Ice Makers Market Overview
As of 2021, the ice makers market size was valued at USD 2.21 billion. The industry is projected to witness continued growth, with market projections reaching USD 2.30 billion in 2022 and USD 3.16 billion by 2030 and grow at a (CAGR) of 4.07% during the forecast period from 2022 to 2030.
The demand for ice makers varies across regions based on factors such as climate, industrial activities, and the presence of the food service and hospitality sectors. Regions with warmer climates and a strong hospitality industry typically have a higher demand for ice makers.
The ice makers market has been experiencing steady growth due to the rising demand for ice-making equipment in various industries and applications. Ice makers, also known as ice machines or ice generators, are appliances that produce ice in various forms, such as cubes, flakes, or nuggets, for commercial and residential use.
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Key Players
Ice Makers market Key Companies include
· NewAir (US)
· refrigeration & Equipment (Hong Kong)
· Cornelius, Inc. (US)
· North Star Equipment (US)
· Welbilt Inc. (US)
· Direct Catering Products (England)
· Fagor Industrial (Spain)
· Hoshizaki Corporation (Japan)
· ITV Ice Maker (US)
· Marel (Iceland)
Market Size and Growth:
The ice makers market had been witnessing continuous growth due to the increasing demand from the food and beverage industry, restaurants, bars, hotels, and other commercial establishments. The rising popularity of outdoor entertaining and recreational activities also contributed to the market's expansion.
Ice Makers Market Segmentation
The ice maker market encompasses a variety of types catering to diverse needs across residential and commercial sectors. Among the types, modular ice makers, undercounter ice makers, countertop ice makers, and ice dispensers are prominent, each offering unique features and functionalities to meet specific requirements. Modular ice makers are commonly used in commercial settings due to their large production capacity and flexibility, while undercounter and countertop ice makers are favored for their compact size and suitability for residential and small-scale commercial use. Ice dispensers provide convenient access to ice, often found in hotels, restaurants, and other hospitality establishments.
In terms of end-use outlook, both residential and commercial sectors drive the demand for ice makers. Residential users seek ice makers for home use, while commercial establishments such as restaurants, bars, hotels, and healthcare facilities rely on them for their operational needs.
Furthermore, the distribution channels for ice makers include both store-based and non-store-based channels, allowing customers to purchase them through traditional brick-and-mortar stores as well as online platforms and specialty retailers.
Lastly, the regional outlook for ice makers varies across different parts of the world. In North America, particularly the United States, and Europe, the demand for ice makers is significant due to their widespread use in various sectors. Meanwhile, in the rest of the world, including regions outside North America and Europe, the market landscape for ice makers may vary based on factors such as economic development, consumer preferences, and infrastructure availability.
Ice Makers Industry Developments
February 2022
Marel acquired an additional 50.0% of the share capital of Curio ehf. ("Curio") on February 1, 2022, increasing Marel's total share to 100%.
March 2022
Welbilt, Inc. announced the signing of a formal agreement to sell its Manitowoc Ice business to Pentair plc for approximately 1.6 billion USD in cash, subject to usual post-closing adjustments. Manitowoc Ice creates, manufactures, and sells a complete line of ice machines. This divestiture assisted the corporation in avoiding insolvency, reducing debts, and maintaining a low debt-to-equity ratio.
April 2022
Marel completed the acquisition of Sleegers Techniek B.V.'s ("Sleegers") whole share capital. Sleegers is a Dutch company that provides interleaving, stacking, loading, and slicing solutions to food processors all over the world. Marel's position in the case-ready and prepared meals areas will be strengthened by the two firms' combination offerings in the ice makers industry.
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