Ice Maker Market size worth over $2.5 BN by 2027
Published Date: August 4, 2021 Authors: Ankita Bhutani, Prasenjit Saha
Ice Maker Market size is set to surpass USD 2.5 billion by 2027, according to a new research report by Global Market Insights Inc.
The growing trade of perishable food items across European countries including the UK and Germany will support the ice makers industry growth. The demand for refrigerated vessels in marine transport is increasing swiftly in Asia Pacific owing to the rapid expansion of maritime transport activities in the region.
Increasing adoption of cost-effective and advanced healing technologies in the healthcare industry is anticipated to propel the ice making machines industry revenue. Increasing usage of ice in organ & tissue plantation and cold compression therapy is driving the market demand. To support the industry trend, market players including Follett, Manitowoc, and Hoshizaki are developing healthcare industry-specific machines.
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The high initial cost of ice makers and frequent service requirements are major market factors challenging the adoption of ice machines in the commercial and residential sectors. Moreover, a shift in consumer preference from specialized ice-making machines to household refrigerators is expected to limit the industry growth.
Analyst view: “The ice maker industry will experience significant growth on account of rising demand for seafood & meat products across Europe and Asia Pacific through 2027.”
The COVID-19 pandemic impacted the market and posed several challenges. The shutdown of meatpacking facilities due to the rapid spread of the virus among workers severely affected the demand for commercial ice makers in 2020. The rapid spread of infection generated various myths, such as the transmission of COVID-19 can occur through meat consumption, affecting the consumption of meat products and processed foods drastically.
Growing application of flake ice in the chemical industry
Flake ice segment held a market share of over 15% in 2020 driven by higher utilization in the food processing industry and meat & seafood transportations. It is the most cost-effective type of ice used for cooling fresh fish and broiler. The growing transportation and trade activities of meat & seafood products, primarily in Europe and APAC will augment the usage of commercial fake ice machines.
Browse key industry insights spread across 160 pages with 153 market data tables & 19 figures & charts from the report, “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” in detail along with the table of contents:
Increasing demand for ice cube makers in residential applications
The residential application is expected to register a growth rate of around 4.5% through 2027. Ice cube makers are primarily used in residential applications to serve the ice produced with non-alcoholic and alcoholic beverages. Undercounter ice makers are increasingly installed in residential kitchens on account of their easy operability and lower maintenance costs. However, high-disposable income group individuals are increasingly spending on the construction of residential bars to enhance their luxury homes, fueling the residential ice maker machines demand.
Rising consumption of seafood and meat products across Asia Pacific
Asia Pacific ice maker market captured 20% of the revenue share in 2020. Increasing trade and consumption of seafood & meat products in China, India, Japan, Vietnam, and Indonesia are driving the industry growth.
Industry players are emphasizing on developing new energy-efficient products with advanced technologies to reduce the overall water and electricity consumption. For instance, in January 2019, Hoshizaki America, Inc. introduced a new series of ice machines, the KMEdge X series, which includes KM-520M _J, KM-350M _J, and KM-660M_J in the mid-sized cuber category.
Companies operating in the ice maker industry include AB Electrolux, Howe Corporation, Middleby Corporation, North Star Ice Equipment Corporation, Whynter, LLC., Manitowoc Ice, Hoshizaki Corporation, Ali Group S.p.A., ITV Ice Makers, Inc., Brema Group S.p.A., and NewAir.
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