Selbyville, Delaware, Aug. 04, 2021 (GLOBE NEWSWIRE) --
Global Market Insights Inc. has recently added a new report on the ice maker market which estimates the market valuation for ice making machines will cross US$ 2.5 billion by 2027. Growing global foodservice industry is boosting the industry growth. The demand for residential ice maker machines is rising due to growing disposable incomes and changing consumer lifestyles in North America & Europe. Household ice cube makers are used to serve chilled beverages and store groceries & processed foods. These machines are easy to use and require less maintenance, propelling their market growth.
Rapid development in the hospitality industry and the emergence of high-end boutique bars will drive the market demand for ice-making machines over the forecast period. Manufacturers are developing a new variety of ice machines to offer ice in various shapes & sizes owing to changing consumer preferences. Furthermore, new product development trends have increased industry competition, resulting in energy-efficient and technologically advanced ice machines.
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The ice maker industry was severely affected due to COVID-19 and resulted in the drastic fall in demand for seafood and meat products. The rapid spread of the virus among workers resulted in the complete shutdown of meatpacking facilities. Meat producers faced several challenges in harvesting, processing, and distribution facilities owing to travel restrictions. In addition, a fall in disposable income resulted in reduced demand for processed food items. The ice market is expected to witness recovery owing to safety measurements taken in the food processing & meatpacking industries and ease in food trade restrictions globally.
Nugget ice makers are expected to witness a steady growth rate over the forecast period. Growing demand for specialty drinks, such as presentation drinks, cocktails & expensive drinks, in bars, hotels, and high-end restaurants is driving the growth of nugget ice makers across the globe. Nugget ice helps in retaining the flavor of the drink as it is porous and absorbs the flavor of the beverage. Furthermore, nugget ice is extensively demanded in the healthcare sector due to its chewable nature and easy consumption by patients.
Middle East will drive the ice maker market development of restaurant chains and luxury hotels along with supermarkets and hypermarkets in the market growth over the forecast timeframe. According to Hospitality Net 2021, Saudi Arabia is anticipated to witness a 67.1% increase in hotel room supply over the next three years. Furthermore, the growing demand for processed food & beverages is supporting the adoption of ice maker machines in the region.
These companies are focusing on new product launches with energy-efficient performance to comply with energy regulations. For instance, in June 2019, Scotsman introduced the MXG938, a modular ice cube machine. The model can produce 400kg of crystal-clear gourmet ice cubes per day, which last longer and do not dilute the drink. The model is compact, reliable, and has a lower carbon footprint.
Some key findings in the ice maker market report include:
- Increasing usage of ice makers in the healthcare industry for various applications such as cold compression therapy, rehabilitation procedures, and tissue & organ transplantation. Ice makers are used to produce hazard-free fresh ice to store organs.
- The demand for versatile ice cube makers with dispensers is on the rise from large hotels, restaurants, and resorts to offer consistent & reliable ice to visitors. Furthermore, undercounter ice maker systems are witnessing high demand from boutique restaurants to offer specialty ice to their customers.
- Growing transportation and trade activities of meat & seafood products, primarily in Asia Pacific and Europe will drive the adoption of commercial fake ice machines.
- Market players use natural refrigerants, such as carbon dioxide, ammonia, or propane, to reduce the environmental impact. They are developing energy-efficient products with advanced cleaning technology that consumes low electricity & water.
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Partial chapters of report table of contents (TOC):
Chapter 3 Industry Insights
3.1 Industry segmentation
3.2 Impact of COVID-19 on ice maker industry landscape
3.2.1 Global outlook
3.2.2 Regional impact
3.2.2.1 North America
3.2.2.2 Europe
3.2.2.3 Asia Pacific
3.2.2.4 Latin America
3.2.2.5 MEA
3.2.3 Industry value chain
3.2.3.1 Research & development
3.2.3.2 Manufacturing
3.2.3.3 Marketing
3.2.3.4 Supply
3.2.4 Competitive landscape
3.2.4.1 Strategy
3.2.4.2 Distribution network
3.2.4.3 Business growth
3.3 Industry ecosystem analysis
3.3.1 Component suppliers
3.3.2 Technology providers
3.3.3 Manufacturers
3.3.4 End use landscape
3.3.5 Distribution channel analysis
3.3.6 Vendor matrix
3.4 Technology & innovation landscape
3.5 Regulatory landscape
3.5.1 North America
3.5.2 Europe
3.5.3 Asia Pacific
3.5.4 Latin America
3.5.5 MEA
3.6 Industry impact forces
3.6.1 Growth drivers
3.6.1.1 Positive outlook of the food & beverage industry globally
3.6.1.2 Growing adoption of ice makers in healthcare sector
3.6.1.3 Increasing shift towards household ice makers due to rise in consumer disposable income in North America
3.6.1.4 High growth of hospitality industry in MEA and Europe
3.6.1.5 Increasing demand for ice flakes from transportation & logistics sector in Europe
3.6.1.6 Development of the e-commerce industry in Latin America and Asia Pacific
3.6.2 Industry pitfalls & challenges
3.6.2.1 High initial investment
3.6.2.2 Emergence of multi-functional refrigerators with in-built ice machines
3.7 Growth potential analysis
3.8 Porter's analysis
3.8.1 Supplier power
3.8.2 Buyer power
3.8.3 Threat of new entrants
3.8.4 Threat of substitutes
3.8.5 Internal rivalry
3.9 PESTEL analysis
3.9.1 Political
3.9.2 Economic
3.9.3 Social
3.9.4 Technological
3.9.5 Environmental
3.9.6 Legal
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.