Global Ice Maker Market Research Report: Forecast (2023-2028)

Definition

Ice maker, also known as ice machine or ice generators is utilized for producing ice in various forms like ice cube, ice flake, ice nuggets, etc. This machine is applicable in commercial spaces such as hotels, restaurants, convenience stores, and others, which require a steady supply of ice for numerous purposes, such as cooling beverages, preserving perishable items, creating decorative displays, etc.

Market Insights & Analysis: Global Ice Maker Market (2023-28)

The Global Ice Maker Market is projected to grow at a CAGR of around 4.5% during the forecast period, i.e., 2023-28. As per the study, the market growth attributes to the surging requirement for ice in various end-users like quick and full service restaurant, hotels, convenience stores, breakrooms, etc. With the rise of consumer preference for cold beverages, especially in hot climates, the demand for ice has grown significantly. Convenience stores, hotels, and other hospitality businesses must be well-equipped with ice makers to meet this demand by providing an ample supply of ice to ensure customer satisfaction. The growing food & beverage industry, which includes soft drinks, alcoholic beverages, smoothies, and specialty drinks, has witnessed noteworthy growth in recent years. These beverages often require ice to maintain their quality & enhance the overall customer experience. As a result, hospitality businesses need ice makers to ensure a steady supply of ice for their beverage offerings.

Moreover, the upsurging research & development and medical trial in the medical device & pharmaceutical industry have also boosted the requirement for ice makers to preserve medication or cooling medical equipment. According to the Statistical, Economic, and Social Research & Training Centre for Islamic Countries (SESRIC), in 2021, the global pharmaceutical industry has witnessed rapid growth over the past few years & emerged as one of the fastest-growing industries in the world. The market growth imputes to the increasing aging populations, heightening incidence of chronic non-communicable diseases & the risk of an unprecedented pandemic, leading to more drug purchases globally.

Countries such as the US, Japan, India, etc., are improving their regulatory quality requirements, attempting to accelerate the drug approval process, and adopting fast-track procedures to improve market entry of new drugs. Thus, the rising R&D to develop drugs across the globe result in the enlargement of the pharmaceutical industry. Furthermore, the rapid transition of conventional power generation plants to clean energy power generation plants, such as hydro, nuclear, etc., is predicted to notably impact the growth of the Global Ice Maker Market in the following years.

In addition to beverages, ice is also used for food preservation in the hospitality sector. Hotels & restaurants use ice to keep seafood, salads, and other perishable food items fresh & at the right temperature. Ice makers enable these establishments to have a reliable source of ice for food storage & display, ensuring food safety & quality. An on-site ice maker improves operational efficiency for the hospitality sector. It eliminates the need to rely on external ice suppliers, reducing costs & logistical challenges associated with purchasing & transporting bagged ice. Also, the rising consumption of processed food products & beverages positively impacted the market growth. The increasing use of ice cubes to serve drinks in the hospitality sector enhanced the market demand for ice makers. Thus, the consistently growing hospitality is anticipated to generate the demand for ice makers in the forthcoming years.

Moreover, the demand for ice makers in hospitals & clinics is on the rise due to the growing utilization of ice for various therapeutic purposes, such as reducing swelling, alleviating pain, and aiding in other treatment procedures. It provides relief and comfort to patients undergoing medical procedures or treatments. For instance, in dental clinics, ice is often used to numb the area before administering injections or performing oral surgeries. Ice can also help soothe and cool down skin during dermatological procedures. By having ice makers readily available, healthcare facilities can ensure immediate access to ice to enhance patient comfort & minimize discomfort during procedures. The increasing use of ice for therapeutic applications, wound care, patient comfort, medication storage, and infection control results in a growing demand for ice makers in hospitals &d clinics. These devices provide healthcare professionals with a convenient & reliable source of ice, enabling them to deliver effective treatments, manage patient care, and maintain stringent hygiene standards within medical facilities, which would further influence the market growth in the forthcoming period.

Global Ice Maker Market Drivers:

Rising Tourism Sector is Propelling the Demand for Ice Makers – Countries in Asia & South America are largely dependent upon tourism to generate their overall revenue & for their growth. As a result, to attract more foreign visitors, these countries provide attractive offers such as visa clearance on arrival, easy currency exchange, etc. Southeast Asian countries like Indonesia, Thailand, Vietnam, etc., have emerged as economical international tourist destinations for visitors from across the globe & especially from nearby countries like India, Middle Eastern nations, and others. This has resulted in a boom in the travel & tourism sector by encouraging business travel & leisure tourism among such countries. For instance:

• In 2022, Thailand welcomed nearly 1 million visitors from India, which is the second largest after Malaysia. Also, in 2023, the country aims to attract about 2 million Indian visitors, stated the Tourism Authority of Thailand.

The growing number of foreign visitors is, hence, increasing the number of hotel chains in such nations. Such as, in 2021 & 2022, major hotel groups like The Standard, Melia Chiang Mai, etc., entered Thailand. These new hotels have been generating market demand for ice cube makers. In addition, ice cubes are a prerequisite for serving drinks & beverages, thereby upscaling the market sales of ice makers. 

Moreover, in the coming years, the expansion of hotels & food outlets is foreseen to enhance the need for ice makers as hotels like Hyatt Grand, Six Sense, and others are in the pipeline & are presumed to be operational by 2024. Thus, creating a conducive environment for the growth of the Global Ice Maker marker in the forecast years.

Global Ice Maker Market Restraint:

Production Delays & Increased Costs Due to Shortage of Semiconductor Chips – The limited availability of chips has been resulting in a longer delivery time to obtain necessary components, impacting the overall production of ice maker machines. The augmented market demand for chips & limited supply has led to higher chip prices, further boosting the production costs for ice maker manufacturers, as ice maker manufacturers depend on a complex network of suppliers to source components, including microchips, for their products. These chips are used in electronic control systems, display panels, sensors, and connectivity features that enhance the functionality & efficiency of ice makers. The shortage of chips hinders the development of new & innovative ice maker models, restricting the industry's ability to introduce cutting-edge features & technologies. Thus, the scarcity of semiconductor chips has resulted in delays in production & assembly, leading to a reduced supply of ice makers, therefore acting as a major challenge to the market.

Global Ice Maker Market Opportunities:

Enhanced Investment in Research & Development of Ice Makers to Boost the Market Growth – Several market players that are active in the manufacturing & selling of ice makers have enhanced their focus on the research & development of the equipment to develop highly energy-efficient & application-specific ice makers. This would improve ice manufacturing techniques such as quicker ice-making cycles, energy-efficient designs, and intelligent controls. These ice makers allow the production of ice for specific applications, like ice cubes for cocktails, crushed ice for blended drinks, smoothies, etc. For instance:

• In 2023, Wintersmiths launched Juniper, an innovative countertop home ice maker with a sleek & robust compact design and the ability to produce clear bar-quality ice automatically. Juniper can generate 12 large clear spheres, 12 large clear cubes, or 96 small clear cubes within 24 hours.

These investments in forming ice makers with distinctive features, designs, or functionalities that address particular market niches aim to achieve a competitive edge & may result in a rise in market share & business expansion as well. Hence, these developments would focus on improving the whole user experience, attracting a larger consumer base & enhancing the growth of the Global Ice Maker Market in the coming years.

Global Ice Maker Market Trends:

Surging Need of Ice Maker Machine to store Perishable Items in Large Fast Food Chains- In recent years, the rising requirement for ice makers to store perishable items effectively in large fast food chains industry is trending in the global market. These machines play a crucial role in maintaining food safety, extending shelf life, managing inventory efficiently, meeting the demand for cold beverages & desserts, and ensuring brand standardization. As the fast food industry continues to expand & customer expectations rise, the market demand for ice makers is presumed to remain strong in this sector. With a lack of time to cook & the growing number of consumers with high amounts of disposable income, big fast food chains face the need to store perishable items, such as food & food ingredients in the forthcoming years.

Moreover, an on-site ice maker offers cost savings & convenience for large fast-food chains. It eliminates the need to purchase pre-packaged ice from external suppliers, reducing expenses & potential supply chain disruptions. Thus, ice makers provide a controlled & consistent source of ice for refrigeration & food storage, helping fast food chains adhere to food safety regulations & minimize the risk of spoilage.

Global Ice Maker Market (2023-28): Segmentation Analysis

The Global Ice Maker Market study of MarkNtel Advisors evaluates & highlights the major trends & influencing factors in each segment & includes predictions for the period 2023–2028 at the global, regional, and national levels. Based on the analysis, the market has been further classified as:

Based on Type:

• Ice Cube Maker
• Ice Flake Maker
• Others (Tube, Plate, etc.)

Ice cubes held a significant share in the Global Ice Maker Market owing to their high demand across various industries, including restaurants, bars, hotels, convenience stores, hospitals, etc. These sectors have been requiring ice cubes for serving chilled drinks, keeping perishable items fresh, and meeting the needs of customers & guests.

The surge in the hospitality sector due to growth in the tourism industry has been one of the prominent factors leading to the soaring market demand for ice cubes. Ice cubes of various shapes & sizes, including full cubes, half cubes, crescent-shaped cubes, etc., are required by the end-users for specific purposes based on the intended use, such as providing maximum cooling, minimizing dilution in beverages, or enhancing aesthetics. Therefore, the blossoming market sales of ice cube makers would contribute to improving the market outlook of ice makers in the forecast period.

Based on End Users:

• Healthcare
• Hospitality (Restaurants, Hotels, Convenience Stores, etc.)
• Food & Beverage Processing
• Power Generation
• Others

The Hospitality segment experienced substantial growth in the Global Ice Maker market over the past years, owing to a vast expansion of the sector across the countries like China, Argentina, India, and other developing countries. In recent years, there has been a notable upsurge in the size of the working population, as well as a growing youth demographic. These groups have shown a strong inclination towards utilizing fast-food outlets & convenience stores for their ready-to-eat & on-the-go food requirements. Hence, this trend has fuelled the expansion of fast-food retail chains, 24*7 convenience stores, etc., which have been creating a ripple in the market demand for ice makers within this sector.

Also, in 2023, the food service companies like McDonald’s, Gordon Food Service, Baskin Robbins, and others, announced their plans to expand their services, especially across the tier II & tier III cities of developing nations like India, China, South Africa, and Indonesia, among others. Thus, generating the demand for ice makers in coming years as well across the hospitality segment.

Global Ice Maker Market (2023-28): Regional Analysis

Geographically, the Global Ice Maker Market expands across:

• North America
• South America
• Europe
• Middle East & Africa
• Asia-Pacific

North America witnessed considerable growth in the market over the past few years. It has been mainly attributed to their high demand across a range of industries, including hospitality, food and beverage, healthcare, and residential applications. The strong demand for ice makers was influenced by the region’s vast commercial sector, constantly expanding over the historical years. Consumers across the US & Canada have been observed to largely prefer ice in their beverages, both alcoholic & non-alcoholic, which has sustained the need for such ice makers across the food outlets such as restaurants, cafes, fast-food outlets, hotels, etc., in the region.

The presence of major market players, with high investment in innovation & technological progress also supported market growth. To improve the effectiveness, performance, and features of ice makers the North American manufacturers make significant investments in research & development, which would also help maintain their position in the market in the coming years.

Besides, Asia-Pacific is also projected to account for the notable market share in the coming years, mainly attributed to the growth of industrial & commercial sectors, especially across China, India, etc. Food manufacturers like MeisterWurst, White Rabbit Ice Cream, etc., have announced their expansion plans in recent years, across the region. This expansion of food manufacturing units is presumed to upscale the growth in market demand across the Asia Pacific in the upcoming years.

Global Ice Maker Industry Recent Development:

• 2022: AstroAI launched a nugget ice maker brand- HiCOZY. With its unique Quicool technology, the highly-efficient compressor makes ice in just 5 minutes, approximately 3 times faster than the market average, and produces 55lb of ice per day.

Gain a Competitive Edge with Our Global Ice Maker Market Report

1. Global Ice Maker Market Report by Markntel Advisors provides a detailed & thorough analysis of market size, growth rate, competitive landscape, and key players. This comprehensive analysis helps businesses gain a holistic understanding of the market dynamics & make informed decisions.
2. This report also highlights current market trends & future projections, allowing businesses to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
3. Global Ice Maker Market Report aids in assessing & mitigating risks associated with entering or operating in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, businesses can develop strategies to minimize risks & optimize their operations.