Global Ice Cream Machine Market To Grow At a CAGR Of 10% During The Forecast Period
The ice cream machine market is driven by technological advancements & innovation, and portfolio extension, enabling product premiumization. Premiumization is a market strategy which influences customers in purchasing expensive products owing to high brand equity. Rising demand for homemade ice creams has fueled the domestic demand of the market.
The market is estimated to grow at a CAGR of approximately 10% over the forecast period. The top 3 global key players accounted for approximately 60% of the market share. The market is diversified in several large international players and a number of small players. The key players in the market include TAYLOR, Tetra Pak, Gram Equipment, Electro Freeze, CARPIGIANI, Tekno-Ice, and others.
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Digital Presence To Fuel The Market Growth
Digital campaigns for consumer engagements is the core market trend which has driven the growth of the market. Engaging promotional activities on social media is a key growth factor that has led to a radical change in the advertising activities by the key players operating in the market. Online media is drastically and quickly changing the way the products have marketed earlier. Print media is diminishing with the presence of several internet applications.
Nowadays, the players in the market are moving towards technology to introduce their product innovatively, with several digital marketing campaigns and promotional activities for the sales of ice-cream machines. Involvement of consumers in more and more social media platforms has increased the demand for the digital promotion of ice-cream machine.
China To Dominate The Market With The Highest Revenue Market Share And Norway To Lead The Market With The Highest Consumption Share
The global market is dominated by China owing to its highly equipped technological advancements. The country is projected to dominate the market over the forecast period with the highest revenue market share of approximately 25%. The sales in China accounted for the year 2016 was USD 4.3 billion. In terms of consumption, Norway is leading the market, consuming 9.8 liters per capita in 2016, followed by Australia at 9.4 liters and Sweden at 8.9 liters.
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The U.S. is the second largest market following China, owing to the technological advancements and the availability of highly specialized technicians. The market is projected to grow at a moderate rate. Europe is extensively showing a sluggish growth rate since the past few years.
Reduction In Prices Is Projected To Bring Up Future Opportunities
Consumers are very price sensitive and the cost of the ice cream machine is quite high. Additionally, ice creams, in general, are only purchased during festivals and special occasions, concerning the high price factor. However, decreasing price of the ice cream machine would enable customers to switch for homemade ice creams against the purchase of ready-made ice creams. Reduction in the the purchase of ready-made ice creams will directly influence the sales of the ice cream machine.
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