The commercial cookers market is projected to have a CAGR of 4.9% by 2033. According to FMI, the market is expected to expand from USD 1,953.0 million in 2023 to USD 3,151.1 million by 2033. In 2022, the market had a value of USD 1,872.5 million due to a lower demand rate of 1.4% over the years 2018 to 2022.
The development of the hospitality industry majorly drives the demand for commercial cookers. Moreover, the growing demand for multi-functional, efficient, space & time-saving commercial cookers is further contributing to the global market growth.
The commercial cooker market trends to look out for are those that aim to minimize kitchen space, energy use, food waste, and labor. These fads develop in tandem with those in food and drink, and in response to the ever-evolving expectations and needs of consumers. However, more advanced technologies undoubtedly continue to alter commercial kitchens and their cooking apparatus.
Commercial cookers are frequently used in catering, full-service restaurants, and quick-service restaurants to prepare and preserve various types of food. More business travelers and new hotels and restaurants are the main drivers of the commercial cookers market expansion.
Also, more people are eating out, which has made the food service industry grow, which has increased the adoption of commercial cookers. During the forecast period, the market is also expected to grow due to an increase in cross-border investments, more experiments and new ideas in a wide range of cuisines, and the fast growth of the travel and tourism industry.
Additionally, the popularity of modular kitchens with advanced amenities is growing, which raises the sales of commercial cookers. The popularity of commercial cookers is anticipated to expand as a result of rising demand for custom units, cloud kitchens, and energy- and cost-efficient goods.
| Attributes | Details |
|---|---|
| Commercial Cookers Market CAGR (2023 to 2033) | 4.9% |
| Commercial Cookers Market Size (2023) | USD 1,953 million |
| Commercial Cookers Market Size (2033) | USD 3,151.1 million |
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The global commercial cookers market was expanding at a 1.4% CAGR from 2018 to 2022. According to FMI, by 2033, demand for commercial cookers would rise by 4.9%. Initially, the market size was USD 1,771.2 million in 2018.
The commercial cooker sector is changing due to advancements in automation, cutting-edge appliances, and digital sensors, much like any other sector of the economy. The goal of all these technologies is to simplify and streamline cooking.
As a result, the market size is worth USD 1,872.3 million in 2022. Additionally, there has been a significant change in buying habits. If financing choices are accessible and inexpensive, more and more restaurant owners are more likely to make an investment in a modern kitchen, which in turn raises the demand for commercial cookers.
In the instance of manufacturers of refrigeration, the leasing system has been observed to be profitable. Because of this, other producers of culinary equipment are now taking the same approach to reach more consumers, regardless of their scale or financial situation, and commercial cookers are no exception.
The surge in Demand for Cost-effective Products
About 20% less energy is used by commercial cookers than by conventional ones. As a result, energy- and money-saving industrial cooking equipment is becoming more and more well-liked in the food service sector.
In consequence, this is anticipated to create a significant window of opportunity for the commercial cooker industry to expand over the coming years.
Digital Transformation
End-use sectors are now selecting commercial cookers that have built-in digital transformation technologies, such as the Internet of Things (IoT) and Artificial Intelligence (AI), which are assisting them in continuously providing services to their clients.
Safety Hazards
Consumers are generally discouraged from purchasing pressure cookers as a result of many incidents of crockery product explosion brought on by companies' subpar product offers, which restrains market expansion.
For instance, six American consumers sued Instant Brands Inc., a major producer of multipurpose crockery items in the USA, between March 2018 and April 2021 as a result of several explosion incidents with Instant Pot cookers.
In addition, the demand for multipurpose crockery is being constrained by its greater price among middle-class and lower-income individuals. Additionally, fierce competition from local industry competitors and their aggressive pricing are impeding commercial cookers market expansion.
Principal Consultant
Gas cookers can be more advantageous for baking bread or pies since the crusts are less prone to dry out because they have a tendency to be slightly more humid. Reducing the operating costs of gas cookers purely due to the lower cost of electricity compared to gas.
However, short-term savings on an electric stove might not be worthwhile in the long run,
This is why gas commercial cookers are preferred by consumers and are expected to dominate the market with a share of 68.4%.
Full-service restaurants are expected to lead the commercial cookers market with a share of 43.8% by 2033.
These full-service restaurants provide a wide selection of foods and beverages, in addition to other services like lodging and upscale facilities. Rich locals and rich tourists like dining at exclusive establishments.
When customers desire to experience new dishes at a fair price, full-service restaurants are more inclined to adopt innovative technologies to manufacture quick-serve foods. The market share expands as a result of people having more discretionary income to spend on luxuries and take their families out to restaurants.
The US commercial cookers market is anticipated to have the largest market share of 28.5% by 2033.
The largest market for commercial cookers is the hotel sector in North America. This is due to the fact that the US consumes faster food than people in other regions of the world, and frequently purchases innovative items like smart deep fryers and cookers. The demand for commercial cookers in the area has expanded significantly due to the increase in restaurants and outside dining options.
The increased demand for electric pressure crockery items from customers in the USA and Canada caused the North American market to expand more quickly. More than 300,000 electric quick crockery pots were purchased through the American Amazon portal in July 2019 by Instant Brands Inc.
The continued popularity of baking and cooking among Americans and Canadians helps to sustain the region's high rate of product consumption.
The commercial cookers market in Europe is found in the UK, Germany, France, Italy, and Spain. The expansion of the food service sector has contributed to the expansion of the European commercial cookers market. As it is affordable, widely available, and used in more locations, the UK is expected to have a CAGR of 3.9% by 2033.
A small-scale electric pressure crockery trial was started by Clasp. ngo, a UK-based producer of sustainable energy solutions, in June 2020 to encourage and increase demand for sustainably built appliances among Tanzania's rural population. These initiatives hasten market expansion across the Middle East and Africa.
The Asia Pacific region's quick-service restaurant market is predicted to expand significantly over the coming years, as numerous foreign chains and local firms expand their operations there. Foreign QSR chains are increasingly attempting to cater to local tastes. Similar to this, Indian restaurants are adding multi-cuisine food preparations to their menus, including Italian, Mexican, and Continental dishes, and are expected to develop at a 7.7% CAGR.
This is as more and more consumers are trying new foods and acquiring a taste for various cuisines. Due to the enormous consumption of kitchen appliances for daily culinary needs among the Chinese and Indian populations, the region holds an adequate position in the global market.
Retail sales of home appliances in China totaled USD 12,732.6 million from January 2020 to August 2020, according to survey data provided by the China Household Electrical Appliances Association (CHEAA). This makes China expand at a CAGR of 6.4% by 2033.
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Manufacturers aim to produce cutting-edge products with lower prices to keep up with their company’s profit and market trends as well
A small number of sensors could significantly reduce the amount of time and energy used by conventional cooking apparatus. IoT-based culinary equipment offers astoundingly numerous options and advantages. Chefs can keep an eye on the meal from a distance, saving time, fuel, and electricity.
Additionally, restaurants may reduce food waste significantly with such commercial cookers. Chefs are therefore more likely to choose cooking tools that provide the greatest degree of versatility. Additionally, the increased focus on sustainability and electricity costs has made flexibility more significant than ever.
For instance, Instant Brands Inc. offered the Instant Pot Duo 7 in 1 electric pressure cooker on the American Amazon website in August 2021 for a promotional price of USD 69.95 or less. The item also functions as a yogurt maker.
Although these advances are on the market, the most difficult part is the price of such cutting-edge cooking equipment. But in order to boost the usage of cutting-edge cooking equipment, manufacturers of commercial cookers have worked hard to address this issue by creating new financing plans, interest-free deals, and leasing options.
As a result, commercial cooker manufacturers have spent a lot of money launching goods that no one even knew they needed. Development of commercial cookers in 2022.
How Competitors are Coping Up with New Commercial Cookers Market Trends?
Commercial cooker producers are concentrating on strategic alliances and mergers & acquisitions to outperform their rivals and increase their reach among end users.
The commercial cookers market is estimated to record a CAGR of 4.9% during the forecast period.
The commercial cookers market size is predicted to be valued at USD 3,151.1 million by 2033.
The commercial cookers market share is valued at USD 1,953 million in 2023.
North America is expected to lead the commercial cookers market with a share of 28.5% by 2033.
Gas segment dominates the commercial cookers market with a share of 68.4% by 2033.
1. Executive Summary 2. Market Overview 3. Key Market Trends 4. Key Success Factors 5. Global Market Demand Analysis 2018 to 2022 and Forecast, 2023 to 2033 6. Global Market - Pricing Analysis 7. Global Market Demand Analysis 2018 to 2022 and Forecast, 2023 to 2033 8. Market Background 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, by Type 9.1. Gas 9.2. Electric 9.3. Dual 10. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, by Burner 10.1. 2 Burners 10.2. 3 Burners 10.3. 4 Burners 10.4. 5 Burners 10.5. 6 Burners 11. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, by End Use 11.1. Full-Service Restaurants 11.2. Quick-Service Restaurants 11.3. Catering 12. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, by Region 12.1. North America 12.2. Latin America 12.3. Europe 12.4. East Asia 12.5. South Asia and Pacific 12.6. Middle East and Africa 13. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033 14. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033 15. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033 16. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033 17. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033 18. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033 19. Country-wise Market Analysis 20. Market Structure Analysis 21. Competition Analysis 21.1. Vulcan 21.2. Ali Group 21.3. Atosa USA Inc. 21.4. Comstock-Castle Stove Co. 21.5. Electroflux 21.6. Illinois Tool Works Inc. 21.7. Duke Manufacturing Co. 21.8. Comstock Castle Stove Co 21.9. Middleby Corporation 21.10. Fagor Professional 21.11. Nisbets 21.12. Anvil World 21.13. AMTek 21.14. Imperial Commercial Cooking Equipment 21.15. Ralph Jacobsberg and Company 21.16. B+S Commercial Kitchens 22. Assumptions and Acronyms Used 23. Research Methodology
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Commercial Cookers Market
