2034.
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Prime determinants of growth
Rise in demand in the foodservice industry, fueled by change in consumer lifestyles and increased dining out trends are the primary factor driving the growth of commercial equipment market. Technological advancements in cooking equipment, focusing on energy efficiency, automation, and smart features, are attracting businesses seeking to optimize operations. In addition, stringent food safety regulations and hygiene standards have prompted establishments to upgrade their equipment. The expansion of quick-service restaurants and cloud kitchens globally has boosted the demand for high-capacity, efficient cooking solutions. Moreover, growing awareness of sustainability has led to the adoption of eco-friendly equipment. Urbanization and the rise of the hospitality sector in emerging economies are creating new market opportunities. Furthermore, the increase in popularity of open kitchens in restaurants drives the demand for aesthetically pleasing, high-performance equipment. These factors collectively contribute to the rapid growth and evolution of the commercial cooking equipment market worldwide.
Report coverage & details:
Report Coverage Details Forecast Period 2024-2034 Base Year 2023 Market Size in 2023 $13.7 billion Market Size in 2034 $18.6 billion CAGR 2.9 % No. of Pages in Report 306 Segments Covered Product Type, End Use, and Region Drivers -- Technological advancements and innovation -- Increase in demand for energy-efficient appliances -- Growth of the food service industry -- Stringent food safety and hygiene regulations -- Rise in adoption of smart kitchen equipment Opportunities -- Rise in trend of cloud kitchens and food delivery services -- Demand for customized and multifunctional equipment -- Increased focus on sustainable and eco-friendly products Restraint -- High initial investment costs -- Maintenance and operational costs -- Market saturation in developed regions
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The ranges segment led the market share in 2023.
By product type, the ranges segment held the highest market share in 2023 owing to their versatility and essential role in professional kitchens. Ranges, which combine ovens and stovetops, provide multiple cooking functions in a single appliance, which has made them essential equipment for a wide variety of cooking methods, from sauteing and boiling to baking and broiling. The ability of ranges to handle high volumes and intense usage makes them a staple in restaurants, hotels, and catering services. In addition, advancements in range technology, such as enhanced temperature control and energy efficiency, further boost the demand for this segment in the global commercial cooking equipment market.
The quick-service restaurant segment held the highest market share in 2023.
By end use, the quick-service restaurant segment held the highest market share in 2023 owing to its high demand for efficiency, speed, and consistency in food preparation. QSRs rely heavily on specialized equipment such as high-speed ovens, fryers, and griddles to deliver food quickly and maintain a high turnover rate. The need to serve a large volume of customers rapidly necessitates advanced cooking technologies that ensure fast cooking times without compromising quality. Moreover, QSRs often operate for extended hours, which further drives the demand for durable and reliable equipment. The rise of fast-food culture and the proliferation of global QSR chains further drive the dominance of this segment. Investment in cutting-edge, energy-efficient appliances also helps QSRs reduce operational costs and adhere to stringent health and safety regulations, which is expected to boost the growth of this segment in the coming years.
North America held the highest market share in 2023.
By region, North America held the highest market share in terms of revenue in 2023. The region has a well-established and growing food service industry, including a high concentration of restaurants, hotels, and catering services, which drives demand for advanced cooking equipment. Additionally, there is a strong emphasis on adopting the latest technologies and innovations, leading to higher investments in energy-efficient and smart kitchen appliances and equipment. Stringent food safety and hygiene regulations in the U.S. and Canada also necessitate regular upgrades and replacements of commercial kitchen equipment. Furthermore, the presence of leading manufacturers and suppliers in the region enhances market growth and availability of high-quality products. Lastly, the rise in trend of dining out and increase in popularity of various cuisines contribute to sustained demand for commercial cooking equipment in North America.
Key Players: -
-- Duke Manufacturing Co. Inc.
-- Electrolux
-- Dover Corporation
-- Illinois Tool Works (ITW), Inc.
-- Ali Group S.r.l.
-- Welbilt, Inc.
-- Middleby Corporation
-- Alto-Shaam, Inc.
-- Comstock-Castle Stove Co., Inc.
-- Atosa USA, Inc.
The report provides a detailed analysis of these key players in the global commercial cooking equipment market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Recent Industry Dev:
-- In March 2024, Garland introduced the XPress Grill to reduce energy
consumption and enhance productivity in busy commercial kitchens. Its
modular design allows for easy cleaning and maintenance, making it a
valuable addition to any food service operation.
-- In January 2024, Henny Penny launched the latest generation of
FlexFusion Combi Ovens. These ovens come with advanced humidity control
and precision cooking capabilities, designed to optimize food quality
and consistency. The new FlexFusion models are also equipped with
enhanced data logging and remote monitoring features to help kitchen
managers maintain peak performance.
-- In September 2023, Rational AG expanded its iCombi Pro line to offer
products with features such as enhanced energy efficiency and more
intuitive controls. The iCombi Pro ovens are known for their versatility
and ability to adapt to various cooking methods, making them a staple in
modern commercial kitchens. The new models also include improved
self-cleaning functions and connectivity for smart kitchen integration.
-- In March 2023, Electrolux Professional introduced the SkyLine Cook and
Chill system, which seamlessly integrates combi ovens and blast
chillers. The system is designed to improve efficiency and food safety
in professional kitchens by automating cooking and cooling processes.
-- In August 2022, Vulcan, a leading provider of commercial kitchen
equipment, launched its K series heavy duty ranges to withstand the
rigors of high-volume kitchens, offering precise temperature control and
robust construction. The series includes multiple configurations to suit
various cooking styles and kitchen layouts.
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