The global Commercial Kitchen Appliances market size is expected to be worth around US$ 131.76 billion by 2027, according to a new report by Vision Research Reports.
The global Commercial Kitchen Appliances market size was valued at US$ 79.70 billion in 2019 and is anticipated to grow at a CAGR of 6.6% during forecast period 2020 to 2027.
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Rising popularity of Quick Service Restaurants (QSRs) and Full Service Restaurants (FSRs) and expanding travel and tourism are some of the key factors driving the market. Other factors impacting the market growth are rising demand for drive-through meals, development of railways, fast-paced life in metros and cosmopolitans, surge in the number of working women and nuclear families, and increasing disposable income of individuals.
Emergence of smart kitchen equipment is expected to favorably contribute to the market growth. Smart technologies can keep track of the performance of kitchen equipment as well as increase food preparation consistency. Hence, key market participants are focusing on technological advancements pertaining to ventilation, temperature control, and automated techniques for maintenance and cleaning of the equipment to reduce operational time and capital in the long run.
Moreover, the Internet of Things (IoT) is taking over commercial kitchens worldwide by integrating the appliances with other electronic devices owned by the consumers, which, in turn, increases efficiency and saves time. For instance, Monnit Corporation designs remote monitoring solutions for commercial refrigerators that are built with temperature and humidity sensors to ensure food quality, monitor cold inventory, and optimal inventory storage. Prominent end-use industries of commercial kitchen appliances are equipping multi-functional equipment with such state-of-the-art solutions as they are more efficient and they combine several functions in a single device to accommodate different pre-cooking programs as well as prepare multiple dishes in relatively less time.
According to the U.S. Environmental Protection Agency (EPA), commercial kitchens roughly consume 2.5 times more energy per square foot than any other commercial spaces. Thus, growing concerns regarding the energy consumption of equipment used and shift towards more energy-efficient appliances are expected to significantly contribute to the industry growth. Furthermore, rising government initiatives to spread awareness about energy consumption and increasing electricity cost are expected to drive the demand for eco-friendly and energy-efficient equipment over the forecast period.
In 2019, the refrigerator segment accounted for the largest revenue share of over 40.2% and is expected to witness substantial growth over the forecast period. Growing need for food preservation owing to changing climatic conditions is contemplating the end customers to deploy refrigerator with state-of-the-art technologies. Thus, the growing emphasis on advancements in refrigeration technologies is expected to boost the demand for refrigerators during the forecast period.
The cooking appliance segment is anticipated to expand at a CAGR of 7.7% over the forecast period on account of increased demand for combination oven and induction cooktop and cooking range. The induction cooking range comprises an induction cooktop and convection oven that uses convection technology to distribute the heat evenly for faster cooking. Demand for the induction cooking range is expected to increase over the forecast period owing to growing fuel and electricity prices and awareness about the conservation of energy.
In the oven segment, a combination oven, which is a built-in oven with a microwave function, is expected to expand at the highest CAGR of 9.2% during the forecast period. These ovens can be used to prepare different food items inside the same unit with convection, microwave, and combination mode. Moreover, this commercial kitchen equipment offers numerous benefits such as fast and multi-level cooking and advanced humidity and air movement control. Furthermore, the combination oven improves production capacity, which results in increased profitability and efficiency of the end-use industries.
In 2019, the QSR segment accounted for the largest revenue share of over 20.2%. The segment is projected to positively impact the market growth over the forecast period owing to the growing trend of international and local QSR outlets and the opening of new QSR brands. Regional QSR brands are expected to expand with casual dining brand outlets entering new geographies.
Rail, cruise and airways catering is expected to expand at the highest CAGR of 8% over the forecast period. Substantial growth in the tourism industry is expected to drive the demand for commercial kitchen appliances for catering in railways, airways, and cruise.
The hospitals segment is envisioned to witness significant growth from 2020 to 2027. One of the key factors responsible for the higher deployment of these appliances in hospitals is the need to prepare food in the hospital’s vicinity so as to maintain the nutritional requirements of the patients.
In 2019, North America accounted for the largest revenue share of over 31%. An increasing number of restaurants, hotels, and food businesses in this region is likely to aid industry growth. Furthermore, increasing usage of different types of kitchen appliances at commercial spaces and early adoption of technologically advanced equipment is driving the market for commercial kitchen appliances in this region. Moreover, improving the macro-economic condition of North America is driving the regional market for commercial kitchen appliances.
MEA is projected to register the highest CAGR of 9.0% over the forecast period. With the growing tourism, the fast food franchises in this region are adopting variation in the restaurant menu by including a diverse range of food items belonging to local culture as well as other parts of the world. Furthermore, the ferry and cruise and canteens are adopting a menu that is suited to other local cultures and ethnic foods from various countries, which, in turn, is anticipated to boost the demand for commercial kitchen appliances in the region.
The quick service restaurants segment in the Asia Pacific is expected to grow at a substantial rate as a large number of international chains and local players are venturing their businesses in the region. There is a growing trend of the foreign QSR chains trying to adapt to local tastes. Similarly, Indian restaurants are incorporating multi-cuisine food preparations, such as Italian, Mexican, and Continental, in their food menu, owing to an increasing number of customers experimenting with new food and developing a taste for different cuisines.
- Bakers Pride
- G.S. Blodgett Corporation
- Garland Group
- Bonnet International
- Ali Group
- True Manufacturing
Commercial Kitchen Appliances Product Outlook
- Cooking Appliance
- Cooktop & Cooking Range
- Other Cooking Appliance
- Cooktop & Cooking Range
- Other Specialized Appliance
Commercial Kitchen Appliances End-use Outlook
- Quick Service Restaurants (QSRs)
- Full Service Restaurants (FSRs)
- Resorts & Hotels
- Institutional Canteens
- Rail, Cruise & Airways Catering
Commercial Kitchen Appliances Regional Outlook
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
The study objectives of this report are:
- To analyze and study the global market capacity, production, value, consumption, status (2016-2019) and forecast (2020-2027);
- Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
- To define, describe and forecast the market by type, application and region.
- To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
- To identify significant trends and factors driving or inhibiting the market growth.
- To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
- To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
- To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
- To strategically profile the key players and comprehensively analyze their growth strategies.
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