Ice Maker Industry Forecast: Key Players and Growth Analysis 2023-2028

Ice Maker Market Projected to Expand at 4.5% CAGR Through 2028

The Global Ice Maker Market is projected to grow at a CAGR of around 4.5% during the forecast period, i.e., 2023-28. As per the study, the market growth attributes to the surging requirement for ice in various end-users like quick and full service restaurant, hotels, convenience stores, breakrooms, etc. With the rise of consumer preference for cold beverages, especially in hot climates, the demand for ice has grown significantly. Convenience stores, hotels, and other hospitality businesses must be well-equipped with ice makers to meet this demand by providing an ample supply of ice to ensure customer satisfaction. The growing food & beverage industry, which includes soft drinks, alcoholic beverages, smoothies, and specialty drinks, has witnessed noteworthy growth in recent years. These beverages often require ice to maintain their quality & enhance the overall customer experience. As a result, hospitality businesses need ice makers to ensure a steady supply of ice for their beverage offerings.

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Strategic Takeaways from the Report:

Market Sizing and Forecasting
Regulatory and Policy Influence
Competitive Trends and M&A Activity
Innovation Drivers and Disruptive Technologies
Investment Hotspots and Emerging Niches
Geographical Dynamics and Trade Flows

Ice Maker Market Segment Overview & Classification

This market is categorized to offer targeted insights across various operational and consumer-related verticals.

Segment List:

By Type

Ice Cube Maker
Ice Flake Maker
Ice Nugget Maker
Others (Tube, Gourmet, etc.)

Ice cubes held a significant share in the Global Ice Maker Market owing to their high demand across various industries, including restaurants, bars, hotels, convenience stores, hospitals, etc. These sectors have been requiring ice cubes for serving chilled drinks, keeping perishable items fresh, and meeting the needs of customers & guests.

By Output Capacity

Upto 100 Kgs per day
1-500 Kgs per day
1- 1000 Kgs per day
Above 1000 Kgs per day

By End Users

Hospitality
- Convenience Stores
- Quick & Full Service Restaurants
- Hotels
Other Commercial Spaces

The Hospitality segment experienced substantial growth in the Global Ice Maker market over the past years, owing to a vast expansion of the sector across the countries like China, Argentina, India, and other developing countries. In recent years, there has been a notable upsurge in the size of the working population, as well as a growing youth demographic. These groups have shown a strong inclination towards utilizing fast-food outlets & convenience stores for their ready-to-eat & on-the-go food requirements. Hence, this trend has fuelled the expansion of fast-food retail chains, 24*7 convenience stores, etc., which have been creating a ripple in the market demand for ice makers within this sector.

By Region

North America
South America
Europe
The Middle East and Africa
Asia-Pacific.

North America witnessed considerable growth in the market over the past few years. It has been mainly attributed to their high demand across a range of industries, including hospitality, food and beverage, healthcare, and residential applications. The strong demand for ice makers was influenced by the region’s vast commercial sector, constantly expanding over the historical years. Consumers across the US & Canada have been observed to largely prefer ice in their beverages, both alcoholic & non-alcoholic, which has sustained the need for such ice makers across the food outlets such as restaurants, cafes, fast-food outlets, hotels, etc., in the region.

These divisions help clarify demand patterns and expected shifts.

Market Opportunities

Enhanced Investment in Research & Development of Ice Makers to Boost the Market Growth – Several market players that are active in the manufacturing & selling of ice makers have enhanced their focus on the research & development of the equipment to develop highly energy-efficient & application-specific ice makers. This would improve ice manufacturing techniques such as quicker ice-making cycles, energy-efficient designs, and intelligent controls. These ice makers allow the production of ice for specific applications, like ice cubes for cocktails, crushed ice for blended drinks, smoothies, etc. For instance:

In 2023, Wintersmiths launched Juniper, an innovative countertop home ice maker with a sleek & robust compact design and the ability to produce clear bar-quality ice automatically. Juniper can generate 12 large clear spheres, 12 large clear cubes, or 96 small clear cubes within 24 hours.

These investments in forming ice makers with distinctive features, designs, or functionalities that address particular market niches aim to achieve a competitive edge & may result in a rise in market share & business expansion as well. Hence, these developments would focus on improving the whole user experience, attracting a larger consumer base & enhancing the growth of the Global Ice Maker Market in the coming years.

Ice Maker Market Competitive Snapshot from 2023-2028

The report highlights established and emerging players in the global Ice Maker Market, evaluating their strengths, challenges, and potential for innovation.

Key Competitors Include:

Cornelius, Inc.
Direct Catering Products Ltd.
Hoshizaki Corporation
Howe Corporation
ITV Ice Makers
Guangzhou Icesource Co., Ltd.
The Middleby Corporation
North Star Ice Equipment
Festivo-Porkka Group
NewAir, LLC
Marel
Manitowoc Ice
Scotsman Ice Systems
Whynter LLC
Ice-o-Matic
Others.

Their activities include partnerships, product launches, and geographic expansions.

Ice Maker Industry Trends

Surging Need of Ice Maker Machine to store Perishable Items in Large Fast Food Chains- In recent years, the rising requirement for ice makers to store perishable items effectively in large fast food chains industry is trending in the global market. These machines play a crucial role in maintaining food safety, extending shelf life, managing inventory efficiently, meeting the demand for cold beverages & desserts, and ensuring brand standardization. As the fast food industry continues to expand & customer expectations rise, the market demand for ice makers is presumed to remain strong in this sector. With a lack of time to cook & the growing number of consumers with high amounts of disposable income, big fast food chains face the need to store perishable items, such as food & food ingredients in the forthcoming years.

Moreover, an on-site ice maker offers cost savings & convenience for large fast-food chains. It eliminates the need to purchase pre-packaged ice from external suppliers, reducing expenses & potential supply chain disruptions. Thus, ice makers provide a controlled & consistent source of ice for refrigeration & food storage, helping fast food chains adhere to food safety regulations & minimize the risk of spoilage.

Frequently Asked Questions (FAQs):

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