According to a new report by Allied Market Research, entitled ‘Global Commercial Cooking Equipment Market Opportunities and Forecast’, the demand for these appliances is expected to increase due to the growth of the foodservice industry, along with a rise in demand for multi-functional, space- and time-saving equipment.
The research analysed that the global commercial cooking equipment trade was valued at US$10.7bn in 2019, and is projected to reach US$12.9bn by 2027, registering a CAGR of 5.2% from 2021 to 2027.
However, Allied Market Research noted that the outbreak of Covid-19 and subsequent hospitality industry shutdowns have severely hampered commercial cooking equipment market growth.
Conversely, the development of the foodservice industry is anticipated to drive the growth of the commercial cooking equipment market going forward. Moreover, the research company predicts a resurgence of business-related travel, a surge in urban population, and a rise in the number of foodservice sites such as hotels and quick service restaurants will fuel the growth of the foodservice industry, thereby driving the growth of the market.
Allied Market Research identified changes in trends of food consumption and the surge in the need to reduce food wastage as leading to the development of innovative kitchen equipment. These factors are anticipated to drive the growth of the commercial cooking equipment market during the forecast period.
In addition, new equipment featuring brighter colours sleek designs, multi-functional equipment and touch screens are some of the cooking equipment market trends the research firm notes are happening in the foodservice industry. The company further analysed that owing to space constraints, many restaurateurs tend to utilise equipment that could provide multiple functions and save kitchen space.
Key findings of the study include that by product type, the ranges segment accounted for the highest commercial cooking equipment market share in 2019, growing at a CAGR of 3.9% from 2021 to 2027.
Depending on end use, the quick service restaurants segment occupied maximum share in the market in 2019 and is expected to dominate the market during the commercial cooking equipment forecast period.
While North America accounted for the highest market share in 2019 and is expected to grow at a CAGR of 4.0% during the forecast period.