Research Nester has released a report titled “Cooking Robot Market – Global Demand Analysis & Opportunity Outlook 2028” which delivers detailed overview of the global cooking robot market in terms of market segmentation by robot type, application, end user and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global cooking robot market is segmented by end user into residential and commercial, out of which, the commercial end user segment registered the largest share and is further anticipated to reach a value of USD 295169.5 thousand by the end of 2028 from a value of USD 77693.2 thousand in the year 2019 owing to the need for reduced human interference, and for the numerous benefits associated with the deployment of cooking robots, such as increased work efficiency, automatic controls over the cooking parameters, customizations according to the customer requirement, consistency, and others. The commercial end user segment is further divided into fast food restaurants, fine dining restaurants, café, contracted food services, ghost kitchens, food trucks, convenience stores, retailers/grocers and small scale/regional FM. The fast-food restaurants segment registered the largest market share of 23.94% in the year 2019 and is also anticipated to grow with the highest CAGR of 17.44% during the forecast period, i.e. 2020-2028.
The global cooking robot market is anticipated to achieve a CAGR of 16.09% during the forecast period on account of the increasing technological innovations for food robotics, increasing demand for robotics-as-a-service, rising demand for collaborative robots, rising use of machine vision and artificial intelligence technologies, growing concerns for food safety & hygiene and the growing trends for automation across end user industries including the food and beverage industry. The market is further anticipated to reach a value of USD 322568 thousand by the end of 2028 from a value of USD 86170 thousand in the year 2019.
Regionally, the global cooking robot market is segmented into five major regions including North America, Latin America, Europe, Asia Pacific, Middle East and Africa. The market in North America registered the largest market share of 51% in the year 2019 and is anticipated to grow on account of the increasing emergence of commercial and residential end-user applications, such as pizza making, sandwich & burger making, cocktail preparations amongst others in the U.S. and Canada. Additionally, the market in the region is further anticipated to reach a value of USD 175251.2 million by the end of 2028 from a value of USD 43946.7 thousand in the year 2019.
Rising Demand for Professional Service Robots Across End User Verticals
In the statistics by the International Federation of Robotics (IFR), worldwide robot installations increased by 6% to 422,271 units in the year 2018. Additionally, robot installations is further anticipated to reach around 583,520 units by the end of 2022 by growing at 12% per year on average from 2020 to 2022.
The growing trends of Industry 4.0, along with internet of things (IoT) and industrial internet of things (IIoT), are resulting in an increase in the adoption of robots across the end user industries. With the advancements in artificial intelligence (AI) and machine learning (ML) technologies, robotics in the food industry has observed significant growth over the years. Yet, backed by the numerous benefits provided by the cooking robots, such as sizeable continuous uptime of over 100,000 hours, cloud connectivity, and others, these machines are gradually becoming a crucial part of the cooking process. Moreover, growing concerns for food safety regulations across the industry, backed by the concerns for the consumption of contaminated foods are also additionally anticipated to drive the growth of the global cooking robot market during the forecast period.
However, the concerns regarding the high cost associated with the installation of cooking robots, followed by the fluctuation in economies across the world and the lack of skilled workforce that can understand the output results are some of the factors anticipated to lower the growth of the global cooking robot market.
This report also provides the existing competitive scenario of some of the key players of the global cooking robot market, which includes company profiling of Café X, Miso Robotics, Mechanical Chef, Moley Robotics, Picnic, Admatic Solutions (RoboChef), The Wilkinson Baking Company, Chowbotics, Karakuri Ltd., Creator, and Briggo Inc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global cooking robot market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.