Commercial Kitchen Appliances Market Trends & Growth
The global commercial kitchen appliances market size is expected to reach USD 131.77 billion by 2027, expanding at a CAGR of 6.7% from 2020 to 2027. 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.
Commercial Kitchen Appliances Market Report Highlights
• In North America, the dishwasher segment is expected to reach USD 4.09 billion by 2027
• The rail, cruise and airways catering segment is expected to expand at the highest CAGR during the forecast period
• The Average Selling Price (ASP) of kitchen equipment is higher in U.S. owing to greater variation in prices and availability of a diverse product range
• MEA is expected to witness the fastest growth during the forecast period
• Key participants in the market include Bakers Pride, G.S. Blodgett Corporation, Garland Group, Vulcan, Bonnet International, Ali Group, and True Manufacturing.