The commercial catering equipment market size is anticipated to rise from US$ 12,469.4 Mn in 2023, and it is anticipated to surpass US$ 17,972.7 Mn by 2033.
The global commercial catering equipment market is projected to exhibit a healthy CAGR of 3.7% during the forecast period of 2023-2033. The current valuation of the commercial catering equipment market is US$ 12,469.4 Mn in 2023. The value of the commercial catering equipment market is anticipated to reach a high of US$ 17,972.7 Mn by the year 2033.
The market for commercial catering equipment is being propelled by rapid urbanization and an increasing population of working women, giving a boost to the HoReCa sector. Thus, the expanding food service sector, coupled with increasing innovations in the market, is propelling the demand for commercial catering equipment.
The commercial catering equipment market share is further being aided by the growing consumer confidence to dine out, thus enabling the expansion of food outlets infrastructure and enhancing the affordability of food service providers to invest in the adoption of advanced commercial catering equipment. Additionally, the rising investments in the hospitality sector, including new restaurants, pubs, cafes, and bars, are catalyzing the demand for commercial catering equipment to efficiently cater to the evolving demands of final customers.
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The development of advanced commercial catering equipment that meets higher hygiene standards, coupled with the growing number of health-conscious consumers, is surging the sales of commercial catering equipment. Furthermore, the soaring number of meetings, incentives, conferences and exhibitions (MICE), weddings, and other informal events are yielding heightened demand for commercial catering equipment. In addition to this, the emerging concept of virtual restaurants, wherein the order is placed online or via mobile with the option of home delivery or pick up, is spurring the market for commercial catering equipment.
Key Takeaways
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Competitive Landscape
The commercial catering equipment market size is anticipated to observe healthy growth over the forecast period owing to completion of acquisitions, formation of partnerships, and product innovations. For instance, in June 2022, Electrolux Professional introduced a new and revised version of SpeeDelight, which is a high-speed cooking solution, post five years of its launch. The appliance is a one-stop, time-efficient solution for the preparation of hot snacks like sandwiches, tacos, roll-ups, and pizzas. The upgradation of SpeeDelight will offer a comprehensive menu of hot snacks, including club sandwiches and burgers, in addition to enabling even cooking and efficient cleaning. Major companies providing commercial catering equipment in the market, as identified by FMI, are as follows:
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Commercial Catering Equipment Market , Commercial Catering Equipment Market Share , Commercial Catering Equipment Market Size
Jan 06, 2023