The global market for undercounter ice makers is predicted to reach a value of US$ 774.5 million by the year 2023. As concerns regarding the environment continue to rise, there is a growing potential for expansion within the undercounter ice makers market. Projections indicate that this market will experience a Compound Annual Growth Rate (CAGR) of 3.9% from 2023 to 2033, ultimately reaching a cumulative worth of approximately US$ 1,135.4 million by 2033.
According to an analysis conducted by Future Market Insights, the food service sector encompasses a diverse array of enterprises such as restaurants, cafés, bars, hotels, and catering firms. Within all these ventures, ice plays a crucial role in preserving food and facilitating beverage provision. For instance, ice serves various purposes such as maintaining the cold temperature of drinks, cooling food items for storage or presentation, and preparing blended beverages or cocktails.
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Driving Forces and Emerging Trends in the Undercounter Ice Makers Market
One of the key drivers of the market growth is the increasing demand from commercial establishments. Undercounter ice makers are commonly used in restaurants, bars, and other commercial establishments that require a steady supply of ice. With the growth of the hospitality industry and the increasing number of food service establishments, the demand for undercounter ice makers is expected to grow significantly in the coming years.
The growing popularity of home bars and entertainment areas is accelerating the demand for Undercounter Ice Makers. Many homeowners are investing in home bars and entertainment areas, which often include an undercounter ice maker as a key component. With the increasing popularity of home entertainment, the demand for undercounter ice makers is expected to grow in the coming years.
Another factor such as technological advancements is also expected to boost the market prospects. Undercounter ice makers are becoming increasingly advanced, with features such as touchless dispensing, built-in water filtration systems, and Wi-Fi connectivity. As these machines become more advanced and convenient to use, the demand for them is likely to increase.
The increasing emphasis on hygiene and safety is a major factor that is likely to create lucrative opportunities for market growth. With the ongoing COVID-19 pandemic, there is an increased emphasis on hygiene and safety in commercial and residential settings. Undercounter ice makers that feature built-in antimicrobial protection or touchless dispensing are likely to become more popular as consumers seek out products that help them maintain a safe and clean environment.
The increasing availability of financing options is anticipated to propel the growth of the market. Undercounter ice makers can be a significant investment for commercial and residential users. The increasing availability of financing options, such as leasing or instalment plans, makes it easier for consumers to purchase these machines and is likely to drive demand in the coming years.
Key Takeaways from the Market Study
- Global Undercounter Ice Makers Market was valued at US$ 745.4 million by 2022-end.
- From 2018 to 2022, the market demand expanded at a CAGR of 2.2%.
- North America is expected to hold the highest CAGR of 3.8% during the forecast period.
- By equipment type, the self-contained unit segment is expected to constitute a CAGR of 3.8% in 2033.
- On the basis of distribution channels, the offline store’s segment is expected to dominate the market with a CAGR of 3.7% in 2033.
Key Companies Profiled:
Prominent players in the undercounter ice makers market are Avallon, EdgeStar, Hestan, Ice-O-Matic, IMI Cornelius, KD Industries, Hoshizaki, Manitowoc, Scotsman, Snowsman, Summit, and Avanto Ice machines, among others.
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Key Segments Covered:
By Equipment Type:
- Ice Making Head
- Remote Condensing Unit
- Self-Contained Unit
By Ice Maker Type:
- Continuous
- Nuggets
- Flakes
- Batch
By Cooling Media:
- Air Cooled
- Water Cooled
By Distribution Channel:
- Offline Stores
- Hypermarkets/Supermarkets
- Independent Store
- Multi-brand Store
- Specialty Stores
- Online Retail Stores
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
About Future Market Insights (FMI)
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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