Ice Makers Market Size was valued at USD 2,649.4 billion in 2023. The Ice Makers market industry is projected to grow from USD 2,725.5 billion in 2024 to USD 3,827.9 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.24% during the forecast period (2024 - 2032). The growth of the food service industry and product innovation are driving market growth.
Source Secondary Research, Primary Research, MRFR Database, and Analyst Review
Growing food service industry boosts the market growth.
A significant producer of ice is the food service sector. A sizable portion of ice maker sales is attributable to restaurants, cafés, bars, and hotels. Ice makers are preferred by foodservice operators for a variety of alcoholic and non-alcoholic beverages. Clear ice is desired by the food industry due to its aesthetically pleasing look. In addition, clear, bubble-free, and impurity-free ice melts more slowly than regular ice, limiting the amount of dilution of beverages. Sales of ice makers in the catering food service sector are also increasing because of the rise in the consumption of mocktails and cocktails during social gatherings, business conferences, and concerts. As a result, the food service sector is a significant market for ice maker producers worldwide.
Additionally, The US National Restaurant Association projects that the country's restaurant business generated USD 789 billion in sales in 2021. Similarly, the Indian food service sector is anticipated to grow at a CAGR of 9% from 2020 to 2025, according to the Federation of Indian Chambers of Commerce and Industry (FICCI).
However, Due to shifting consumer tastes, product innovation is a constant process that should provide market players with profitable growth prospects. Market participants continually spend money on R&D to introduce new product models that meet shifting consumer demand. To meet the need for edible ice used in beverages, market competitors have introduced ice makers that produce soft ice pellets. Similar to this, growing customer demand for ice makers in various sizes, shapes, capacities, and price points is driving industry participants to introduce new products. Innovative ice shapes are preferred by food service providers for usage in cocktails at chains of fine dining establishments, bars, and fast-food restaurants. Cocktail recipes specify the sort of ice that should be used, increasing the demand for various types of clear ice which is another factor driving the growth of the Ice Makers market revenue.
The Ice Makers market segmentation, based on product type, includes modular ice makers, under-counter ice makers, countertop ice makers, and ice dispensers. The modular Ice Makers segment held the majority share in 2021 contributing to around ~40% respect to the Ice Makers market revenue. This is primarily owing to the rising because they are a fantastic solution for most industries and provide a variety of space and size alternatives. Modular ice machines offer a great deal of versatility because they may be combined with various ice dispensers and bins, including soda dispensers.
August 2019 Koller Ice Maker applied in the tunneling of concrete in Hainan, China. That can make a 25 kg ice block, which is used to regulate the concrete's temperature in order to maintain the concrete's strength.
December 2022 The NewAir Portable Ice Maker was awarded as the Best Countertop Ice Makers producer, According to Rigorous Testing.
Figure 2: Ice Makers Market, by Type, 2023 & 2030
Source Secondary Research, Primary Research, MRFR Database, and Analyst Review
The Ice Makers market segmentation, based on end use, includes residential and commercial. The commercial segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. This is due to the commercial ice machines being utilized in a variety of industries including food service, healthcare, and hospitality. These machines make ice in a variety of shapes, sizes, and forms such as crushed, diced, ground, flaked, and many more. Hence, the rising demand for commercial ice makers positively impacts market growth.
Figure 3: Ice Makers Market, by End Use, 2021 & 2030
Source Secondary Research, Primary Research, MRFR Database, and Analyst Review
The Ice Makers market data has been bifurcated by distribution channel into store based and non-store based. The store-based segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. Supermarkets and hypermarkets, as well as specialty stores, use store-based distribution channels to circumvent intermediaries in the supply chain and offer products directly to consumers, lowering operating costs. Supermarkets and hypermarkets also play an important role in the distribution of ice. Some prominent manufacturers, including Welbilt Inc., Direct Catering Products Ltd., and Figor Industrial, focus on store-based distribution, which avoids the retailer's distribution center.
July 2022 Hoshizaki Corporation has acquired a well-known Chinese catering equipment reseller after indicating its desire to expand into commercial kitchen design and fit outs in that region. The acquisition will focus on expanding in Hoshizaki’s acquires icemaker competitor Bremao the multi-site restaurant, supermarket, and convenience store channels, which Hoshizaki expects to increase its profitability in the ice makers industry.
Figure 4: Ice Makers Market, by Distribution Channel, 2021 & 2030
Source Secondary Research, Primary Research, MRFR Database, and Analyst Review
By Region, the study segments the market into North America, Europe, Asia-Pacific, and the Rest of the World. The North America Ice Makers market accounted for USD 787.76 million in 2021 and is expected to exhibit a 2.59% CAGR during the study period. North America is an attractive market for manufacturers of ice makers. The expansion of the regional market is attributable to the presence of a well-established food service sector with lots of pubs and restaurants. The regional market is expanding as a result of the rising alcoholic and other beverage consumption, manufacturer product portfolio expansion, and a sizable consumer base.
Further, the major countries studied are the U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 5: ICE MAKERS MARKET SHARE BY REGION 2021 & 2030 (%)
Source Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe Ice Makers market accounts for the second-largest market share. The Ice makers market in Europe is expected to grow during the assessment period owing to factors such as increasing expenditure on home appliances and the launch of premium products. Further, the Germany Ice Makers market held the largest market share, and the UK Ice Makers market was the fastest-growing market in the European region.
The Asia-Pacific Ice Makers Market is expected to grow at a significant CAGR from 2022 to 2030. This is due to the region's growing food and beverage, and pharmaceutical industries. Moreover, the China Ice Makers market held the largest market share, and the India Ice Makers market was the fastest-growing market in the Asia-Pacific region.
Major market players are spending a lot of money on R&D to increase their product lines, which will help the Ice Makers market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Ice Makers industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies adopted by manufacturers in the Ice Makers industry to benefit clients and expand the Ice Makers’ market sector is to manufacture locally to reduce operating costs.
Hoshizaki Corporation is a well-known ice makers company committed to improving the lives of people through world-class ice-making services, and solutions. In January 2022 Hoshizaki acquires rival icemaker Brema. The acquisition is taking place through the Japan-headquartered firm's European subsidiary, Hoshizaki Europe Holdings, with the division declaring that the purpose of the move is to make it "the number one commercial icemaker manufacturer in Europe". Hoshizaki stated in a statement that the acquisition will expedite its progress in the market that it considers one of its top priorities, and it explained why it was buying a dealer business.
Also, Koller refrigeration & equipment (Hong Kong), a leader in ice making uses their world-class ice maker in tunneling concrete cooling in Hainan, China. This can make a 25kg ice block, which is used to manage the temperature of the concrete to ensure its strength. Further, in January 2021, Cornelius Inc. (US) gets $ 3 million in ARPA funding.
NewAir (US)
Koller 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)
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.
Modular Ice Maker
Undercounter Ice Maker
Countertop Ice Maker
Ice Dispenser
Residential
Commercial
Store Based
Non-Store Based
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 2,649.4 billion |
| Market Size 2024 | USD 2,725.5 billion |
| Market Size 2032 | USD 3,827.9 billion |
| Compound Annual Growth Rate (CAGR) | 4.24% (2024-2032) |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2018 & 2022 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Type, End Use, Distribution Channel, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | NewAir (US), Koller 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), and Marel (Iceland). |
Frequently Asked Questions (FAQ) :
The ice makers market crossed a valuation of USD 2,649.4 billion in 2023.
The U.S ice makers market is valued at USD 293.28 million in 2021.
4.24% CAGR is the growth rate of the ice makers market.
North America region held the largest market share in the ice makers market.
The companies such as Welbit (US), Direct Catering Products (England), Fagor Industrial (Spain), Hoshizaki (Japan), and ITV Ice Maker (US) are the key players in the ice makers market.
Modular Ice Maker is the major type that led the ice makers market.
Commercial type had the largest market share in the ice makers market.
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