New York, USA, Oct. 25, 2022 (GLOBE NEWSWIRE) — Ice Makers Market Overview
According to a comprehensive research report by Market Research Future (MRFR), “The global ice maker market will reach USD 3, 165.1 million at a CAGR of 4.07% by 2030”.
Ice makers are widely used in the food service industry. Restaurants, bars, cafes and hotels make up a significant portion of ice maker sales. Food service providers prefer ice makers for a variety of alcoholic and non-alcoholic beverages. Clear ice is preferred in the food industry because of its aesthetic appearance; in addition, clear, bubble-free, and impurity-free ice melts slowly compared to regular ice, limiting beverage dilution. Increasing consumption of mocktails and cocktails at corporate conferences, social gatherings, and concerts is also increasing sales of ice makers in the catering food service industry. The growing food service industry will contribute to the growth of the market over the forecast period.
Prominent industry players profiled in the global ice makers market report include,
Increasing Adoption in the Healthcare Industry to Offer Strong Opportunities
Increasing adoption of ice makers in the healthcare industry will provide lucrative opportunities for this market in the forecast period. The growing healthcare industry is driving the use of ice makers for medical and treatment purposes. These machines are used to produce safe and fresh ice to store organs for a long period of time. One of the main factors driving the demand of the ice maker industry is the increased use of ice in tissues, cold compression therapy, and organ transplantation. Increasing demand for energy efficient ice machines to reduce water and electricity consumption in the healthcare industry will accelerate the market representation.
Market Restraints and Challenges for Ice Makers
High Initial Investments to act as a Market Restraint
Ice makers vary in capacity, size and cost. Setting up a new ice maker manufacturing plant requires large initial investments as well as working capital. The installation and maintenance of ice maker production lines requires significant working capital because the type of clear ice maker varies depending on the end users, including restaurants, cafes, households, hospitals, & crops, among others. Besides being an expensive endeavor, manufacturing an ice maker requires professional expertise and skilled labor. High manufacturing costs translate into high product prices, further hampering market growth. In addition, large investments are required from the need for flexible production lines to meet the changing demand for different types of ice makers. As a result, the high initial investment & The working capital required to set up a clear ice maker manufacturing plant is a major factor hindering the growth of the global Ice Maker Market.
Ice Makers Market Segmentation
The global bifurcated ice makers market is based on distribution channel, end use, and type.
By type, modular ice maker will dominate the market over the forecast period.
By end use, commercial will dominate the market in the assessment period.
By distribution channel, store-based will dominate the market over the forecast period.
Browse In-Depth Market Research Report (100 Pages) on Ice Makers Market:
The Ice Maker business has been negatively impacted by the COVID-19 epidemic and is expected to continue to do so. The COVID-19 pandemic outbreak has multiple risks. COVID-19 spread globally in 2020 and continues to affect economic activity worldwide. Global capital markets and volatility have been affected by COVID-19, as well as an economic slowdown in 2020. The Ice Makers Market has been negatively impacted by the COVID-19 pandemic, as well as the resulting economic uncertainty in most geographies and across a wide range of customers. In response to COVID-19, governments around the world have implemented measures such as travel bans, business closures, bans on events and group gatherings, shelter-in-place orders, curfews, and recommendations to practice social distancing. These restrictions have weakened activity and forced the temporary closure of manufacturing facilities.
Regional Analysis of the Ice Makers Market
North America to lead the Ice Makers Market
North America is expected to account for 35.64% of the Global Ice Makers Market in 2021, with the market developing at a CAGR of 3.95%. The North American market, including the United States, Canada, and Mexico, is expected to account for a significant share of the Global Ice Makers Market during the review period. North America is a desirable market for ice maker manufacturers. The presence of an established food service industry with a large number of bars and restaurants is responsible for the growth of the regional market. The consumption of alcohol & Alternative beverages, expanding product portfolios of manufacturers, and the presence of a diverse consumer base are driving regional market growth.
Europe With Admirable Growth in Ice Makers Market
Europe is expected to account for 33.05% of the Global Ice Makers Market in 2021, with the regional market growing at a CAGR of 4.20%. The Ice Makers Market in Europe is expected to grow during the assessment period owing to factors such as rise in home appliance spending and introduction of premium products. Germany will be the largest country-level market in 2021, with a market share of 21.45%; The German market is expected to grow at a CAGR of 4.44%. The French market is expected to grow at the fastest rate of 4.59%, accounting for 15.16% of the European market in 2021. The United Kingdom, Italy, & The other significant markets at country level were Spain, which accounted for 18.21%, 11.23%, & 8.13% of the European market, respectively. In addition, the growing pharmaceutical industry in Europe, where ice is used in several processes, is driving the regional market.
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