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Cooking equipment is used to prepare food for public consumption, and commercial cooking refers to any activity or company that prepares food for public consumption. These establishments are generally categorized as quick service, also known as fast-food restaurants, which include fast food such as burgers, chicken, pizza, and sandwiches, as well as short order restaurants where table service is not needed but the kitchen and dining rooms are equipped for cooking and quick service. Full-service restaurants, also known as dinner houses or white tablecloth restaurants, are another choice. Table facilities, clubs, sit-down cafeterias, and fine dining operations are examples of commercial restaurants where the focus is on the dining experience and ambiance, while non-commercial restaurants provide food services found in schools and hospitals.
Global Commercial Cooking Equipment Market is expected to project a notable CAGR of 6.9% in 2030.
Global Commercial Cooking Equipment Market to surpass USD XXX million by 2030 from USD XXX million in 2020 at a CAGR of 6.9% in the coming years, i.e., 2021-30. This growth is anticipated due increasing mergers and acquisitions across various sectors which will create a worldwide demand for Commercial Cooking Equipment. The growth of online stores is also propelling the selling of high-end products. E-commerce allows the simple purchasing of goods manufactured in remote locations. This, in turn, has made a major contribution to the development of the global Commercial Cooking Equipment industry
Global Commercial Cooking Equipment Market: Segments
Ovens segment to grow with the highest CAGR during 2020-30
Global Commercial Cooking Equipment Market is segmented by product type into Braising Pans, Broilers, Cook-chill Systems, Fryers, Ovens, Cookers, Ranges, Kettles, Steamers,, and Others. Ovens segment held the largest market share of XX.X% in the year 2020. This is due to the high expense of ovens and the vast number of people who use them in the food service industry. Convection ovens are commonly used in restaurants and other food service establishments. The market is being guided by a rise in demand for combi ovens due to their flexibility. Furthermore, the advent of sustainable ovens, an increase in the number of fast service restaurants, a rise in people's preference for ready-to-eat items, and the introduction of smarter features all lead to market growth.
Online segment to grow with the highest CAGR during 2020-30
Global Commercial Cooking Equipment Market is segmented by End user into Full-Service Restaurant & Hotels, Quick Service and Catering Service. Over the forecast period, the QSR user segment is projected to expand at the fastest pace. Because of the increasing trend of foreign and local QSR outlets, as well as the opening of new QSR brands, the segment is expected to positively impact market growth over the forecast period. With casual dining brand outlets entering new geographies, regional QSR brands are expected to grow. Due to an increasing demand for innovative and efficient kitchen appliances among end-use industries, both global and local fast-food chains are deploying technologically updated kitchen appliances. Demand for advanced appliances with digital solutions is expected to grow as QSRs demand more innovation in the equipment market. Also, since QSRs place a premium on menu creativity, comfort, and low prices, there is a need for more mechanized commercial equipment in kitchens, which is driving the market for commercial kitchen appliances.
Commercial Cooking Equipment Market Dynamics
Evolving habits of people and increasing use of smart kitchen appliances
Surging demand of Commercial Cooking Equipment Market from numerous end user industries is the key factor contributing in the market growth. A major factor driving the growth of the Commercial Cooking Equipment Market is people's evolving habits and a move toward balanced and low-calorie foods all over the world. Additionally, increasing customer awareness and tourism spending are pushing up the market for commercial cooking equipment in hotels and restaurants all over the world. Furthermore, the increasing use of smart kitchen equipment, such as equipment with sensors that can communicate with handheld devices such as smartphones and tablets, is propelling the growth of the Commercial Cooking Equipment Industry. Rising demand and rising public health issues have prompted the deployment of upgraded Commercial Cooking Equipment in commercial spaces, which is expected to contribute significantly to the Commercial Cooking Equipment Market's growth.
Development of internet of things and rise in disposable income
With the growing development and acceptance of the internet of things and artificial intelligence, hic is assisting customers in sustaining continuous operations, such as Elanpro, which recently introduced an IoT powered connected refrigerator. As a result, technical advances are propelling the Commercial Cooking Equipment Market forward. Technological advances in the food industry, increasing disposable income, and the launch of new cost-effective products are expected to create lucrative opportunities for the Commercial Cooking Equipment Market.
Volatility in material prices and capital expenditure
Volatility in raw material prices and major capital expenditures for setting up manufacturing plants are expected to stifle the Commercial Cooking Equipment Market's growth.
Global Commercial Cooking Equipment Market: Key Players
Illinois Tool Works Inc
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Duke Manufacturing Co. Inc.
The Middleby Corporation
Edward Don & Company
Manitowac Company Inc.
Other Prominent Players
Global Commercial Cooking Equipment Market: Regions
Global Commercial Cooking Equipment Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and the Middle East,, and Africa. Global Commercial Cooking Equipment in North America held the largest market share of XX.X% in the year 2020 in terms of revenue. The region's rising number of restaurants, hotels, and food businesses is expected to help the industry expand. Furthermore, the demand for commercial kitchen appliances in this area is being driven by an increase in the use of various types of kitchen appliances in commercial spaces, as well as early adoption of technologically advanced equipment. Furthermore, North America's macroeconomic situation is improving, which is driving the regional demand for commercial kitchen appliances.
Global Commercial Cooking Equipment Market is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - United States and Canada
Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - Mexico, Argentina, Brazil,, and Rest of Latin America
Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey,, and Rest of Europe
Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - North Africa, Israel, GCC, South Africa and Rest of MENA
Global Commercial Cooking Equipment Market report also contains analysis on:
Commercial Cooking Equipment Market Segments:
By Product Type
By End user
Full-Service Restaurant & Hotels
Commercial Cooking Equipment Market Dynamics
Commercial Cooking Equipment Market Size
Supply & Demand
Competition & Companies Involved in the Market
Value Chain of the Market
Market Drivers and Restraints