In the year 2023, the global market for Nugget Ice Machines is projected to attain a valuation of US$ 80.9 Million. According to insights from Future Market Insights, this market is set to flourish, exhibiting a Compound Annual Growth Rate (CAGR) of 5.16% between 2023 and 2033. By the close of 2033, the market is anticipated to reach a substantial worth of US$ 133.9 Million.
The burgeoning demand for ice in developing nations for culinary purposes is a prime catalyst driving the ascent of the nugget ice machine market. The expansion of the food services, beverage, and hospitality sectors further contributes to the market’s upward trajectory. Moreover, the utilization of ice for medical applications such as pain relief, swelling reduction, and heat therapy in healthcare facilities like hospitals and clinics is bolstering the growth of the nugget ice machine market. The healthcare industry, in particular, is fostering market expansion through the escalating adoption of ice for critical medical conditions.
Nevertheless, the notable surge in ice maker prices could impede market growth, posing challenges for businesses aiming to procure suitable ice machines, requiring specialized expertise and substantial investments. Additionally, these machines demand a considerable amount of space, necessitating regular cleaning efforts.
Key Takeaways:
- The global nuggets ice machines market grew at a CAGR of 3.5% from 2018 to 2022
- 85% of people in North America prefer to drink alcoholic beverages thus, giving rise to the nugget ice machine market.
- In 2023, the nugget ice machine market holds around 60% to 65% of the market share.
- Stainless steel is expected to dominate the market share under material-wise segmentation.
- The online website segment is said to drive the nugget ice machine market under sales channel segmentation.
Competitive Landscape:
Some of the prominent players in the global market are-
- Frigidaire
- NewAir
- hOmeLabs
- MC Appliances (Magic Chef)
- Whynter
- EdgeStar
- Scotsman Ice Systems
- Maxx Ice
- Summit Appliances
- GE Appliances
- Crownful
Some of the important developments of the key players in the market are:
- In April 2023, HiCOZY dual-mode countertop nugget ice maker is said to have a water line hookup available that includes both eco and cycle modes and it has a plastic hoop that is likely to be sturdy.
More Valuable Insights Available:
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To understand opportunities in Nerve Entrapment Syndrome treatment, the market is segmented based on major Installation type (Countertop, freestanding, under counter, wall mounted) Material Type (metal, plastic, stainless steel), Production Capacity (up to 700pounds, 700 pounds to 1400 pounds, above 1400 pounds), Sales channel (Online websites, offline stores, hypermarket, specialty store), Regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa).
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Key Segments Profiled in the Nuggets Ice Machine Market Report
By Installation Type:
- Counter Top
- Free Standing
- Under counter
- Wall Mounted
By Production Capacity (Per 24 hrs):
- Up to 700 Pounds
- 700 to 1400 Pounds
- Above 1400 Pounds
By Material:
- Metal
- Plastic
- Stainless Steel
By Sales Channel:
- Online Website
- Offline Stores
- Hyper Market
- Speciality Store
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.
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