Ice Maker Market Trends 2025 by Top Industry Players a & v Refrigeration Corp., AB Electrolux, Ali Group, ITV Ice Makers Inc., Manitowoc Ice (Welbilt), Whynter, LLC
According to the latest research study by Global Market Insights, Inc, the global ice maker market is expected to record 6% CAGR during the forecast period 2019-2025
Selbyville, DE -- (SBWIRE) -- 04/03/2020 -- Rise in disposable income among people has driven the tourism industry worldwide, influencing the growth of restaurant businesses and the food processing sector. Ice makers are an integral part of the food supply chain, facilitating the availability of fresh produce and meat. In 2017, the travel and tourism sector in the U.S. generated more than US$1.6 trillion and is likely witness over 95.5 million international visitors by 2023.
The booming travel industry is supporting the expansion of hotels and restaurants thereby positively reinforcing ice maker market share. In developing countries like India, China, Japan, Singapore, Korea, and Thailand, the hospitality sector accounts for a major section of the economy. The total number of foreign tourist arrivals (FTA) in India during the year 2018 was recorded at 10.56 million. Tourism has emerged as a key driver of growth in the country and possesses significant potential owing to its rich culture and heritage.
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According to the latest research report by GMI, ice maker market size is anticipated to surpass US$ 2.5 bn by 2025.
Commercial segment, including healthcare and foodservice is observing a dynamic growth in ice maker market. Several ice making manufacturers are delving on developing energy-efficient and restaurant-focused machines to keep up with the demand of end-users. Palpable demand for ice in food service sector has leveraged investment in R&D activities. Developing an ice making machine which intends to satiate customers' expectations has been indispensable to boost growth in delicate sectors such as food and beverage.
Health care industry has been the major recipient of ice maker systems meant for a slew of applications such as storing organs and rehabilitation procedures. Manufacturers are thinking beyond the realm of food service sector and expanding their penetration in healthcare industry. Accordingly, increased traction in commercial sector is anticipated to fuel ice maker market size.
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Are stakeholders focusing on ice nuggets to bolster ice maker market trends?
Increased traction towards ice nuggets has been underpinned by healthcare sector owing to easy consumption of nuggets. The chewable properties of nuggets have made nugget ice makers highly sought-after in hospitals and healthcare sector. Besides, nuggets are prevalently being used in commercial spaces, including departmental stores, shopping malls and bars.
In addition, manufacturers such as Scotsman, Hoshizaki, Manitowoc Ice have been emphasizing the development of hydrocarbon-based and technically sophisticated ice machines. Inevitably, stakeholders are counting on ice nuggets to augment ice maker trends.
What are the facets that are anticipated to spur MEA ice maker market share by 2025?
Middle East & Africa is replete with infrastructure development activities taking the shape of high-end restaurant chains, hypermarkets and supermarkets, thereby signifying what the region has to offer in next five years. According to data in the public domain by the International Trade Council, 20 new community shopping malls are set to be operational by 2020. With the highly anticipated FIFA World Cup 2022 in Qatar just around the corner and the impending World Expo 2020 in the UAE, demand for food & beverages will rise by leaps and bounds. Accordingly, stakeholders are keeping close eyes on the infrastructure development activities that will fuel ice maker market share by 2025.
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The major industry players include A & V Refrigeration Corp., AB Electrolux, Ali Group S.p.A., Brema Group S.p.A., Cornelius, Inc., Direct Catering Products Ltd., Hoshizaki Corporation, Howe Corporation, ITV Ice Makers Inc., Kold-Draft, Manitowoc Ice (Welbilt), Middleby Corporation, North Star Ice Equipment Corporation, Whynter, LLC
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