The global ice maker market size was valued at $2,330.6 million in 2019, and is projected to reach $2,784.2 million by 2027, registering a CAGR of 4.4% from 2021 to 2027.
An ice maker which is also known as ice generator or ice machine is an appliance that produces ice artificially. There are four types of ice makers available in the market which includes modular ice maker, undercounter ice maker, countertop ice maker and ice dispenser. These equipment are widely used in food service industry, food processing industry healthcare industry, retail outlets and others. Development of the hospitality industry drives the demand for ice maker in commercial kitchens. Moreover, rise in the food service industry, coupled with the growing demand for chilled alcoholic and non-alcoholic beverages fuels the ice maker market growth in terms of value sales. Additionally, the ice maker market analysis is done based on regions, key players, and segments.
The recent declaration regarding the shutdown of notable proportion of the hospitality industry, including full-service restaurants, pubs & bars, and quick service restaurants has dramatically hampered the sales of ice makers. Moreover, the supply chains today are far more complex as compared to what they were a decade ago. The COVID-19 pandemic has not only hampered the production facilities but has also disrupted the supply chains such as material suppliers and distributors of the ice makers globally resulting in the loss of the business in terms of value sales.
The global ice maker market segments are categorized into product type, application, and region. By product type, it is classified into modular ice maker, undercounter ice maker, countertop ice maker and ice dispenser. By application, it is divided into food service, food processing, healthcare, retail outlets and others. Region wise, the ice maker market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, Russia, and rest of Europe), Asia-Pacific (China, India, Australia & New Zealand, Japan, ASEAN, Korea and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, Turkey and Rest of LAMEA).
By product type, the modular ice maker segment accounted for the highest ice maker market share in 2019, growing at a CAGR of 3.3%. Modular ice maker is available in all sizes and produces large amount of ice which increases its demand in large business including hospitals, food service and others. However, the countertop ice maker is expected to grow at the highest CAGR during the forecast period.
By Product Type
The Modular Ice maker segment dominates the global ICE MAKER market and is expected to retain its dominance throughout the forecast period.
By application, the ice maker market is divided into food service, food processing, healthcare, retail outlets and others. In 2019, the food service segment accounted for the highest ice maker market share. The growth of the tourism industry will also drive the demand for ice makers from this market segment as hotels will have the need to store beverages, food, and alcoholic drinks in cold temperatures. Sedentary lifestyle and high disposable income have resulted in the development of fast-food chains. These factors coupled the increased need to store perishable items, primarily food and food ingredients, are driving the ice maker market. However, others segment which include corporate office and residentials are anticipated to grow at the highest CAGR.
The Food Service segment dominates the global ICE MAKER market and is expected to retain its dominance throughout the forecast period.
Region wise, the ice maker market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America accounted for the highest market share in 2019. The North America food service market dominates the use of ice maker. However, Asia-Pacific is anticipated to grow at the highest CAGR during the ice maker market forecast period. The demand for commercial ice maker machines from APAC is likely to increase due to the expansion of several retail chains and stores in this geographic region. This in turn is expected to offer immense opportunities for the ice maker market growth in terms of value sales during the forecast period.
The North America segment dominates the global ICE MAKER market and is expected to retain its dominance throughout the forecast period.
The key players operating in the global ice maker market focus on prominent strategies to overcome competition, maintain as well as improve their share worldwide. Some of the major players in the global ice maker industry analyzed in this report include Hoshizaki corporation, Manitowoc ice (WELBILT, INC.), A & V Refrigeration Corp, Ali Group S.p.A., Middleby Corporation, Cornelius, Inc., Kold-Draft, North Star Ice Equipment Corporation, Whynter, LLC and U.S. Ice Machine Mfg. Co.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the current ice maker market trends, estimations, and dynamics of the market size from 2019 to 2027 to identify the prevailing opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
- In-depth analysis and the ice maker market size and segmentation assists in determining the prevailing ice maker market opportunities.
- Major countries in each region have been mapped according to their revenue contribution to the global industry.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of market players.
- The report includes the analysis of the regional as well as global market, key players, market segments, application areas, and growth strategies.
Ice Maker Market Report Highlights
By Product Type
Key Market Players
A&V REFRIGERATION, U.S. ICE MACHINE MANUFACTURING CO., MIDDLEBY CORPORATION, HOSHIZAKI CORPORATION, WHYNTER, LLC, WELBILT, INC., NORTH STAR ICE EQUIPMENT CORPORATION, ALI GROUP S.R.L., KOLD-DRAFT, CORNELIUS, INC.
According to some key ice maker manufacturers, growth of the food service industry and food processing industry has driven the growth of the market in terms of value sales. Moreover, the demand for energy efficient and cost-effective ice maker is anticipated to grow in the market during the forecast period.
The market players have adopted key developmental strategies such as new product launch and acquisition to maintain their position in the ice maker market, in terms of value sales. They also emphasize on continuous innovations in their products to keep a strong foothold in the market and to boost the sales of ice maker.
According to the key market players, kitchen space constraints encourage restaurants, hotels, bars, and others to seek for compact ice maker for their commercial kitchens. Therefore, players are investing in R&D activities and making continuous efforts to launch new and improved ice maker, which are compact and can perform efficiently. Thus, providing consumers effective solutions for their problem which promotes the growth of the ice maker market.