Commercial Griddle Market Outlook, New Business Opportunity & Demand Analysis during Forecast 2023 to 2033
During the forecast period, the global commercial griddle market is expected to grow at a rapid pace of 4.7%. The commercial griddle market is currently valued at $525.8 million in 2023. The value of the commercial griddle market is expected to reach US$ 834.2 Million by 2033.
The growing trend of consuming grilled food products is the primary factor driving commercial griddle sales. Commercial griddles with thermostat controls are gaining popularity as they provide such innovative features for selecting and varying the precise cooking temperature for various food items based on their needs.
Furthermore, due to hectic schedules and fast-paced lifestyles, consumers are compelled to select food products that are simple and convenient to prepare using equipment that facilitates this process. In today's world, smart consumers are always looking for perfection and a premium experience when using their products, whether it's in terms of presentation or taste.
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Additionally, the demand for commercial griddle is expected to bolster owing to the growing inclination towards ENERGY STAR certified commercial griddles. Size, thickness, plate, and control options are some of the factors to be taken into consideration, when it comes to the purchase of a commercial griddle.
There has always been a major preference of consumers for commercial griddles with thermostat controls, as it provides the features to alter the temperature accordingly and allows the consumer to select the desired cooking temperature for various food items according to the requirement. Moreover, the adoption of commercial griddle is primarily determined by the changing preference of end users for commercial griddles that are equipped with infrared burners.
Key providers strive to mainly focus on the technology, research and development (R&D) department activities and their overall brand image when it comes to developing commercial griddles. In addition, they are also concentrating on differentiating the products based on price, quality and regulatory compliance along with the safe, lightweight, and multipurpose usage, which in turn is estimated to inflate the global commercial griddle market growth.
As long as the promise of a unique offering that consumers’ basic dietary and health requirements including sensory indulgence are earnestly met, most of them are willing to pay a top price for commercial griddles. Over the projected period, the worldwide commercial griddle market is likely to be highly concentrated. This is attributed to the rising disposable income of consumers, especially in developing economies, along with the proliferation of express delivery services.
Amongst the different types of commercial griddles, the electric griddles are the most popular and favoured one, as it specifically requires electricity to operate and do not require charcoal or smoke to grill food. Moreover, the demand for commercial griddle is expected to surge as manufacturers are encouraged to launch new and advanced energy and cost-effective griddles due to the rise in energy costs and consumption.
However, key issues restraining the production of culinary appliances are restricted labour working hours, limited component accessibility, and other supply-chain related activities. The regularity with which clients purchase commercial cooking appliances has declined, due to the drop in demand from commercial kitchens because of the pandemic which resulted in restaurants shutting down due to lockdown.
Furthermore, grates present in the griddles through which excess oils and fats drip off of the food as it cooks, may contaminate the next batch of food. Consumption of the latter batch of food may cause possible health issues which is one of the major restraining factors of the commercial griddles market share.
Key Takeaways:
The United Kingdom is anticipated to achieve a notable CAGR of 6.4%, during the time covered by the projections. The prosperous food and hospitality sector, the fast-growing foodservice industry, and the increasing number of food outlets are largely responsible for the expansion of the market in the country. Moreover, the popularity of barbecuing and grilling is favoured by people across the country, and are hence adopted as a preferred cooking technique by food outlets. In 2022, the U.S. maintained its position as the market leader, with a revenue share that was greater than 4.4%. The primary elements that are contributing to the expansion of the market in this region are, the widely accepted fast-food culture and higher penetration of the food service industry. Furthermore, growing number of health-conscious consumers drive the sales of commercial griddle as they prefer for their food to be prepared without the use of excess oil. Owing to the efficiency and portability of the machine, the “table top” installation type holds the highest revenue share in 2023, accounting for more than 5% of total revenue. This allows the consumer to shift and manoeuvre the equipment according to their need, and it also enhances the vanity. The “flat” plate type accounted for more than 4.4% of the total income generated in 2023. This allows any size or shape of food item to be placed on the griddle, as opposed to the other ribbed or mixed plate types.
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Competitive Landscape:
Growth initiatives, such as product innovation, regulatory approval of new products, and mergers and acquisitions, are a primary emphasis of the commercial griddle market leaders. For instance, in October 2021, Vulcan, the leading provider of commercial cooking equipment, recently announced it is establishing a Center of Excellence to provide leadership, best practices, research, support and training in one innovative facility for the Vulcan division. Moreover, in November 2022, Web Restaurant Store, a subsidiary of Avantco, offered coupon codes and business rewards for their revered customers. The following companies are key leaders in the global market for commercial griddles:
AB Electrolux FUJIMAK Corp. The Middleby Corporation Avantco Equipment Vulcan-Hart Corporation The Vollrath Company Wells Fargo Hamilton Beach Cuisinart Gotham Toastmaster International Secura Illionis Tool Works Inc. Standex International Corporation