This year, many are predicting that the foodservice industry and restaurant equipment market are set to experience substantial growth. There are a variety of reasons for the expanding market and here the team from Total Food Service highlights some of the key restaurant equipment trends in 2023.
5 Top Reasons for Growth in 2023
There are many reasons that the restaurant equipment industry is expected to experience growth this year. Here are some of the trends that Total Food Service is seeing:
- Higher Demand for Restaurant Equipment Online: These days, many restaurants and commercial kitchens are moving toward purchasing equipment online. This can range from smaller things, like coffee machines and cooking accessories, to large commercial fridges, freezers, and more, causing the online restaurant equipment market to expand.
- New Technology: New and innovative technology is being released to streamline the cooking and food preparation process and several advanced automation equipment types are being released this year that are expected to save foodservice providers time on meal preparation.
- More Market Competition: The restaurant equipment industry is becoming ever-more competitive and 2023 will be no exception. This is because key manufacturers are customizing their products to better suit user expectations and needs and this, in turn, will open more doors for growth in the foodservice equipment manufacturing sector.
- New Developments in Online Restaurant Equipment Market: In addition to there being a higher demand for online ordering, there have also been some key developments in the online restaurant equipment market recently. This includes newer, more efficient cooking appliances and equipment with advanced technology to improve the end product served to consumers.
- Financial & Supply Chain Impacts: In addition to the factors mentioned above, there will be an increase in demand for products, and manufacturers will have to grow to meet this demand while also keeping in mind inflation and price changes.
A Few More Facts Before You Go…
As you can see, the online restaurant equipment market is set to see a large amount of growth and current studies show:
- The online restaurant equipment market in the United States is estimated to hold a share of approximately 5% throughout the year.
- The online restaurant equipment market’s historic CAGR stood at 4% from 2018-21.
- The online restaurant equipment is estimated to secure a CAGR of 9% this year and is expected to secure a valuation of 1131.7 million dollars (USD) by 2032.
Contact us today for more about restaurant equipment trends in 2023!
To learn more about foodservice industry trends, news, and equipment dealers contact Total Food Service today online today!