January 16, 2020 by Pradeep
Clear Ice Makers Market is estimated to be valued at USD 2,861.1 Billion by 2025, registering a CAGR of 6.27% during the forecast period. The growth of the foodservice industry and increasing use of clear ice makers in households are the major factors driving market growth. Product innovation is expected to create new opportunities for vendors active in the global market. However, the need for high initial investments is restricting the growth of the market.
North America accounted for a dominant share of the global clear ice makers market in 2018. The regional market is projected to exhibit a CAGR of 6.13% during the review period. The increasing consumption of alcoholic beverages is anticipated to fuel the growth of the clear ice makers market in North America. Also, product launches are a major trend gaining traction in the North American clear ice makers market. The US accounted for 78.70% of the regional market in 2018 and the market is estimated to remain dominant during the forecast period. The European garnered a significant market share in 2018 and is expected to exhibit an above-average growth rate during the forecast period. However, the market in Asia-Pacific is projected to register the highest growth rate of 6.71% during the forecast period. Rapid urbanization and a growing number of restaurants and bars are anticipated to drive the growth of the clear ice makers market in the region.
The Global Clear Ice Makers Market has been segmented based on Product Type, Category, End Use, Distribution Channel and Region.
By product type, the market has been divided into flake ice makers, ice cube makers, nugget ice makers, and others. The ice cube makers segment accounted for the largest market share in 2018 and is expected to retain its dominance during the forecast period. Ice cubes are widely used in the food service industry. Ice in the form of cubes is the most preferred form for beverages, especially alcoholic beverages. The increasing consumption of alcoholic beverages is, therefore, anticipated to drive the demand for ice cube makers, globally. The flake ice makers segment accounted for 42.17% of the market in 2018 and is projected to register a CAGR of 6.33% during the forecast period of 2019 to 2025.
In terms of category, the global clear ice makers market has been bifurcated into mass-market and premium. The mass-market segment held 66.29% of the global clear ice makers market and is expected to register a moderate growth rate during the review period. The premium segment is projected to exhibit exponential growth during the forecast period. The increasing per capita disposable incomes and rising number of fine-dining restaurants are projected to propel the growth of the segment.
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Based on end use, the global clear ice makers market has been classified as residential and commercial. The commercial segment was larger in 2018 and is projected to exhibit a CAGR of 6.22% during the forecast period. Ice is used for various commercial purposes in different industries. A constant supply of large amounts of ice is required in industries such as food service and fisheries. Clear ice makers are used extensively in the food service industry, where ice is served with various beverages. They are also employed in fisheries to pack, store, and preserve fish. Ice is used in several other industries as a cooling agent, where it is filled in jacketed tanks to lower the temperature of chemical reactions, such as in dye-making and concrete manufacturing.
Based on distribution channel, the market has been bifurcated into store-based and non-store-based. The store-based distribution channel segment is estimated to retain its dominance during the forecast period. However, the non-store-based segment is projected to register the higher growth rate during the forecast period. The store-based segment has been further divided into supermarkets & hypermarkets and specialty stores.
Geographically, the global clear ice makers market has been categorized as North America, Europe, Asia-Pacific, and the rest of the world (RoW). As per MRFR analysis, North America dominated the market, accounting for the largest share in 2018. The market in Asia-Pacific is expected to register the highest CAGR of 6.71% during the forecast period. Europe accounted for the second-largest market share in 2018.