Ice Maker Market to Reach $2,784.2 Million by 2027, Driven by Demand from Foodservice and Food Processing Sectors

According to the latest report from Allied Market Research titled "Ice Maker Market by Product Type and Application: Opportunity Analysis and Industry Forecast, 2021-2027," the global ice maker market was valued at $2,330.6 million in 2019. It is anticipated to reach $2,784.2 million by 2027, with a compound annual growth rate (CAGR) of 4.4% from 2021 to 2027.

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An ice maker, also known as an ice machine or ice generator, is an electrical appliance designed to produce ice artificially. The competitive landscape among ice maker manufacturers is expected to intensify with the formulation of innovative and advanced solutions. Increased demand from the foodservice and food processing sectors is anticipated to drive market growth, alongside a rising preference for energy-efficient and water-saving products.

The COVID-19 pandemic has significantly impacted the ice maker market. Manufacturers face challenges in providing maintenance and installation services due to limited resources and lockdown restrictions. Workforce availability is restricted, leading to reduced overall production and challenges in product deliveries, further hindering market growth.

The shutdown of a significant portion of the hospitality industry, including full-service restaurants, pubs, bars, and quick-service restaurants, has severely affected ice maker sales. Additionally, disruptions in global supply chains, including material suppliers and distributors, have led to value sales losses.

The global ice maker market is segmented by product type, application, and region. Product types include modular ice makers, undercounter ice makers, countertop ice makers, and ice dispensers. Applications span food service, food processing, healthcare, retail outlets, and others. Regionally, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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In 2019, the modular ice maker segment held the largest market share in the ice maker market, with a CAGR of 3.3%. Modular ice makers, available in various sizes, cater to businesses such as hospitals and food services due to their ability to produce large quantities of ice. However, the countertop ice maker segment is expected to exhibit the highest CAGR during the forecast period.

The growth of the food service industry is a significant driver of the ice maker market. Factors such as increased business travel, urbanization, and the proliferation of food establishments like hotels and restaurants contribute to the growth of the hospitality sector, thereby boosting demand for ice makers. Changes in consumer food preferences and lifestyles, coupled with rising disposable incomes and digitization, have led to the expansion of quick-service and other restaurant formats, further propelling ice maker sales.

Countertop ice makers are expected to experience the highest growth rate during the forecast period, as they are designed for easy access on bars or counters, facilitating efficient ice serving. Additionally, residential countertop ice maker models with lower ice production rates cater to everyday home use, driving market expansion.

In terms of application, the "others" segment, including corporate offices and residential spaces, is projected to witness the highest CAGR. Corporate facilities often require ice makers in cafeterias for employee use, contributing to market growth. Furthermore, the increasing consumer preference for countertop ice makers presents significant opportunities for the ice maker market in terms of value sales.

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The global ice maker market is segmented by product type, application, and region. Product types include modular ice makers, undercounter ice makers, countertop ice makers, and ice dispensers. Applications span food service, food processing, healthcare, retail outlets, and others. Regionally, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Key Findings of the Study:

1. Product Type: The modular ice maker segment held the highest market share in 2019, growing at a CAGR of 3.3% from 2021 to 2027.

2. Application: The food service segment dominated the market in 2019 and is anticipated to maintain its dominance throughout the forecast period.

3. Region: North America accounted for the highest share in 2019 and is expected to grow at a CAGR of 2.9% during the forecast period.

Key Players:

- Hoshizaki Corporation
- Manitowoc Ice (Welbilt, Inc.)
- A & V Refrigeration Corp
- Ali Group S.p.A.
- Middleby Corporation
- Cornelius, Inc.
- Kold-Draft
- North Star Ice Equipment Corporation
- Whynter, LLC
- U.S. Ice Machine Mfg. Co.

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