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 USD 6664.2 Million in 2023. The value of the used restaurant equipment market is anticipated to reach a high of USD 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:
| Attributes | Details |
|---|---|
| Market Value (2023) | USD 6664.2 Million |
| Market Value (2033) | USD 13356.6 Million |
| CAGR | 7.2% |
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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.
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.
| Market Share (2033) | 28.5% |
|---|
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.
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.
| Market Share (2033) | 3.5% |
|---|
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.
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.
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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.
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.
The growth outlook for the Used restaurant equipment market is predicted to advance at a CAGR of 7.2% from 2022 to 2032.
The North American region is anticipated to lead the Used restaurant equipment market during the forecast period.
The market valuation of the Used restaurant equipment market stands at USD 6664.2 Million in 2023.
The Used restaurant equipment market is likely to hold a valuation of USD 13356.6 Million by 2033.
The kitchen appliances sector is the key driver in the used restaurant equipment market.
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