By 2033, the restaurant griddle market is anticipated to grow at a CAGR of 6.9%. The market is anticipated to grow from US$ 401 million in 2023 to US$ 785 million by 2033, according to FMI. In 2022, the market had a value of US$ 380 million due to a lower demand rate of 4.9% over the years 2018 to 2022.
The simplicity of lockdown and full capacity of the restaurant operations can be credited for the rapid acceleration in the growth rate of the restaurant griddle market. The demand for restaurant griddle is rising because natural gas or liquid propane are frequently used as a heat source in restaurants and are less expensive than electricity.
Commercial gas griddle is the most common type of griddle used in restaurants. A few of the factors propelling the restaurant griddle market expansion during the forecast period include quicker temperature recovery and the availability of griddles with improved features.
Restaurants give buying commercial kitchen equipment top priority. The main emphasis is on the higher profit margins with the greatest market potential for restaurant griddle.
Commercial griddle may deliver even heating across the whole griddle plate surface, assisting in the preparation of consistently high-quality food products. Heavy-duty industrial griddles can be used to meet the needs of big food service enterprises. As a result, it is preferred by the restaurant griddle market players.
Restaurant griddles’ cooking surfaces are often made of cast iron or stainless steel, which has the ability to hold heat and reheat griddles quickly as needed.
Industrial griddle with heat-setting control options assist cook food products at exact temperatures, reducing the risk of overcooking in commercial kitchens. Therefore, end users can improve production efficiency and boost earnings on food products due to the different advantages provided by restaurant griddle.
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From 2018 to 2022, the restaurant griddle market’s sales revenue increased at a 4.9% CAGR. By 2033, the demand for restaurant griddle would increase by 6.9%, according to FMI. It is anticipated that the market will grow by approximately $384 million.
Traffic and low same-store sales remain issues for the restaurant industry. The number of people walking fell by 3.1% and 3.2% in February 2018 and January 2018, respectively. One of the primary reasons for such a drop in same-store sales is essentially the proliferation of new eateries along with the slow expansion of dining-out budgets.
Despite the fact that there are more restaurants than ever, which further increases restaurant griddle sales. The anticipated higher CAGR of 6.9% between 2023 and 2033 compared to historical growth demonstrates this.
Region-wise Outlook
The Middle East and Africa are likely to continue to experience steady growth. Since there are more businesses operating there, the Latin American market expands. The advanced manufacturing and industrial sector in Europe favours the growth of the major players in the restaurant griddle market. The market in the region has grown slowly because of the weak demand in developed countries.
High-end Machines Creating Scope For US Restaurant Griddle Market
The US restaurant griddle market is anticipated to reach US$ 196.25 million, growing from 5.7% CAGR (2018-2022) to 7.4%, due to rising investments, particularly from the end-use industries (2023-2033). This results from the development and manufacture of complex and expensive goods and machinery.
Is Asia Pacific Emerging as a Fastest Growing Market for Restaurant Griddle?
Due to the sizeable projects currently being undertaken in countries like China, India, Australia, and Indonesia, the Asia-Pacific region benefits greatly from the rise in demand. Asia Pacific is now home to a significant manufacturing hub.
China’s market is expected to grow at an 8.5% CAGR and reach US$117.75 million in value. Population growth in the area continues to be advantageous for the demand for restaurant griddle.
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