Ice Maker Market Report 2022: Evolution Opportunities, Demands and Growth Revenue

Global ice maker market is anticipated to depict a CAGR of 5.5% through 2027, having recorded a valuation of USD 1.5 billion in 2020. By 2027, the market is expected to hit a remuneration of USD 2.5 billion.

Global ice maker market revenue share is growing with surging product demand from the hospitality sector and the prevalence of high-end boutique bars. Amidst shifting consumer preference, manufacturers are introducing a new range of ice machines to launch ice in various shapes and sizes. Ice makers have also gained an uptick in the healthcare industry with expanding applications in rehabilitation procedures, cold compression therapy and tissue & organ transplantation.

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A moderate rise in outdoor eating habits, as well as the need to store perishable items, is likely to fuel the demand for ice makers. Additionally, the rising number of fast-food chains in the U.S., India and China have also boded well for the business outlook.

Industry players are poised to invest in nugget ice makers given the surging demand for specialty drinks, including cocktails, presentation drinks and expensive drinks. The opening of high-end restaurants amidst the pandemic has enthused confidence among manufacturers. It is worth noting that nugget ice helps to absorb the flavor of the beverage and retain the flavor of the drink. The nugget ice maker segment is poised to grow at a notable compound annual growth rate (CAGR) through 2027.

The trend for ice cube makers will be pronounced across the U.S. following the trend from large hotels, resorts, and restaurants to provide reliable & consistent ice. Ice cube makers will continue to gain prominence in the food & beverage industry and are slated to account for a significant share in the coming years.

The Middle East and Africa (MEA) ice maker market is likely to provide compelling growth opportunities on the back of the development of hypermarkets, supermarkets, luxury hotels and restaurant chains. According to the Hospitality Net 2021, Saudi Arabia could observe a 67.1% rise in hotel room supply over the next three years. Moreover, expanding penetration of processed food & beverages will underpin the regional growth of ice makers.

The COVID-19 outbreak dented the industry forecast following the dip in demand for meat products and seafood. Meat producers grappled with disruption in the supply chain; however, demand from the healthcare industry provided an impetus to ice maker manufacturers.

Key vendors such as Howe Corporation, Direct Catering Products Ltd., Middleby Corporation, North Star Ice Equipment, Whynter LLC, Kold-Draft, Manitowoc Ice, Direct Catering Products Ltd., ITV Ice Makers, Inc., Howe Corporation, Scotsman Co. and Electrolux AB have propelled the competitiveness of the global ice maker market. Industry participants are expected to be involved in strategic alliances, innovations, product launches and R&D investments. Specifically, Ali Group announced the acquisition of Kold-Draft International in April 2021. The takeover is expected to bolster the former’s position in the global commercial foodservice industry and the ice machine segment.

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Data Tables

TABLE 1 Global ice maker industry 360º synopsis, 2016 – 2027

TABLE 2 Global ice maker market, 2016 – 2020 (USD Million)

TABLE 3 Global ice maker industry, 2021 - 2027 (USD Million)

TABLE 4 Global ice maker industry, by product, 2016 – 2020 (USD Million)

TABLE 5 Global ice maker industry, by product, 2021 - 2027 (USD Million)

TABLE 6 Global ice maker market, by application, 2016 – 2020 (USD Million)

TABLE 7 Global ice maker market, by application, 2021 - 2027 (USD Million)

TABLE 8 Global ice maker industry, by region, 2016 – 2020 (USD Million)

TABLE 9 Global ice maker industry, by region, 2020 - 2027 (USD Million)