Ice Maker Market Size By Product (Ice Cubes, Ice Flakes, Ice Nuggets), By Application (Residential, Commercial [Food Service, Healthcare], Industrial), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2021 - 2027

Published Date: Jul 2021  |  Report ID: GMI4419  |  Authors: Preeti Wadhwani, Prasenjit Saha

Report Format: PDF   |   Pages: 160   |   Base Year: 2020




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Ice Maker Market size surpassed USD 1.5 billion in 2020 and is anticipated to grow at 5.5% CAGR between 2021 and 2027. The expanding food & beverage industry and increasing number of fast-food chains across the globe are likely to drive the demand. The increasing adoption of ice makers in residential, commercial, and industrial sectors for storing perishable items will provide new market opportunities.
 

Ice Maker Market

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The growing healthcare industry is fueling the adoption of ice makers for healing and treatment applications. These machines are used to produce hazard-free and fresh ice to store organs for a long period. Increasing utilization of ice in cold compression therapy, tissue, and organ transplantation is one of the major factors augmenting the ice maker industry demand. Increasing needs for energy-efficient ice machines to reduce water consumption and electricity in the healthcare industry will accelerate the market representation.
 

The rising adoption of industrial ice makers in seafood and meat food processing industries to preserve raw ingredients and final products will support the market expansion through 2027. Seafood items require continuous temperature control to maintain quality and extend the shelf life. The usage of ice to preserve seafood products inhibits bacteria growth, enzyme activity, and slows decay. The rising demand for frozen food items owing to their low cost, reliable quality, and sustainability will create chances for ice maker companies in the food retail industry.
 

Shift in the inclination of consumers toward household refrigerators with built-in ice makers is one of the key industry challenges. The growing market trend and preference of multi-purpose refrigerators over specialized ice making machines that only produce ice are restricting the adoption of ice maker machines in residential application. High and frequent maintenance of ice maker machines in industrial and commercial sectors are challenging the industry statistics.
 

The COVID-19 pandemic has negatively impacted the ice maker market growth. The virus outbreak affected the meat packing industry operation, hampering the demand for ice. Steep decline in the hospitality and restaurant industry due to restrictions on movement and mass quarantines further affected the market revenue. However, the market is expected to witness a steady recovery with gradual reopening of restaurants and lounges in the post pandemic era.
 

Ice Maker Market Report Coverage
Report Coverage Details
Base Year:2020
Market Size in 2020:1.5 Billion (USD)
Forecast Period:2021 to 2027
Forecast Period 2021 to 2027 CAGR:5.5%
2027 Value Projection:2.5 Billion (USD)
Historical Data for:2016 to 2020
No. of Pages:160
Tables, Charts & Figures:172
Segments covered:Product, Application
Growth Drivers:
  • Positive outlook of the food & beverage industry globally
  • Growing adoption of ice makers in healthcare sector
  • Increasing shift towards household ice makers due to rise in consumer disposable income in North America
  • High growth of hospitality industry in MEA and Europe
  • Increasing demand for ice flakes from transportation & logistics sector in Europe
  • Development of the e-commerce industry in Latin America and Asia Pacific
Pitfalls & Challenges:
  • High initial investment
  • Emergence of multi-functional refrigerators with in-built ice machines

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Increasing demand for ice cubes in residential and commercial segments

The ice cube segment is poised to register a growth rate of over 6% through 2027 on account of rising usage of differently shaped cubes in residential and commercial sector. The use of gourmet ice cubes for consumption with non-alcoholic and alcoholic beverages at hotels, restaurants, offices, homes, and universities is influencing the market statistics.
 

Rising consumption of seafood and meat will boost the commercial ice maker market demand

Global Ice Maker Market Size, By Application

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Ice maker market from commercial application held around 70% revenue share in 2020. These machines are crucial for hospitality and food service establishments for continuous production of fresh and clean ice.
 

The increasing consumption of seafood and meat products has led to higher adoption of ice flake producing machines. According to the market data published by Food and Agriculture Organizations of the United Nations in 2020, Asia Pacific dominated the production of seafood products with an 89% share of the total production in 2018. China captured about 57.9% of the global seafood industry share in 2018.
 

Growing hospitality industry in Europe will proliferate the market demand

Europe Ice Maker Market Size, By Region

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The Europe ice maker market revenue crossed more than USD 500 million in 2020. The booming travel & tourism industry plays a major role in the development trends of the regional hospitality industry. According to the market data by the United Nations World Tourism Organization (UNWTO), Europe reported a four percent growth in international tourist arrivals in 2019 as compared to 2018.
 

The rapidly growing travel and tourism industry is supporting the expansion of regional restaurants and hotels, propelling the ice making machines market demand. Ice machines are installed at restaurants and cafes to efficiently serve customers during peak hours. The demand for versatile ice cube makers with the ability to dispense ice cubes in a variety of shapes and sizes is fostering the European market. Moreover, the rising consumption of alcoholic beverages in countries including Germany and France will spur the market growth of commercial machines.
 

High focus of market players on development of energy efficient and application specific products

Industry participants are investing heavily in R&D activities to innovate new advanced technologies that will help to reduce water and electricity consumption of machines. Additionally, companies are launching new products to comply with energy efficiency regulations set by government authorities.
 

Similarly, in July 2020, NewAir Appliances launched its new model of nugget ice maker, Sonic ice, for home kitchen. The model is designed with high power cooling process for faster and efficient cooling and is built with stainless-steel interior to keep ice colder for a longer period.
 

The prominent ice maker market players include Whynter LLC., A&V Refrigeration Corp, AB Electrolux, Howe Corporation, The Middleby Corporation, Manitowoc Ice, NewAir, North Star Ice Equipment Corporation, ITV Ice Makers Inc., and Hoshizaki Corporation.
 

This market research report on ice maker includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2021 to 2027 for the following segments:

Market, By Product

  • Ice Cube
  • Ice Flake
  • Ice Nugget

Market, By Application

  • Residential
  • Commercial
    • Food Service
    • Healthcare
  • Industrial

The above information has been provided for the following regions and countries:

  •  North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Russia
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
  • Latin America
    • Brazil
    • Mexico
  • MEA
    • Saudi Arabia
    • UAE
    • South Africa

 

Frequently Asked Questions (FAQ) :

The ice maker market size surpassed USD 1.5 billion in 2020 and will expand at a robust CAGR of more than 5.5% through 2021-2027, says this GMI report.
The ice cube maker segment could grow at a healthy 6% CAGR through 2027 owing to consistent rise in consumption of alcoholic and non-alcoholic beverages at restaurants and homes.
Commercial applications held more than 70% share of ice marker industry in 2020 and will grow with increasing need for continuous production of clean and fresh ice flakes and cubes.
The Europe ice maker market was valued at more than USD 500 million in 2020 and will expand with growing travel and tourism sector in the region.

Premium Report Details

  • Published Date: Jul 2021
  • Pages: 160
  • Tables: 153
  • Charts / Figures: 19
  • Companies covered: 11
  • Countries covered: 16

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