Market Research Future has published a cooked research report on the Global ice maker market, 2020–2030. The global ice maker market is projected to exhibit a CAGR of 4.07% during the forecast period of 2022 to 2030.
Market Research Future has recognized the following companies as the key players in the global ice maker market: NewAir (US), Koller refrigeration & Equipment (Hong Kong), Cornelius, Inc. (US), North Star Equipment (US), Welbilt Inc. (US), Direct Catering Products (England), Fagor Industrial (Spain), Hoshizaki Corporation (Japan), ITV Ice Maker (US), and Marel (Iceland).
Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Ice Maker Market Research Report
Ice Maker Machine Market Highlights
The global ice maker market is projected to be valued at USD 3,165.1 million by 2030 , recording a CAGR of 4.07% during the forecast period. The growth of the food service industry and the increasing use of ice maker in households are the major factors driving the market growth. Product innovation is expected to create new opportunities for vendors active in the global market. However, the need for high initial investments is restricting the growth of the market.
Ice Maker Machine Market Segmental Analysis
The global ice maker market has been segmented based on type, end-user, distribution channel, and region.
Based on type the global ice maker market has been segmented into the modular ice maker, under-counter ice maker countertop ice makers, and ice dispensers. The modular ice maker segment accounted for a larger market share of 40.81% in 2021. In a modular ice maker, the motor or refrigeration unit is separated from the storage bin to generate more power, meaning modular options are the perfect choice for businesses with high ice demand. The modular ice maker also remains durable and easy to clean, ensuring the production of well-formed, and hygienic ice cubes. The expanding food and beverage industry and the growing number of fast-food chains around the world should boost demand for this segment.
Based on end use, the global ice maker market has been segmented into commercial and residential. The commercial segment accounted for the largest market share of 90.26% in 2021. Ice is used for various commercial purposes in different industries. A constant supply of large amounts of ice is required in industries such as food service and fisheries. Ice makers are used extensively in the food service industry, where ice is served with various beverages. They are also employed in fisheries to pack, store, and preserve fish. Ice is used in several other industries as a cooling agent, where it is filled in jacketed tanks to lower the temperature of chemical reactions, such as in dye-making and concrete manufacturing.
Based on the distribution channel, the global ice maker has been segmented into store-based and non-store-based. The store-based segment accounted for the largest market share of 91.81% in 2021. Store-based distribution channels are categorized into supermarkets & hypermarkets, and specialty stores to avoid intermediaries in the supply chain and sell products directly to consumers thereby reducing operating expenses. Supermarkets & hypermarkets also contribute significantly to the distribution of ice. Some of the key manufacturers such as Welbilt Inc., Direct Catering Products Ltd., and Figor Industrial among others also focus on store-based distribution which bypasses the retailer’s distribution center.
Ice Maker Machine Market
On the basis of region, the global ice maker market has been categorized as North America, Europe, Asia-Pacific, and the Rest of the World. As per MRFR analysis, North America accounted for the largest market share of 35.64% in 2021, the market is expected to register a CAGR of 3.95% during the forecast period. The North American market consists of the US, Canada, and Mexico; it is projected to hold a significant share of the global ice maker market during the review period. North America is an attractive market for manufacturers of ice maker. The presence of a well-established foodservice industry with a large number of bars and restaurants is responsible for the growth of the regional market. The increasing consumption of alcoholic and other beverages, expanding product portfolios of manufacturers, and the presence of a wide consumer base are boosting the growth of the regional market. Europe accounted for 33.05% of the global ice maker market in 2021 and the regional market is projected to exhibit a CAGR of 4.20%. The ice maker market in Europe is expected to grow during the assessment period owing to factors such as increasing expenditure on home appliances and the launch of premium products. Moreover, the growing pharmaceutical industry in Europe, where ice is used in several processes, is driving the growth of the regional market. Asia-Pacific is expected to be the fastest-growing regional market during the review period owing to the rapid urbanization and growing number of restaurants and bars, which is fostering the sales of ice maker. Moreover, the growth of the dye-making and concrete industries is driving the demand for commercial ice maker. The increasing consumption of alcoholic beverages, rising per capita disposable income, and growing awareness about ice maker are projected to propel the growth of the regional market. The market in the rest of the world includes South America, Africa, and the Middle East. South America accounted for the largest share of the regional market due to the presence of various industries such as pharmaceuticals and concrete in the region. However, the market in the Middle East is expected to be the fastest growing at a CAGR of 3.19%. The rapidly expanding food service industry is driving the growth of the market in the Middle East. The market in the rest of the world accounted for 9.69% of the global ice maker market in 2021.
Key Findings of the Study:
- The global ice maker market is projected to register a growth rate of 4.07% from 2021 to 2030.
- The modular ice maker segment accounted for a larger market share of 40.81% in 2021, whereas the ice dispenser segment is estimated to register the highest growth rate of 4.35% during the forecast period.
- The commercial segment accounted for the largest market share of 90.26% in 2021 whereas, the residential segment is projected to record the highest CAGR of 4.55% during the forecast period.
- The store-based segment accounted for a larger market share of 91.81% in 2021 and is expected to exhibit a CAGR of 5.08% during the review period.