Commercial Cooking Equipment Market : Global Demand, Growth Analysis & Opportunity Outlook 2023
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Our in-depth analysis segmented the global commercial cooking equipment Market in the following segments:
Global Commercial Cooking Equipment Market is further classified on the basis of region as follows:
The global commercial cooking equipment market is predicted to expand significantly at a CAGR of 5.6% over the forecast period i.e. 2016-2023. Further, the market is expected to account for USD 1.5 Billion by 2023 from 973.1 Million in 2015.
The demand for cooking equipment is predicted to witness a significant growth in near future, owing to cost-effectiveness and availability of advanced energy efficient equipment. In 2015, the cooking equipment market accounted the share of 32.5% of overall food service equipment market. North America accounted for over half of the total revenue of the market globally. North America region is expected to continue its dominance over the forecast period i.e. 2016-2023 on account of rising penetration of equipment installation in commercial kitchens and increased demand for fast food and ready to cook food.
On the other hand, Asia-Pacific commercial cooking equipment market is expected to be the fastest growing market during the forecast period i.e. 2016-2023. Thriving tourism industry and increasing investment in hospitality sector to provide better services to the customers are some of the major factors which are swelling the demand for commercial cooking equipment in the region. However, China is expected to dominate the commercial cooking equipment market in Asia-Pacific region on account of increasing restaurants and food junctions. Increasing consumption of fast food and increasing gross disposable income of the population are shifting the customers towards quick service restaurants. These restaurants are adopting advanced cooking equipment in order to serve better to the customers. Moreover, restaurants and hotels are undergoing remodeling and changing the kitchen structures to enhance the services and cooking techniques. This will further help the restaurants to increase their profitability by adopting times savings cooking equipment. Multi-cuisine restaurants and large hotels are shifting towards sophisticated cooking technology in order to increase the efficiency of services.
Increasing number of hotels and restaurants across the globe is growing the demand for cooking equipment. Various restaurants are shifting towards advanced cooking equipment with the purpose to enhance their services and quality of food. Increasing adoption of energy efficient cooking equipment in restaurants on the back of rising concern towards energy saving equipment is swelling the demand for commercial cooking equipment. Moreover, introduction of compact and easy to use cooking equipment for commercial purposes in the market is expected to upsurge the growth of cooking equipment market. Likewise, increasing expenditure of hospitality sector along with flourishing travel and tourism industry are arousing the concerns in restaurants and hotels towards better and quality services. In addition to this, factors such as increasing hygiene and sanitation requirement in commercial kitchens, growing culture of consuming ready to cook food, hectic lifestyle of working population owing to urbanization, are some of the major factors likely to foster the demand for commercial cooking equipment over the forecast period i.e. 2016-2023.
The market of cooking equipment is majorly driven on the back of increasing need of less time consuming cooking equipment in commercial kitchens. This will further foster the growth of commercial cooking equipment market in near future. However, high cost of commercial cooking equipment which results in increasing the cost of ready to cook and processed food, presence of stringent regulations on the manufacturing of cooking equipment for commercial purposes, high capital investment and complexities related with the installation of equipment are some of the factors which is curbing the growth of commercial cooking equipment market across the globe.
The key manufacturers of Commercial Cooking Equipment are as follows:
The key manufacturers of Commercial Cooking Equipment are as follows:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
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