Press Release Description
Rising Tourism Sector is Thrusting the Demand for Ice Makers
The Global Ice Maker Market is estimated to grow at a CAGR of around 4.5% during the forecast period of 2023-28, cites MarkNtel Advisors in the recent research report. The factors responsible for market growth are the rising need for ice in a variety of end-users, including quick & full-service restaurants, hotels, convenience stores, break rooms, etc., driving the market expansion. The demand for ice has augmented vividly in the historical years as consumers' preferences for cold beverages, particularly in warm countries, increased. To meet this need & guarantee client pleasure, convenience stores, hotels, and other hospitality enterprises require to have adequate ice-making facilities. Moreover, smoothies, specialty drinks, alcoholic beverages, and soft drinks, all make up the expanding food & beverage sector, which has experienced notable growth in recent years. To maintain their quality & improve the overall consumer experience these beverages frequently need ice. Consequently, hospitality companies require ice machines to fulfill customer needs.
Furthermore, ice makers are not only essential for beverages, but also play a key role in preserving food in the hospitality sector. The growth of the hospitality sector, owing to the rising tourism across the globe, led to the expansion of hotels & restaurants, as they are mostly relying on ice to maintain the freshness & appropriate temperature of perishable items like seafood & salads. By providing a dependable source of ice for food storage & display, on-site ice makers enhance food safety & ensure the quality of ingredients. They contribute to operational efficiency by eliminating the need to depend on external ice suppliers. This reduction in costs & logistical challenges associated with purchasing & transporting bagged ice proves advantageous. The rising demand for ice cubes to serve drinks in the hospitality industry has also significantly contributed to the market's expansion as the hospitality sector continues to grow steadily. Hence, the demand for ice makers is expected to rise in the coming years, further states the research report, “Global Ice Maker Market Analysis, 2023.”
Popularity of Ice Cube Maker Among Several Industries to Make It an Appealing Sector
Based on type, the market is divided into ice cube makers, ice flake makers, ice nugget makers, and others. Among them, Ice Cube Makers hold a considerable share in the Global Ice Maker Market during the historical years. The market growth imputes to escalating demand for ice cube makers in various industries, including restaurants, bars, hotels, convenience stores, and hospitals. These sectors heavily rely on ice cubes to serve refreshing beverages, maintain the freshness of perishable items, and cater to the preferences of their customers & guests. Thus, the rapid expansion of the hospitality sector, owing to growth in the tourism industry, has emerged as a significant factor elevating the market demand for ice cubes.
Moreover, end-users seek ice cubes in various shapes & sizes, such as full cubes, half cubes, and crescent-shaped cubes, to fulfill specific purposes based on their intended use. These purposes may include maximizing cooling efficiency, minimizing beverage dilution, or enhancing visual appeal. Consequently, the growing sales of ice cube makers are expected to enhance the market prospects in the forthcoming years.
North America to Become a Prominent Regional Market for Ice Maker
North America held a notable share in the Global Ice Maker Market over the historical years. The significant demand for ice makers is primarily attributed to their extensive utilization across several industries, including hospitality, food & beverage, healthcare, and residential applications. Thus, the strong market demand for ice makers has been particularly driven by the extensive growth of the commercial sector in the region, which has seen continuous expansion in recent years. In the US & Canada, customers have shown a strong preference for beverages, both alcoholic & non-alcoholic, served with ice. This consistent demand for ice in food establishments such as restaurants, cafes, fast-food outlets, and hotels is anticipated to escalate the market growth in the coming years.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Cornelius, Inc., Direct Catering Products Ltd., Hoshizaki Corporation, Howe Corporation, ITV Ice Makers, Guangzhou Icesource Co. Ltd., The Middleby Corporation, North Star Ice Equipment, Festivo-Porkka Group, NewAir, LLC, Marel, Manitowoc Ice, Scotsman Ice Systems, Whynter LLC, Ice-o-Matic, etc., are looking forward to strengthening their market position.
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends influencing the current scenario of the market?
- What key factors would propel and impede the industry across the globe?
- How has the industry been evolving in terms of geography & product adoption?
- How has the competition been shaping across various regions?
- How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2020-30?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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