Used Restaurant Equipment Market

Used Restaurant Equipment Market Outlook (2023 to 2033)

The global used restaurant equipment market is projected to have a moderate-paced CAGR of 7.2% during the forecast period. The current valuation of the used restaurant equipment market is US$ 6664.2 Million in 2023. The value of the used restaurant equipment market is anticipated to reach a high of US$ 13356.6 Million by the year 2033. A historical CAGR of 2.2% has been recorded by the experts of Future Market Insights for the market concerned.

This growth in the sales of used restaurant equipment is supported by the following:

• An increase in both the general population and the desire for nutritious food has led to a corresponding rise in the number of restaurants and other food service providers.
• In addition, people are moving away from single-use items like paper plates and plastic cups in favor of more sustainable options.

Over 41% of Industry Profits to Come from Kitchen Appliances

Kitchen appliances have remained a top seller in the used restaurant equipment industry over the previous decade. Sales of kitchen appliances have recently overtaken those of dining room sets and home appliances. This is probably because of the rising fad for fast and easy food service options, as well as the rising need for nutritious and environmentally friendly cuisine. Cookware is one of the most widely used categories of kitchen appliances.

The worldwide used restaurant equipment market also features a wide variety of other types of kitchen appliances, such as ovens, microwaves, dishwashers, range hoods, countertops, mixers and blenders, steamers, fryers, coffee makers, juicers, and juice extractors.

Numerous factors contribute to the widespread adoption of kitchen appliances in the hospitality industry. One explanation is that there just isn't the space required for as many individual pieces of kitchen furniture as there formerly was. Furthermore, many individuals today would rather eat at a fast-food restaurant than a traditional restaurant. This has changed the dynamics of the global used restaurant equipment market.

Key Drivers for the Used restaurant equipment Market

Demand for high-tech equipment is expected to increase, driving market expansion.

Demand for cutting-edge food service equipment is expected to skyrocket in the next years due to the growing concern for food safety and the popularity of smart kitchen gadgets. Therefore, the development of the Internet of Things (IoT), Big Data, and Industry 4.0 has stimulated the growth of smart food businesses that produce technologically advanced machinery. The greatest standards of food safety can be attained, food waste can be reduced, traceability can be enhanced, costs may be minimized, and dangers related to the increasingly popular alternative methods of serving food can be mitigated. Thus, the advancement of used restaurant equipment is highly required for global growth.

Increased Market Expansion Caused by the Incorporation of Automated Technologies

The manufacturers of these tools have set their sights on bettering the quality of food at a reasonable cost. Given the current state of the used restaurant equipment market, it is crucial to keep an eye on and provide high-quality servicing for any piece of machinery. To acknowledge the operation of used kitchen equipment, remote maintenance, and self-diagnosis features are introduced for connected and smart operations. When it comes to consumer food safety, it's important to utilize utensils that have been properly sterilised, kept at the correct temperature, and cleaned regularly. To better serve their customers, companies in this sector are creating new offerings that leverage AI and IoT technology. One example is Samsung's IoT-enabled refrigerator, which debuted in July 2018 and featured a 21-inch display and Bixby voice control.

Market Expansion Stifled by Exorbitantly Priced Cutting-Edge Equipment

In order to ensure that their products are safe for use in the food industry, manufacturers of used restaurant equipment must employ workers who are proficient with both manual and automated machinery. It's more expensive to implement automated food service devices because of the need for trained workers and other automated infrastructure. This raises the barrier to entry into the used restaurant equipment market by making the devices more difficult to set up and maintain.

Nandini Roy Choudhury

Principal Consultant

Talk to Analyst

Find your sweet spots for generating winning opportunities in this market.

Talk to Analyst

Category-wise Insights

• Over the projection time frame, Quick Service Restaurants (QSRs) are anticipated to expand at a rate higher than any other type of restaurant. The expansion of the working population and the internationalization of successful restaurant concepts through the proliferation of franchises are two factors contributing to this trend. Quick-service restaurants (QSRs) put an emphasis on new and interesting food options, easy accessibility, and low prices. Time-starved consumers now have easier access to freshly cooked meals because of the constant product improvements in the used kitchen equipment business.
• As of 2021, the used kitchen equipment segment of the used restaurant equipment market accounted for approximately 38.34% of the market's total revenue, and it is projected to grow at the fastest rate between 2022 and 2030. When opening a new business or redecorating an old one, it is essential to invest in the right kitchen appliances. The use of cutting-edge items in commercial kitchens is a major factor in the expansion of the used kitchen equipment subsegment, albeit their impact varies widely according to factors such as available space and money. Manufacturers have responded to the rising demand for appliances used in open food service kitchens by placing a greater emphasis on features like cutting-edge technological solutions and sleek, modern exteriors. The inclusion of sensors in commonly used appliances in the kitchen has allowed for constant tracking of the cooking process.
• In terms of revenue, Full-Service Restaurants (FSRs) were by far the most lucrative category in 2021, making up more than 44.49 percent of the market. The rise of digital eating trends has resulted in a larger percentage of the market for quick-service restaurants (FSRs), which in turn has prompted the industry to invest in cutting-edge technology in order to shorten the time it takes to prepare meals and get them to customers. Because of this change, full-service restaurants have seen an uptick in business as more people opt to eat out for both special occasions and everyday meals while on vacation. Therefore, the FSR market is expected to maintain its preeminence over the coming years.

Regional Insights

United States of America

The USA market is expected to hold a market share of 28.5% of the global market.

The United States of America has become the world's largest consumer of used restaurant equipment because of the prevalence of household names like McDonald's, Burger King, KFC, and Starbucks. The restaurant industry is predicted to grow in the next years, which could be good news for the deployment rates of this equipment thanks to government actions affecting the country's tourist economy and immigration. FMI anticipates significant growth in the Latin American used restaurant equipment market as a result of the increasing demand for off-premises or home delivery services.

Europe

One of the most well-known destinations for vacationers in Europe. The hospitality industry would benefit greatly from an increase in tourists, and this would have a positive knock-on effect on the used restaurant equipment market across Europe.

According to FMI, Germany currently accounts for 20.3% of the European used restaurant equipment industry and is poised to become the continent's largest market.

There has been a significant increase in the level of infrastructure and technological advancement in the hotel sector in the area. Hotel guests also like to eat, and they choose meals that are both quick to make and healthy. Preparing and preserving the quality of such cuisine is greatly aided by the hotel's food service equipment.

Japan

The Japanese market is expected to hold a market share of 3.5% of the global market.

A healthy increase in the used restaurant equipment market in Japan is anticipated. Japan's manufacturers are working to reduce prices while maintaining high standards of product quality and customer satisfaction. By automating several aspects of the food service industry, they have been able to increase production, improve quality, and keep prices low for the general public.

Also, the capability of sterilizing utensils to keep things clean has generated considerable attention among Japanese stakeholders. The increasing popularity of processed foods is also predicted to increase Japan's share of the global demand for used restaurant equipment.

Korea

Consumers now have more options to choose from owing to the cutting-edge technology in used restaurant equipment.

Technologies such as the Internet of Things (IoT), data analytics, etc., are being used by Korean manufacturers to guarantee consistency across the board. Minimizing distractions and maximizing productivity are two major benefits of implementing such technology in a restaurant setting.

The incorporation of multi-purpose modular kitchens as part of the food service infrastructure also contributes to efficiency. Robots are being used in factories for food preparation and delivery; these machines are designed to work in tandem with existing dining room appliances.

Start-up Ecosystem

New Entrants to Foster Innovation in the Global Market

The start-ups in the used restaurant equipment market are adding a new edge to the properties of excavators by curating innovations beyond the imagination. They are continually upgrading the used restaurant equipment with advanced technology, and manufacturers and sellers are continuously attempting to reduce costs for greater accessibility to the market share. Start-up firms are triggering the expansion of the used restaurant equipment market with their unique attempts.

Competitive Landscape

In order to boost profits and solidify their foothold in the used restaurant equipment market, major players in the industry have turned to mergers and acquisitions, as well as strategic partnerships.

As a result of the market's growth, companies that produce used commercial appliances have begun developing innovative new products. Modern dishwashing equipment, refrigerated display cases, and self-service ordering kiosks are all examples of useful tools in the food service industry. By eliminating the need for human labor, these devices can reduce operational expenses for restaurants. In addition, patrons can purchase their own food at their convenience using self-service ordering kiosks.

Companies in the used restaurant equipment industry throughout the world are scrambling to keep up with the rising demand for their wares. Recent innovations in home appliances include energy-efficient electric prep tables and microwaves. Filtered ventilation systems for kitchens, which remove potentially dangerous airborne contaminants, are also gaining popularity. All these items allow eateries to lessen their carbon footprint without sacrificing the quality of service they provide to their clientele.

With the release of ChefLincTM in June 2020, Alto-Shaam introduced a cloud-based, remote oven management system that encouraged reduced travel and enhanced interpersonal connections. With ChefLinc, food service businesses can manage their facilities, menus, and operations from anywhere, increasing productivity and uniformity across several locations. Because of this advancement, operators are likely to no longer need to enter recipes into ovens by hand, transfer recipes through USB, or physically update ovens at each location.

Key Segments in the Used restaurant equipment Market

By Product:

• Kitchen Purpose Equipment
• Cooking Equipment
• Food & Beverage Preparation Equipment
• Refrigeration Equipment
• Ware Washing Equipment
• Food Holding & Storing Equipment
• Others

By End Use:

• Full-service Restaurants & Hotels
• Quick-service Restaurants & Pubs
• Catering
• Others

By Distribution Channel:

• Online
• Offline

By Region:

• North America
• Latin America
• Asia Pacific
• Middle East and Africa (MEA)
• Europe