The global commercial kitchen appliances market size is anticipated to reach USD 131.77 Billion until 2027. It is anticipated to register growth with 6.7% CAGR during the forecasted period, 2020 to 2027. This growth can be attributed to the rising travel and tourism industry coupled with the increasing number of QSRs across the globe.
The shifting trends towards the consumption of healthy and low-calorie diets among the millennial population have paved the way for the demand for commercial kitchen appliances across the globe. Moreover, the surging expenditure on tourism prevailing among the young population is enforcing restaurant owners to adopt commercial kitchen appliances. Hence, the need for deployment of these appliances among the restaurant owners is anticipated to drive the market growth during the forecasted years.
The shifting trend towards the usage of smart kitchens across the foodservice industry is anticipated to generate demand for such appliances. These kitchens include several sensors that help users to handle several devices through tablets or smartphones. Many end-use industries like restaurants and hotels are now focusing on developing various products by using technologies like Artificial Intelligence and the Internet of things.
Commercial Kitchen Appliances Market Share Insights
This market includes key players like Garland Group, Bakers Pride, Bonnet International, Vulcan, True Manufacturing, and Ali Group. They are constantly engaged in product development and innovation to gain a competitive advantage over other players and to expand their reach across developing regions of the world. For example, Blodgett Corporation had launched an oven having technology of ventless convection that can facilitate its usage owing to touch screen controls. Thus, they can be used across institutional kitchens, hospital cafeterias, food service facilities, and casual restaurants. Now, the company is engaged in developing and launching similar commercial appliances having features like low energy consumption, installation cost, and maintenance.
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Product Insights
The refrigerator product segment held the largest share of around 40.0% across the global commercial kitchen appliances market and is projected to attain significant growth in the upcoming years. This growth can be attributed to the rising need for storing and preserving food over a longer duration on account of fluctuating climatic conditions across the globe. For example, Liebherr had launched freezers and refrigerators especially for commercial uses across the food and restaurant industry.
The sub-segment of combination oven, undercooking appliances is anticipated to register the highest growth with 9.2% CAGR from 2020 to 2027. This can be associated with their usage for the preparation of different food items under the same unit in microwave, combination, and convection mode. Also, several advantages like fast cooking coupled with control of humidity and air are expected to drive the market for these products in the upcoming years.
End-use Insights
The QSR end-use segment dominated the market with a share exceeding 20% across the global market. This can be associated with the rising trend of setting up new local and international QSR outlets coupled with the launching of several QSR brands. Moreover, the regional brands of QSRs are anticipated to surge on account of the expansion of brand outlets having casual dining.
On the other hand, the segment of rail, cruise & airways is projected to witness the fastest growth with 8.1% CAGR from 2020 to 2027. This can be associated with the rising tourism industry which is driving the demand for such appliances for catering purposes. As the rail network across countries like China, Japan and India are increasing continuously, the demand for such mechanized equipment in the canteen kitchens is expected to boost during the forecasted period.
Regional Insights
North America dominated the commercial kitchen appliances market with a share of around 30% across the global market in 2019. This growth can be attributed to the rising number of food businesses, hotels, and restaurants across this region. Also, the surging usage of technologically advanced kitchen appliances coupled with the boosting economic condition in countries like the U.S. is anticipated to drive market growth in the upcoming years.
The Middle East and Africa (MEA) are projected to witness the fastest growth with a 9.0% CAGR from 2020 to 2027. This can be associated with the increasing franchises of fast food coupled with the rising tourism across this region. As several restaurants across this region have started adopting a diverse menu as per the customer demands, the demand for such appliances is expected to surge up in the upcoming years. Moreover, the cruise and ferry canteens have started adopting local menus in their offerings along with other popular ethnic menus across the world thereby driving the market growth.
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