Ice Maker Market

According to Stratistics MRC, the Global Ice Maker Market is accounted for $2.64 billion in 2024 and is expected to reach $3.69 billion by 2030 growing at a CAGR of 5.7% during the forecast period. An ice maker is a device designed to produce ice cubes or crushed ice quickly and conveniently. It typically consists of a water reservoir, a cooling system, and a mechanism to freeze water into ice cubes. These machines are commonly found in homes, restaurants, and hotels, providing a steady supply of ice for various purposes such as cooling drinks or preserving food. Ice makers come in different sizes and capacities, ranging from small countertop units to large commercial-grade machines. They offer a convenient alternative to traditional ice trays and are especially useful in environments where ice is frequently needed.

According to the Federation of Indian Chambers of Commerce and Industry (FICCI), the Indian food service sector is anticipated to grow at a CAGR of 9% from 2020 to 2025. 

Market Dynamics: 

Driver: 

Increasing number of foodservice outlets

The increasing number of foodservice outlets is a significant driver of the ice maker market due to the rising demand for ice in various establishments such as restaurants, cafes, bars, and hotels. As these outlets expand to meet consumer demands, the need for ice for beverages, food preservation, and presentation grows in tandem. Consequently, there's a heightened requirement for efficient and reliable ice-making equipment to support these establishments' operations. This trend fuels innovation in the ice-making market, leading to the development of more advanced and specialized ice-making solutions tailored to the diverse needs of foodservice businesses.

Restraint:

Limited demand in certain regions

Limited demand in certain regions can act as a significant restraint on the ice maker market. This limitation could stem from factors such as climate, cultural preferences, or infrastructural constraints. For instance, regions with colder climates may not require ice makers as much as those with warmer climates. Additionally, cultural habits or dietary preferences may reduce the demand for ice, affecting market growth. Moreover, inadequate infrastructure or access to electricity can limit the adoption of ice makers in certain regions, further constraining market expansion.

Opportunity:

Rising demand for portable ice makers

The increasing demand for portable ice makers presents a significant opportunity in the ice maker market. These compact appliances cater to the growing needs of consumers who prioritize convenience and flexibility, especially in outdoor settings or smaller living spaces. Portable ice makers offer the advantage of producing ice on-the-go without the need for complex installation or permanent plumbing. They tap into trends like outdoor entertaining, RV travel, and small apartment living. As consumers seek efficient and space-saving solutions, the market for portable ice makers is poised for expansion, driven by their versatility and ease of use.

Threat:

Health and safety concerns

In the ice-making market, health and safety concerns pose a significant threat. Improper maintenance or hygiene practices in ice-making units can lead to bacterial contamination, risking consumer health. Mold and mildew buildup in poorly cleaned machines can contaminate the ice, potentially causing foodborne illnesses. Moreover, malfunctioning ice makers may pose physical hazards, such as electric shocks or injuries from faulty components. These risks not only endanger consumers but also lead to legal liabilities for manufacturers and businesses.

Covid-19 Impact: 

The COVID-19 pandemic has had a significant impact on the ice-making market. With restrictions on gatherings and closures of restaurants, bars, and entertainment venues, the demand for commercial ice makers plummeted. Conversely, there was a surge in demand for residential ice makers as people spent more time at home. However, supply chain disruptions and manufacturing delays hindered the production and distribution of ice makers, leading to shortages and increased prices. Moving forward, as the world gradually recovers from the pandemic, the ice maker market is expected to stabilize, with a potential shift towards more energy-efficient and hygienic models to meet evolving consumer preferences and safety standards.

The Ice cube maker segment is expected to be the largest during the forecast period

The growth of the ice cube maker segment within the ice maker market can be attributed to several factors. Firstly, there's a rising demand for convenient and efficient ice-making solutions, especially in commercial settings such as restaurants, bars, and hotels. Additionally, advancements in technology have led to the development of more energy-efficient and user-friendly ice cube makers, appealing to both businesses and consumers. Moreover, changing consumer preferences towards home entertainment and the increasing popularity of outdoor activities like camping and boating have also contributed to the expansion of this segment. 

The Hospitality industry segment is expected to have the highest CAGR during the forecast period

The hospitality industry's demand for ice makers has surged due to several factors. As consumer preferences shift towards more chilled beverages, hotels, restaurants, and cafes need reliable ice-making solutions to meet this demand. The proliferation of tourism and travel has led to an increase in hospitality establishments globally, amplifying the need for ice makers to cater to guests' needs. Furthermore, advancements in technology have introduced more efficient and versatile ice-making machines, enticing businesses to upgrade their equipment. Additionally, the rising focus on hygiene and cleanliness in hospitality settings has prompted establishments to invest in modern ice makers with enhanced sanitation features.

Region with largest share:

In recent years, the North American region has witnessed significant growth in the ice maker market due to the rise in demand for convenience and ready-to-serve beverages that has fuelled the need for ice makers in both residential and commercial settings. Additionally, changing lifestyle patterns, including an increasing preference for home entertainment and outdoor activities, have bolstered the demand for ice makers for personal use. Moreover, the expanding hospitality sector, coupled with the proliferation of restaurants and bars, has contributed to the surge in commercial ice maker installations across the region. Furthermore, concerns regarding hygiene and sanitation have prompted establishments to invest in high-quality ice makers with advanced purification systems.

Region with highest CAGR:

The Asia-Pacific region has witnessed significant growth in the ice maker market due to several factors. Rising disposable incomes and urbanization have increased demand for convenience and luxury goods, including ice makers, in countries like China, India, and Japan. Additionally, the burgeoning food and beverage industry, coupled with the expansion of the hospitality sector, has fueled the adoption of ice makers for various commercial purposes. Furthermore, advancements in technology have made ice makers more energy-efficient and affordable, driving their widespread adoption across the region.

Key players in the market

Some of the key players in Ice Maker market include Brema Ice Makers, Cornelius, Inc., Electrolux Professional, Follet corporation, Hoshizaki Corporation, Howe Corporation, Icematic, KOLD-DRAFT, Manitowoc Ice, Marvel Refrigeration, North Star Ice Equipment Corporation, Scotsman Ice Systems and U-Line Corporation

Key Developments:

In April 2024, Refrigeration equipment manufacturer Hoshizaki has acquired two foodservice equipment subsidiaries of the Philippines-based Techno Holdings Corporation. The JPY11.4bn ($74m) deal sees Hoshizaki acquiring 100% of the shares of Technolux Equipment and Supply Corporation and 80% of the shares of HKR Equipment Corporation through its subsidiary Hoshizaki Southeast Asia Holdings Pte Ltd.

In March 2022, Water treatment company Pentair plc said that it had agreed to buy commercial ice machines maker Manitowoc Ice for $1.6 billion in cash, to expand its drinking, cooling and cooking offerings to the foodservice and hospitality sectors. The deal, whose net value excluding tax benefits is about $1.38 billion, comes amid a surge in prices for kitchen equipment as restaurants struggle with supply chain logjams.

Types Covered:
• Ice Flake Maker
• Ice Cube Maker
• Ice Dispencer
• Countertop Ice Maker
• Modular Ice Maker
• Undercounter Ice Maker
• Gourmet
• Ice Nugget Maker
• Other Types 

Output Capacities Covered:
• Upto 100 Kgs per day
• 100.1-500 Kgs per day
• 500.1- 1000 Kgs per day
• Above 1000 Kgs per day

Applications Covered:
• Hospitality industry
• Healthcare Industry
• Food & beverage industry
• Residential
• Commercial
• Other Applications 

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan        
o China        
o India        
o Australia  
o New Zealand
o South Korea
o Rest of Asia Pacific    
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa 
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings: 
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances