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Global Ice Maker Market Size Report, 2021-2028

Ice Maker Market Size, Share & Trends Analysis Report By Product (Built-in & Undercounter, Portable & Countertop), By Application (Food service, Hospital, Household), By Region, And Segment Forecasts, 2021 - 2028

Report ID: MN17620209  |  Published: April 2021  |  No of Pages: 85
Format: Electronic (PDF)  |  Industry: Household  |  Publisher: Grand View Research

Report Overview

The global ice maker market size was valued at USD 3.13 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 4.3% from 2021 to 2028. The increasing sedentary lifestyle due to the growing jobs in the service sector in emerging economies, including China and India, has led to the development and growth of fast-food chain restaurants and bars. Thus, the growing demand for storing predictable food and serving chilled beverages to customers has led to the increasing demand for products from the foodservice industry globally. The continuous population growth, rapid urbanization, and increasing disposable income are among the significant factors expected to positively influence the demand for ice makers globally. Ice maker is used to lower the whiskey's temperature a few notches, making it more palatable. The rising popularity of alcoholic beverages, such as whiskey, in countries including the U.S., the U.K., India, and Germany, especially among young consumers, is further projected to fuel the demand for ice makers.

U.S. ice maker market size, by product, 2017 - 2028 (USD Million)

The market in the U.S. is anticipated to witness substantial growth over the forecast period owing to the increasing consumption of ice cubes in restaurants, bars, and hospitals. The demand for ice makers is likely to remain steady over the forecast period owing to the continuous penetration of U.S.-based quick-service restaurants. This is attributed to eating outside, especially among the younger generation, and growing disposable incomes. Moreover, an increasing number of people have started to opt for chilled drinks, thereby driving the product demand. This, in turn, will generate significant demand for ice makers over the forecast period.

Asia Pacific is home to over 4 billion people, making it one of the world's largest markets. Furthermore, post COVID-19 pandemic, the region is anticipated to witness rising employment, inflating disposable incomes, and enhancing living standards. These factors will result in the high consumption of most products in the region, creating an enormous opportunity for ice maker manufacturers. Hence, the market is expected to witness rapid growth in the region.

Product Insights

The built-in andunder counter segment accounted for the largest share of more than 55.0% in 2020 and is expected to expand at a significant CAGR over the forecast period. Built-in and undercounter ice makers are permanently installed or built-in structures that are usedin residential and commercial applications, such as hotels, bars, and restaurants. Changing lifestyle, increasing disposable income, and growing demand to replace old devices are expected to drive the demand for built-in and undercounter ice makers in residential applications. They add aesthetic appeal to the kitchen.

The portable and countertop segment is expected to expand at the highest CAGR of 5.3% from 2021 to 2028. Restaurant owners are looking for an ice maker machine that occupies small spaces and can fit directly on top of a beverage dispenser to create a self-serve machine, thus helping restaurant owners reduce labor costs.

Application Insights

The foodservice application segment accounted for the largest share of more than 41.0% in 2020 and is projected to register the highest growth rate over the forecast period. The increase in the millennial working population, changing preferences for ready-to-eat foods, and the growing need for customized and newer food and chilled beverage options have propelled the demand for ice makers in the foodservice segment.

Global ice maker market share, by application, 2020 (%)

The hospital application segment accounted for the second-largest share in 2020 and is projected to witness significant growth during the forecast period. The increasing expenditure on the healthcare system by various governments worldwide in the wake of the recent corona virus outbreak is expected to drive the demand for ice makers in the hospital application segment. The expansion of the healthcare industry is projected to stimulate segment growth owing to the increasing use of ice makers in various healthcare-related R&D and clinical applications in hospitals.

Regional Insights

North America accounted for the largest share of 30.96%in 2020, with the U.S. being the dominant revenue contributor across the region. The regional market is driven by the growing penetration of leading quick-service restaurants, such as Subway, McDonald's, Starbucks, KFC, Burger King, Pizza Hut, and Domino’s. These restaurants are incorporating ice makers for quick delivery to consumers. Moreover, these dine-in restaurants follow the self-service protocol in which the ice maker is installed from where the customer can access ice easily. Thus, all these factors are expected to propel market growth in North America.

The Asia Pacific market is projected to expand at the fastest CAGR of 5.2% from 2021 to 2028, with China being the major revenue contributor to the regional market growth. The increasing population in Asia Pacific and growing urbanization in countries, such as China and India, are likely to be the key catalysts for the growth of the ice maker demand over the forecast period. Moreover, the expansion of the economy in Asian countries contributed to increasing disposable income, which became a key driver for the market.

Key Companies & Market Share Insights

Industry participants practice several inorganic and organic growth strategic initiatives to expand their product/service portfolio and enhance their foothold across the market. In 2017, Ice-O-Matic introduced a groundbreaking line of new cube ice machines, ‘The Elevation Series’. This new machine incorporates over 20 cutting-edge new features that make it the new ice machine technology benchmark.

Increasing competition at the regional and global levels is leading the market toward consolidation. Companies are investing in smart technologies to increase their productivity. Additionally, the companies are establishing manufacturing and distribution networks in developing countries to gain presence in the market. Some prominent players in the global ice maker market include:

    • HOSHIZAKI Corp.
    • AB Electrolux
    • Scotsman
    • Danfoss AS
    • Ice-O-Matic
    • Manitowoc
    • Howe Corp.
    • Biolab Scientific Ltd.
    • Cornelius, Inc.
    • Blue Star Ltd.

Ice Maker Market Report Scope

Report Attribute

Details

Market size value in 2021

USD 3.25 billion

Revenue forecast in 2028

USD 4.39 billion

Growth Rate

CAGR of 4.3% from 2021 to 2028

Base year for estimation

2020

Historical data

2017 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD million/billion and CAGR from 2021 to 2028

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Product, application, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country scope

U.S.; U.K.; Germany; China; Japan; India; Brazil; South Africa

Key companies profiled

HOSHIZAKI Corp.; AB Electrolux; Scotsman; Danfoss AS; Ice-O-Matic; Manitowoc; Howe Corp.; Biolab Scientific Ltd.

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options


Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2028. For the purpose of this study, Grand View Research has segmented the global ice maker market report on the basis of product, application, and region:

• Product Outlook (Revenue, USD Million, 2017 - 2028)
    • Built-in & Undercounter
    • Portable & Countertop

• Application Outlook (Revenue, USD Million, 2017 - 2028)
    • Foodservice
    • Hospital
    • Household
    • Others

• Regional Outlook (Revenue, USD Million, 2017 - 2028)
    • North America
        • U.S.
    • Europe
        • U.K.
        • Germany
    • Asia Pacific
        • China
        • Japan
        • India
    • Central & South America
        • Brazil
    • Middle East & Africa
        • South Africa

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