Commercial Cooking Equipment Market to Reach $18.6 Billion, Globally, by 2034 at 2.9% CAGR: Allied Market Research

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Prime determinants of growth

Rise in demand in the foodservice industry, fueled by change in consumer lifestyles and increased dining out trends are the primary factor driving the growth of commercial equipment market. Technological advancements in cooking equipment, focusing on energy efficiency, automation, and smart features, are attracting businesses seeking to optimize operations. In addition, stringent food safety regulations and hygiene standards have prompted establishments to upgrade their equipment. The expansion of quick-service restaurants and cloud kitchens globally has boosted the demand for high-capacity, efficient cooking solutions. Moreover, growing awareness of sustainability has led to the adoption of eco-friendly equipment. Urbanization and the rise of the hospitality sector in emerging economies are creating new market opportunities. Furthermore, the increase in popularity of open kitchens in restaurants drives the demand for aesthetically pleasing, high-performance equipment. These factors collectively contribute to the rapid growth and evolution of the commercial cooking equipment market worldwide.

Report coverage & details:

•  Growth of the food service industry     

•  Stringent food safety and hygiene regulations                          

•  Rise in adoption of smart kitchen equipment                

•  Increased focus on sustainable and eco-friendly products

•  Market saturation in developed regions                                   

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The ranges segment led the market share in 2023.

By product type, the ranges segment held the highest market share in 2023 owing to their versatility and essential role in professional kitchens. Ranges, which combine ovens and stovetops, provide multiple cooking functions in a single appliance, which has made them essential equipment for a wide variety of cooking methods, from sauteing and boiling to baking and broiling. The ability of ranges to handle high volumes and intense usage makes them a staple in restaurants, hotels, and catering services. In addition, advancements in range technology, such as enhanced temperature control and energy efficiency, further boost the demand for this segment in the global commercial cooking equipment market.

The quick-service restaurant segment held the highest market share in 2023.

By end use, the quick-service restaurant segment held the highest market share in 2023 owing to its high demand for efficiency, speed, and consistency in food preparation. QSRs rely heavily on specialized equipment such as high-speed ovens, fryers, and griddles to deliver food quickly and maintain a high turnover rate. The need to serve a large volume of customers rapidly necessitates advanced cooking technologies that ensure fast cooking times without compromising quality. Moreover, QSRs often operate for extended hours, which further drives the demand for durable and reliable equipment. The rise of fast-food culture and the proliferation of global QSR chains further drive the dominance of this segment. Investment in cutting-edge, energy-efficient appliances also helps QSRs reduce operational costs and adhere to stringent health and safety regulations, which is expected to boost the growth of this segment in the coming years.

North America held the highest market share in 2023.

By region, North America held the highest market share in terms of revenue in 2023. The region has a well-established and growing food service industry, including a high concentration of restaurants, hotels, and catering services, which drives demand for advanced cooking equipment. Additionally, there is a strong emphasis on adopting the latest technologies and innovations, leading to higher investments in energy-efficient and smart kitchen appliances and equipment. Stringent food safety and hygiene regulations in the U.S. and Canada also necessitate regular upgrades and replacements of commercial kitchen equipment. Furthermore, the presence of leading manufacturers and suppliers in the region enhances market growth and availability of high-quality products. Lastly, the rise in trend of dining out and increase in popularity of various cuisines contribute to sustained demand for commercial cooking equipment in North America.

Key Players: - 

The report provides a detailed analysis of these key players in the global commercial cooking equipment market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario. 

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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