Ice Makers Market Research Report—Global Forecast till 2030

Ice Makers Market Research Report: Information by Type (Modular Ice Maker, Undercounter Ice Maker Countertop Ice Maker, and Ice Dispenser), End-Use (Residential and Commercial), Distribution Channel (Store Based and Non-Stored Based), and Region (North America, Asia-Pacific, Europe, and Rest of the World) —Forecast till 2030

ID: MRFR/IA - E/9500-CR | October 2022 | Region: Global | 110 Pages         

Ice Makers Market

Ice Makers Market is projected to register a CAGR of 4.07% and reach a value of USD 3,165.1 million by 2030

Segmentation

By Product Type Modular Ice Maker Undercounter Ice Maker Countertop Ice Maker Ice Dispenser
By End Use Residential Commercial
By Distribution Channel Store-Based Non-Store-Based

Key Players

  • 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)
  • Marel (Iceland)

Drivers

  • Product Innovation
  • Growth Of The Foodservice Industry
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The Global Ice Makers Market is projected to register a CAGR of 4.07% and reach a value of USD 3,165.1 million by 2030. 


Ice Makers Market Overview


An ice maker is also known as ice generator or ice machine. It is an appliance used for producing ice artificially. There are majorly four types of ice maker present in the market including modular ice maker, under-counter ice maker, countertop ice makers and ice dispensers. Ice maker are widely used in the food service industry, food processing industry, healthcare industry, and retail outlets among others.


COVID-19 Impact Analysis


The COVID-19 pandemic has adversely affected and is expected to continue to pose risks to the Ice Maker business. There are numerous risks related to the outbreak of the COVID-19 pandemic. COVID-19 spread across the globe during 2020 and continues to impact economic activity around the globe. COVID-19 caused disruption and volatility in the global capital markets and authored an economic slowdown during 2020. The COVID-19 pandemic and its associated economic uncertainty negatively impacted the Ice Makers Market in most geographies and across a variety of customers. In regards to COVID-19, governments around the world have introduced certain measures, such as travel prohibitions, shutdowns of certain businesses, bans on group events and gatherings, shelter-in-place orders, curfews, and recommendations of practicing social distancing. These restrictions have resulted in weakening activity and temporary closures of manufacturing facilities.


Ice Makers Market Dynamics


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.


Drivers:



  • Growth Of The Foodservice Industry


The food service industry is a major of ice maker. Restaurants, cafés, bars, and hotels account for a significant share of the sales of ice maker. Food service providers prefer ice maker for various alcoholic and non-alcoholic beverages. For the food industry clear ice is preferred for its aesthetic appearance; moreover, the clear, bubble-less, and impurity-free ice melts slowly as compared to conventional ice and, thus, dilution of beverages is limited. The rise in the consumption of mocktails and cocktails at social gatherings, corporate conferences, and concerts is also boosting the sales of ice maker in the catering food service industry. Thus, the food service industry is a major customer for the manufacturers of ice maker across the globe. According to the US National Restaurant Association, the projected sales of the restaurant industry in the country in 2021 is USD 789 billion. Similarly, the Federation of Indian Chambers of Commerce and Industry (FICCI) has stated that the Indian food service industry is expected to register a CAGR of 9% from 2020 to 2025.


Restraint:



  • High Initial Investments


Ice maker vary in size, capacity, and cost. Setting up a new manufacturing plant for ice maker requires high initial investments and working capital. Installation and maintenance of production lines for ice makers require significant working capital as the type of clear ice maker varies depending on the end users, i.e., restaurants, households, cafés, hospitals, and bars, among others. Apart from being a costly endeavor, manufacturing ice maker also requires professional expertise and skilled labor. The high manufacturing costs translate into high product prices, which is also hampering the market growth. Moreover, the need for flexible production lines to cater to the fluctuating demand for different types of ice maker necessitates high investments. Thus, the need for high initial investments and working capital to set up a clear ice maker manufacturing plant is a major factor hampering the growth of the global Ice Makers Market.


Opportunities:



  • Product Innovation


Product innovation is an ongoing process, expected to render profitable growth opportunities to the market players due to changing consumer preferences. Market players are continuously investing in R&D to launch new product models that cater to changing consumer demand. Market players have launched ice maker that makes soft ice pellets to cater to the demand for chewable ice used in beverages. Similarly, rising consumer demand for the ice maker in different sizes, shapes, capacities, and price ranges is propelling market players to launch new products. Food service providers prefer innovative ice shapes for use in cocktails at fine-dining restaurants, bars, and casual restaurant chains. Cocktail recipes also define the type of ice to be added, which is fueling the demand for different varieties of clear ice. Additionally, the ice maker currently available in the market have low capacities and require time to form ice cubes. However, there is a surging demand from customers for ice maker with high capacities and short ice formation time at affordable prices.


 


Ice Makers Market Segment Overview


By Type


Based on type the global Ice Makers 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, whereas the ice dispenser segment is estimated to register the highest growth rate of 4.35% during the forecast period.


By End Use


Based on end use, the global Ice Makers Market has been segmented into commercial and residential. 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.


By Distribution Channel


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 a larger market share of 91.81% in 2021 and is expected to exhibit a CAGR of 5.08% during the review period.


Global Ice Makers Market Share, by Region, 2020 (%)
Global Ice Makers Market Share, by Region, 2020 (%)
Sources: MRFR Analysis


Ice Makers Market Regional Analysis


By region, the Global Ice Makers Market has been divided into North America, Europe, Asia-Pacific, Rest of the World. North America accounted for the largest market share of 35.64% in 2021. Europe was the second-largest market in 2021 and is projected to exhibit a CAGR of 4.20% during the review period. The market in Asia-Pacific is expected to register the highest CAGR of 4.48% during the forecast period.


North America


North America accounted for 35.64% of the global Ice Makers Market in 2021 and the market is projected to register a CAGR of 3.95%. The North American market consists of the US, Canada, and Mexico; it is projected to hold a significant share of the global Ice Makers 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


Europe accounted for 33.05% of the global Ice Makers Market in 2021 and the regional market is projected to exhibit a CAGR of 4.20%. The Ice Makers 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. Germany was the largest country-level market in 2021 with a market share of 21.45%; the market in Germany is projected to register a CAGR of 4.44%. The market in France is expected to exhibit the highest CAGR of 4.59% and accounted for 15.16% of the European market in 2021. The UK, Italy, and Spain were the other significant country-level markets, accounting for 18.21%, 11.23%, and 8.13% shares, respectively, of the market in Europe. Moreover, the growing pharmaceutical industry in Europe, where ice is used in several processes, is driving the growth of the regional market.


Ice Makers Market Competitive Landscape


The market comprises tier-1, tier-2, and local players. The tier-1 and tier-2 players have a global reach and diverse product portfolios. Companies such as Welbit (US), Direct Catering Products (England), Fagor Industrial (Spain), Hoshizaki (Japan), and ITV Ice Maker (US)  dominate the global market due to brand reputation, product differentiation, financial stability, and diversified regional presence. 


Prominent players in the Global Ice Makers Market include 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).


Recent Developments


Few developments that occurred in recent times influencing the market growth of Ice Maker are listed below:



  • In March 2022, Welbilt, Inc. had announced that it had entered into a definitive agreement to sell its Manitowoc Ice business to Pentair plc for approximately 1.6 billion USD in cash, on a cash-free and debt-free basis, subject to customary post-closing adjustments. Manitowoc Ice designs manufactures and markets a full line of ice machines. This Divestment helped the company prevent insolvency, reduce debts and maintain a low debt-to-equity ratio.


Ice Makers Market Scope of the Report


Global Ice Maker Machine Market, by Product Type



  • Modular Ice Maker

  • Undercounter Ice Maker Countertop Ice Maker

  • Ice Dispenser


Global Ice Maker Machine Market, by End Use



  • Residential

  • Commercial


Global Ice Maker Machine Market, by Distribution Channel



  • Store-Based

  • Non-Store-Based


Global Ice Maker Machine Market, by Region



  • North America

    • US

    • Canada

    • Mexico



  • Europe

    • UK

    • Germany

    • France

    • Spain

    • Italy

    • Belgium

    • Rest of Europe



  • Asia-Pacific

    • China

    • India

    • Japan

    • Australia & New Zealand

    • Malaysia

    • Indonesia

    • Thailand

    • Rest of Asia-Pacific



  • Rest of the World

    • South America

    • Middle East

    • Africa




Intended Audience



  • Specialty Stores

  • Pubs and Hotels

  • Restaurants and Bars

  • Hardware Stores

  • E-commerce



Report Scope:

Report Attribute/Metric Details
  Market Size   USD 3,165.1 million
  CAGR   4.07%
  Base Year   2021
  Forecast Period   2022-2030
  Historical Data   2020
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Type, End Users, Distribution Channel
  Geographies Covered   North America, Europe, Aisa Pacific
  Key Vendors   Welbit (US), Direct Catering Products (England), Fagor Industrial (Spain), Hoshizaki (Japan), and ITV Ice Maker (US)
  Key Market Opportunities   Product Innovation
  Key Market Drivers   Growth Of The Foodservice Industry


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