Ice Maker Market Growth, Size, Trends, Analysis Report by Type, Application, Region and Segment Forecast 2021-2025

The ice maker market share is expected to increase by USD 2.36 billion from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 8.99%.

This ice maker market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers ice maker market segmentations by product (ice cube, ice flake, and ice nugget), end-user (foodservice, retail, and healthcare), and geography (North America, Europe, APAC, South America, and MEA). The ice maker market report also offers information on several market vendors, including AB Electrolux, Biolab Scientific Ltd., Bionics Scientific Technologies (P) Ltd., Blue Star Ltd., Danfoss AS, Haier Smart Home Co. LTD., HOSHIZAKI Corp., Howe Corp., The Middleby Corp., and Whirlpool Corp. among others.

What will the Ice Maker Market Size be During the Forecast Period?

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Ice Maker Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The growth in organized retail is notably driving the ice maker market growth, although factors such as phasing out of refrigerants may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the ice makert industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Ice Maker Market Driver

The growth in organized retail is one of the key factors driving the growth of the global ice maker market. The increase in consumer spending at supermarkets and grocery stores has triggered the expansion of such store formats around the world. People are spending more at retail establishments such as supermarkets, convenience stores, and hypermarkets. The growth in consumers' spending at these retail outlets has influenced the various retail brands to expand. For instance, in March 2021, Samsung Electronics launched a 4-door flex refrigerator with a dual auto ice maker. The product comprises two separate ice makers that make regular cubed ice and smaller ice bites simultaneously. Such product development is expected to accelerate the workflow in restaurants, hotels, and food services. Supermarkets, hypermarkets, and convenience stores are expanding and are increasingly investing in better technologies to provide chilled food that is safe for consumers. The average size of retail stores is expected to increase for creating more floor space to accommodate food displays, a major area where ice flakes are used. The ice maker vendors can leverage this as an opportunity and develop high-quality and energy-efficient ice flake makers to accelerate growth.

Key Ice Maker Market Trend

The increasing focus on energy-efficient ice makers will fuel the global ice maker market growth. The end-users of the ice maker are largely inclining toward energy-efficient ice makers. Thus, the vendors are also focusing more on developing those technologies, which make the equipment ENERGY STAR qualified. For instance, Scotsman Ice Machines' ice cube maker model CU3030 PRODIGY is certified by the ENERGY STAR. The company claims that CU3030 PRODIGY saves up to 15% energy as compared with the standard ice makers, and on average, the equipment saves up to $198 annually. The vendors are also focusing on developing newer technologies to make the ice makers more energy efficient. For instance, Howe provides a programmable clock timer, which can be set up for ice flake makers to run longer time on the days when complete de-icing is required and run a shorter time when only a smaller quantity is needed, resulting in energy savings.

Key Ice Maker Market Challenge

The phasing out of refrigerants is a major challenge for the global ice maker market growth. Ice makers manufactured by the vendors are specifically designed and developed to make the equipment sustainable and efficient, and the refrigerants used in the ice makers have great significance. The US Environmental Protection Agency (EPA) has plans to phase out certain refrigerants that are contributing to global warming. Refrigerant R-22 is set to phase out from the US in 2020. R-22, which is an HCFC refrigerant, is readily used in the foodservice industry and has been linked to ozone depletion, and comes under intense scrutiny. The EPA has planned to phase out the R-22 manufacturing and importing in the US by allowing only around 10 million pounds in 2018, around five million pounds in 2019, and no new or imported R-22 allowed in 2020. While vendors are working on these challenges, it can consume significant time and resources owing to the problems of feasibility and economic justification. For instance, Hoshizaki is concerned regarding the volatility of R-290 and its effect on service technicians, who will be working on the units and their transport.

This ice maker market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Parent Market Analysis

Technavio categorizes the global ice maker market as a part of the global household appliances market within the global household durables industry. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the ice maker market during the forecast period.

Who are the Major Ice Maker Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

• AB Electrolux
• Biolab Scientific Ltd.
• Bionics Scientific Technologies (P) Ltd.
• Blue Star Ltd.
• Danfoss AS
• Haier Smart Home Co. LTD.
• HOSHIZAKI Corp.
• Howe Corp.
• The Middleby Corp.
• Whirlpool Corp.

 

This statistical study of the ice maker market encompasses successful business strategies deployed by the key vendors. The ice maker market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

• AB Electrolux - The company offers ice makers and flakers designed to meet all sizes of catering outlets, with an impressive range of 21 models producing from 21-200 kg of cubes per 24 hours or 90-500 kg of ice flakes per 24 hours.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The ice maker market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Ice Maker Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the ice maker market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of the global household appliances market includes the following core components:

• Inputs
• Inbound logistics
• Operations
• Outbound logistics
• Marketing and sales
• Service
• Support activities
• Innovation

The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

Which are the Key Regions for Ice Maker Market?

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31% of the market’s growth will originate from North America during the forecast period. The US is the key market for ice maker market in North America. Market growth in this region will be slower than the growth of the market in regions.

The growth in organized retail will facilitate the ice maker market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The increasing prevalence of COVID-19 slightly impacted the ice maker market in North America in 2020.  The rising number of deaths from COVID-19 led to the imposition of lockdowns in various countries in the region. The restriction resulted in the temporary shutdown of restaurants, hotels, and retail stores, primarily during the first half of 2020.  However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to the resumption of supply chain activities. Such factors are expected to drive the market during the forecast period

What are the Revenue-generating Product Segments in the Ice Maker Market?

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The ice maker market share growth in the Ice cube segment will be significant during the forecast period. The ice cube makers are mostly popular in the food service industry, where the customers are served cold beverages. In most bars, quick-service restaurants (QSRs), field service representatives (FSRs), and hotels, cold beverages such as carbonated drinks, alcoholic beverages, and juices are served.

This report provides an accurate prediction of the contribution of all the segments to the growth of the ice maker market size and actionable market insights on post COVID-19 impact on each segment.

 

Ice Maker Market Scope
Report Coverage	Details
Page number	120
Base year	2020
Forecast period	2021-2025
Growth momentum & CAGR	Accelerate at a CAGR of 8.99%
Market growth 2021-2025	$ 2.36 billion
Market structure	Fragmented
YoY growth (%)	9.56
Regional analysis	North America, Europe, APAC, South America, and MEA
Performing market contribution	North America at 31%
Key consumer countries	US, China, UK, Germany, and Japan
Competitive landscape	Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled	AB Electrolux, Biolab Scientific Ltd., Bionics Scientific Technologies (P) Ltd., Blue Star Ltd., Danfoss AS, Haier Smart Home Co. LTD., HOSHIZAKI Corp., Howe Corp., The Middleby Corp., and Whirlpool Corp.
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Ice Maker Market Report?

• CAGR of the market during the forecast period 2021-2025
• Detailed information on factors that will drive ice maker market growth during the next five years
• Precise estimation of the ice maker market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the ice maker industry across North America, Europe, APAC, South America, and MEA
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of ice maker market vendors

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