Commercial Cooking Equipment Manufacturing in the US - Market Research Report (2014-2029)
New York, United States
Last Updated: July 2024
NAICS OD5932Revenue
$6.4bn
Past 5-Year Growth
Profit
$XX.Xbn
Employees
17,246
Businesses
372
Wages
$X.Xbn
Commercial Cooking Equipment Manufacturing in the US industry analysis
The Commercial Cooking Equipment Manufacturing industry has grown, despite volatility in recent years. Through 2019, rising consumer spending, spurred by greater per capita disposable income and increased aggregate private investment, supported downstream demand. As consumers spent more on dining experiences, restaurants and other food-service companies invested in commercial cooking equipment to fulfill demand and adapt to the evolution of the restaurant industry. However, the COVID-19 pandemic injected volatility into the industry, as downstream demand dissipated in 2020 amidst widespread shutdown to stem the spread of the pandemic. Consumers have since returned to restaurants as the pandemic has abated, while downstream clients have also increased investment. Consequently, revenue is forecast to increase at a CAGR of 1.2% to $6.2 billion over the five years to 2023, including growth of 1.1% during the current year.The industry remains relatively concentrated as large, vertically integrated manufacturers purchase smaller manufacturers to gain access to new technology or to acquire reputable brands. The top four industry players now represent nearly 50.0% of the industry's total revenue; the scale of the industry's largest companies has resulted in stable profit margins. Nonetheless, a plethora of small manufacturers participate in the industry, providing niche or ancillary products for downstream customers. The industry experiences competition from imported products, particularly from Germany, Italy and the Netherlands, as the strength of the US dollar has made foreign-made products relatively less expensive domestically.An acceleration in aggregate private investment, per capita disposable income and consumer spending as the economy grows and restaurant patronage rises will drive demand for the industry moving forward. New restaurant concepts in the United States and the rapid expansion of US and foreign chains into international markets will contribute to the replacement and upgrading of existing equipment. Thus, manufacturers are expected to generate greater revenue from exports. Accordingly, revenue is forecast to rise at a CAGR of 3.3% to $7.3 billion over the five years to 2028.
Trends and Insights
- The COVID-19 pandemic injected volatility into the industry. In 2020, revenue declined as demand from restaurants contracted amid widespread shutdown orders and a decrease in consumer spending at restaurants.
- A diverse range of manufactured cookware is used across downstream food industries. Cookware, like commercial ovens, ranges, broilers, food processors, coffee makers and other appliances, are used to prepare large quantities of food rather than single meals.
- The largest number of establishments are concentrated in the Great Lakes. Historically a manufacturing hub, the region is also home to the headquarters of some of the largest producers.
- Manufacturers can charge premium prices for well-established products. However, less-expensive imports counteract producers’ ability to extract the highest prices.
Industry Overview
Market size and recent performance (2014-2029)
Industry revenue has grown at a CAGR of 1.7 % over the past five years, to reach an estimated $6.4bn in 2024.
Trends and Insights
The COVID-19 pandemic injected volatility
- In 2020, the outbreak of the COVID-19 caused a decline in the overall economy and deterred businesses from making large capital purchases, resulting in decline in revenue for the industry.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2024-2029)
Market size is projected to grow over the next five years.
Trends and Insights
Commercial cooking equipment manufacturers will see stable demand
- Demand for domestically manufactured products will rise alongside increased per capita disposable income and rising private capital investment from the downstream food-service sector as the economy grows.
Biggest companies in the Commercial Cooking Equipment Manufacturing in the US
| Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
|---|---|---|---|---|
The Middleby Corporation | 1,444.6 | 181.2 | 12.5 | |
Illinois Tool Works Inc. | 1,258.3 | 307.7 | 24.5 | |
Welbilt, inc. | 405.8 | 45.6 | 11.2 |
To view the market share and analysis for all 4 top companies in this industry, view purchase options.
Products & Services Segmentation
Source: IBISWorld
Industry revenue is measured across several distinct product and services lines, including Electric primary cooking equipment, Serving, warming and storage equipment and Other. Electric primary cooking equipment is the largest segment of the Commercial Cooking Equipment Manufacturing in the US.
Trends and Insights
Other primary cooking equipment includes a range of products
- Cooking equipment includes commercial ranges, gas fryers, countertop fryers, countertop griddles, commercial ovens, microwave ovens, conveyor ovens and impinger ovens.
- More insights available in the full report
Widen you competitive advantage with related industries
Competitors
- There are no industries to display.
Complementors
- Printing, Paper, Food, Textile & Other Machinery Manufacturing in the US
- Copier & Optical Machinery Manufacturing in the US
- Vacuum, Fan & Small Household Appliance Manufacturing in the US
- Major Household Appliance Manufacturing in the US
- Restaurant & Hotel Equipment Wholesaling in the US
International industries
- Global Household Cooking & Appliance Manufacturing
- Major Household Appliance Manufacturing in Canada
- Household Appliance Manufacturing in Australia
- Electrical Appliance Manufacturing in the UK
- Household Refrigerator and Freezer Manufacturing in China
Table of Contents
About this industry
Industry definition
This industry manufactures commercial cooking equipment for end customers, such as restaurants, hotels and military establishments. The industry manufactures products including coffee makers, fryers, microwaves, ovens and ranges, corn poppers, stoves, warmers, hot plates, steamers and water heaters. Enterprises that manufacture commercial dishwashers, refrigerators, laundry dryers and washing machines are not included in this industry.
What's included in this industry?
Manufacturing commercial fryersManufacturing commercial microwavesManufacturing commercial ovens Manufacturing commercial rangesManufacturing commercial steam cookersManufacturing commercial deep-fat fryersManufacturing commercial coffee makers and urnsManufacturing commercial hot platesManufacturing commercial stovesManufacturing commercial food warming equipmentCompanies
The Middleby CorporationIllinois Tool Works Inc.Welbilt, inc.Purchase this report to view all 4 major companies in this industry.
Related Terms
RADIO-FREQUENCY IDENTIFICATION (RFID)FULL-SERVICE RESTAURANTCHAIN RESTAURANTSQUICK-SERVICE RESTAURANTFAST-CASUAL RESTAURANTIndustry Code
NAICS 33331 - Commercial Cooking Equipment Manufacturing in the US
Performance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
The COVID-19 pandemic injected volatility into the industry. In 2020, revenue declined as demand from restaurants contracted amid widespread shutdown orders and a decrease in...
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2014-2023) and forecast (2024-2029)
- Employees, including historical (2014-2023) and forecast (2024-2029)
- Businesses, including historical (2014-2023) and forecast (2024-2029)
- Profit, including historical (2014-2024)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
A diverse range of manufactured cookware is used across downstream food industries. Cookware, like commercial ovens, ranges, broilers, food processors, coffee makers and othe...
In this chapter
- Products & Services
- Major Markets
- International Trade
Key metrics
- Largest market segment and value in 2024
- Product innovation level
- Total imports, level and trend
- Total exports, level and trend
- Trade Balance
Charts
- Products & services segmentation in 2024
- Major market segmentation in 2024
- International trade, including imports by country and exports by country
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
- Recent trends in import and export volumes, country of origin or destination, and expected future trends
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
The largest number of establishments are concentrated in the Great Lakes. Historically a manufacturing hub, the region is also home to the headquarters of some of the largest...
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each state
- Share of population compared to establishments in each region in 2024
Tables
- Number and share of establishments in each state in 2024
- Number and share of revenue each state accounts for in 2024
- Number and share of wages each state accounts for in 2024
- Number and share of employees in each state in 2024
Detailed analysis
- Geographic spread of the industry across North America, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Analyst insights
Manufacturers can charge premium prices for well-established products. However, less-expensive imports counteract producers’ ability to extract the highest prices.
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2019-2024
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
The largest manufacturers have expanded their portfolios via acquisitions. Middleby, the largest domestic producer, has recently added multiple brands to expand its market sh...
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2020 through 2024
- Major companies in the industry, including market share, revenue, profit and profit margin in 2024
- Overview of The Middleby Corporation's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of Illinois Tool Works Inc.'s performance by revenue, market share and profit margin from 2018 through 2024
- Overview of Welbilt, inc.'s performance by revenue, market share and profit margin from 2018 through 2024
- Overview of revenue, market share and profit margin trend for one additional company
Detailed analysis
- Description and key data for The Middleby Corporation, and factors influencing its performance in the industry
- Description and key data for Illinois Tool Works Inc., and factors influencing its performance in the industry
- Description and key data for Welbilt, inc., and factors influencing its performance in the industry
- Description, key data and performance trends for one additional company
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
Manufacturers are subject to a range of environmental regulations. At the federal level, the Environmental Protection Agency enforces national standards and conducts inspecti...
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2014-2029)
- Assistance historical data and forecast (2014-2029)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
Larger companies can generate greater margins because of their marketing power. Nonetheless, margins can vary from year to year because of competitive pricing trends.
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Investment vs. share of economy
Data tables
- Industry Multiples (2017-2022)
- Industry Tax Structure (2017-2022)
- Income Statement (2017-2022)
- Balance Sheet (2017-2022)
- Liquidity Ratios (2017-2022)
- Coverage Ratios (2017-2022)
- Leverage Ratios (2017-2022)
- Operating Ratios (2017-2022)
- Cash Flow & Debt Service Ratios (2014-2029)
- Revenue per Employee (2014-2029)
- Revenue per Enterprise (2014-2029)
- Employees per Establishment (2014-2029)
- Employees per Enterprise (2014-2029)
- Average Wage (2014-2029)
- Wages/Revenue (2014-2029)
- Establishments per Enterprise (2014-2029)
- IVA/Revenue (2014-2029)
- Imports/Demand (2014-2029)
- Exports/Revenue (2014-2029)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2014-2029)
- IVA (2014-2029)
- Establishments (2014-2029)
- Enterprises (2014-2029)
- Employment (2014-2029)
- Exports (2014-2029)
- Imports (2014-2029)
- Wages (2014-2029)
Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in the US include:
- US Census Bureau
- US Bureau of Labor Statistics
- US International Trade Commission
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
Frequently Asked Questions
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Commercial Cooking Equipment Manufacturing in the US industry in United States in 2024?
The market size of the Commercial Cooking Equipment Manufacturing in the US industry in United States is $6.4bn in 2024.
How many businesses are there in the Commercial Cooking Equipment Manufacturing in the US industry in 2024?
There are 372 businesses in the Commercial Cooking Equipment Manufacturing in the US industry in United States, which has grown at a CAGR of 4.3 % between 2019 and 2024.
Has the Commercial Cooking Equipment Manufacturing in the US industry in United States grown or declined over the past 5 years?
The market size of the Commercial Cooking Equipment Manufacturing in the US industry in United States has been growing at a CAGR of 1.7 % between 2019 and 2024.
What is the forecast growth of the Commercial Cooking Equipment Manufacturing in the US industry in United States over the next 5 years?
Over the next five years, the Commercial Cooking Equipment Manufacturing in the US industry in United States is expected to grow.
What are the biggest companies in the Commercial Cooking Equipment Manufacturing in the US market in United States?
The biggest companies operating in the Commercial Cooking Equipment Manufacturing market in United States are The Middleby Corporation, Illinois Tool Works Inc. and Welbilt, inc.
What does the Commercial Cooking Equipment Manufacturing in the US in United States include?
Manufacturing commercial fryers and Manufacturing commercial microwaves are part of the Commercial Cooking Equipment Manufacturing in the US industry.
Which companies have the highest market share in the Commercial Cooking Equipment Manufacturing in the US in United States?
The company holding the most market share in United States is The Middleby Corporation.
How competitive is the Commercial Cooking Equipment Manufacturing in the US industry in United States?
The level of competition is high and steady in the Commercial Cooking Equipment Manufacturing in the US industry in United States.
