According to a new report published by Allied Market Research, titled, “Ice Maker Market by Product Type and Application: Opportunity Analysis and Industry Forecast, 2021–2027,” 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 machine or ice generator is an electrical appliance that makes ice artificially. The formulation of innovative and advanced solutions is anticipated intensify the competitive environment among the ice making machine manufacturers. The demand for ice makers is expected to grow due to the high demand from foodservice and food processing sectors. The rising preference for energy-efficient and water-saving product is expected to drive the ice maker market during forecast period.
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.
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The outbreak of COVID-19 has severely hampered the ice maker market growth. Ice maker manufacturers are not able to provide maintenance and installation services to their customers, owing to availability of limited resources and implementation of lockdown. Amidst this health crisis, the workforce availability is limited, which further hampers the overall production of the ice makers. This, in turn, creates challenges for product deliveries, which hampers the growth of the ice maker industry.
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.
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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.
Key findings of the study
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% from 2021 to 2027.
By end use, the food service segment occupied maximum share in the market in 2019 and is expected to dominate the market during the forecast period.
Region wise, North America accounted for highest share in 2019 and is expected to grow at a CAGR of 2.9% during the forecast period.
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The key players operating in the ice maker market 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.
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