Food and Beverage Service Ice Makers Market by Type (Ice Only, Ice and Water & Beverage Dispenser), by Applications Covered (Entertainment, Food Retail, Milk Tea and Beverage Shops, Others), & Region - Global Growth Insights forecast to 2032

Food and Beverage Service Ice Makers Market Size

Food and Beverage Service Ice Makers market was valued at USD 1,399.16 million in 2023, with significant growth expected in the coming years. In the US market, it is projected to grow to USD 1,471.91 million by 2024, driven by the expanding foodservice and hospitality sectors, where ice makers are essential for efficient operations. The market is anticipated to reach USD 2,204.39 million by 2032, reflecting a compound annual growth rate (CAGR) of 5.2% over the forecast period. Growth in the US is fueled by increasing demand from restaurants, hotels, and catering services, as well as advancements in energy-efficient ice-making technology. The rising trend of premium beverages and cocktails in the hospitality industry further supports market expansion in the US.

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Food and Beverage Service Ice Makers Market Size and Future Outlook

The global market for food and beverage service ice makers is projected to experience steady growth over the next decade, driven by increasing demand from various sectors including hospitality, healthcare, and retail. This growth is fueled by the expanding food service industry, which is seeing a surge in demand due to the rising number of restaurants, bars, and cafes globally.

The North American region is expected to maintain its dominance in the market, accounting for the largest share due to its well-established foodservice industry, which inherently demands a high volume of ice for various applications. The market in Europe is also anticipated to grow significantly, driven by increasing expenditures on home appliances and the launch of premium products. Meanwhile, the Asia-Pacific region is poised for the fastest growth, spurred by the rapid expansion of the food and beverage sector, particularly in China and India.

Technological advancements are playing a critical role in the market’s expansion, with manufacturers focusing on developing more efficient, eco-friendly, and smart ice-making solutions. These innovations include the integration of IoT features that allow users to monitor and control ice production remotely, which is becoming increasingly important for commercial establishments that rely heavily on consistent ice supply.

Food and Beverage Service Ice Makers Market Trends

The food and beverage service ice makers market is witnessing several notable trends. One significant trend is the growing preference for customized ice shapes and sizes. As the food service industry evolves, so does the demand for specialty ice cubes, nugget ice, and other unique forms of ice that enhance the presentation of drinks and food. This trend is particularly prominent in the hospitality sector, where the aesthetics of a drink can significantly impact customer experience.

Another emerging trend is the integration of smart technology into ice makers. Manufacturers are increasingly incorporating IoT capabilities that allow remote monitoring and control of ice production. This technological advancement not only improves operational efficiency but also helps businesses reduce energy consumption and maintenance costs by enabling predictive maintenance and real-time monitoring.

Market Dynamics

The dynamics of the food and beverage service ice makers market are shaped by several factors, including technological advancements, consumer preferences, and economic conditions. On the one hand, technological innovations are driving market growth by introducing more efficient and user-friendly ice-making solutions. The development of energy-efficient models is particularly significant as it addresses both consumer demand for sustainability and regulatory requirements.

On the other hand, market competition remains intense, with numerous players vying for market share. This competition leads to pricing pressures, which can reduce profit margins for manufacturers. Additionally, the market is influenced by seasonal demand variations, particularly in regions with extreme weather conditions where ice usage peaks during hot seasons.

Drivers of Market Growth

Several key drivers are propelling the growth of the food and beverage service ice makers market. Firstly, the expanding foodservice industry, driven by rising global tourism and the increasing number of restaurants and cafes, is a major growth driver. As these establishments require reliable ice-making solutions to meet the demands of their customers, the market for ice makers is expected to grow accordingly.

Secondly, the growing popularity of takeout and delivery services has increased the demand for ice makers in the foodservice sector. Consumers are increasingly opting for chilled beverages with their meals, which has led to a higher demand for ice in both commercial and residential settings.

Technological advancements are another significant driver, with innovations in energy efficiency and smart technology enhancing the appeal of modern ice makers. These advancements not only improve the operational efficiency of ice makers but also cater to the growing consumer demand for eco-friendly and convenient appliances.

Market Restraints

The growth of the food and beverage service ice makers market faces several significant restraints that could hinder its expansion. One of the primary restraints is the high initial cost associated with purchasing and installing ice makers, particularly for larger, commercial-grade machines. These costs can be prohibitive for small and medium-sized enterprises (SMEs), which may not have the capital to invest in such equipment. Additionally, the maintenance and operational costs of ice makers, which include regular cleaning, repair, and energy consumption, can add to the overall expense, making it a less attractive investment for budget-conscious businesses.

Another restraint is the environmental impact associated with the use of traditional ice-making machines. These devices are known for their high energy consumption and water usage, which contribute to their environmental footprint. As global awareness of environmental issues increases, there is growing pressure on manufacturers to develop more sustainable and eco-friendly solutions. However, the transition to these greener alternatives is often slow due to the higher costs associated with research, development, and production of new technologies, which in turn may delay widespread adoption.

Market Opportunities

Despite the challenges, the food and beverage service ice makers market presents several lucrative opportunities for growth. One of the most significant opportunities lies in the emerging markets of Asia-Pacific and Latin America, where the foodservice industry is rapidly expanding. The growing middle class in these regions, along with increasing disposable income and urbanization, is driving the demand for restaurants, cafes, and bars, all of which require reliable ice-making solutions. As these markets continue to develop, there is considerable potential for manufacturers to tap into new customer bases and increase their market share.

Another promising opportunity is the increasing demand for energy-efficient and environmentally friendly ice makers. As sustainability becomes a key concern for consumers and businesses alike, manufacturers that can offer ice makers with reduced energy consumption, lower water usage, and eco-friendly refrigerants are likely to gain a competitive edge. Innovations in this area, such as the use of natural refrigerants and the integration of smart technology for better energy management, are expected to drive growth in this segment.

Market Challenges

The food and beverage service ice makers market also faces several challenges that could impede its growth. One of the most significant challenges is the intense competition within the market. With numerous players offering a wide range of products, price wars are common, which can erode profit margins for manufacturers. This competitive pressure also forces companies to continuously innovate and invest in new technologies, which can be costly and time-consuming.

Another challenge is the evolving consumer preferences and trends. As consumers become more health-conscious, there is a growing shift towards healthier beverages that may not require ice, such as smoothies or infused waters. This shift could reduce the demand for traditional ice makers, forcing manufacturers to adapt their products to align with these changing preferences. Additionally, the increasing popularity of alternative cooling technologies, such as air-cooled refrigeration systems, could pose a threat to the traditional ice maker market.

Segmentation Analysis

The food and beverage service ice makers market can be segmented based on type, application, and distribution channel, with each segment playing a crucial role in the overall market dynamics.

Segment by Type:

The market is segmented into several types of ice makers, including undercounter ice makers, countertop ice makers, modular ice makers, and others. Each type caters to specific needs within the food and beverage service industry. Undercounter ice makers are popular in smaller establishments, such as cafes and bars, where space is limited, and the demand for ice is moderate. These units are compact and can be installed under a counter, saving valuable floor space.

Countertop ice makers, on the other hand, are ideal for businesses that require a portable solution. These machines are typically smaller and more mobile, making them suitable for catering services, small restaurants, and offices. Modular ice makers are designed for high-volume production and are commonly used in large restaurants, hotels, and healthcare facilities. These units are flexible, as they can be combined with different storage bins and dispensers, allowing businesses to scale their ice production according to their needs.

Segment by Application:

In terms of application, the market is segmented into foodservice, retail, healthcare, and residential sectors. The foodservice sector holds the largest share of the market, driven by the high demand for ice in restaurants, bars, and cafes. Ice is essential in these settings for cooling drinks, preserving food, and enhancing the presentation of beverages.

The retail sector, including supermarkets and convenience stores, also represents a significant portion of the market. Ice makers are used to display chilled products, such as seafood and beverages, and to meet the growing consumer demand for ready-to-eat chilled products.

The healthcare sector is another important application area for ice makers. Hospitals and clinics require ice for a variety of uses, including patient care, medical procedures, and preserving perishable medical supplies. The demand for ice makers in this sector is driven by the need for reliable, hygienic, and efficient ice production solutions.

By Distribution Channel:

The distribution channels for ice makers include online sales, retail stores, and direct sales. Online sales have seen significant growth in recent years, driven by the increasing penetration of e-commerce and the convenience of shopping from home. Online platforms offer a wide range of products, competitive pricing, and detailed product information, making them an attractive option for both residential and commercial buyers.

Retail stores remain a popular distribution channel, particularly for residential customers who prefer to see and compare products in person before making a purchase. Retailers often provide additional services, such as installation and maintenance, which add value to the customer experience.

Food and Beverage Service Ice Makers Market Regional Outlook

The food and beverage service ice makers market is segmented into several key regions, each with its own unique characteristics and growth drivers.

North America:

North America dominates the market, with the United States being the largest contributor. The region’s well-established foodservice industry, coupled with high consumer demand for convenience and automation, drives the market for ice makers. Additionally, stringent regulatory standards regarding food safety and appliance efficiency further boost the adoption of advanced ice-making technologies. 

Europe:

Europe is the second-largest market for food and beverage service ice makers. The region’s market is driven by increasing consumer spending on home appliances and the growing demand for premium products. Germany and the United Kingdom are key markets in Europe, with the UK experiencing the fastest growth. 

Asia-Pacific:

The Asia-Pacific region is expected to witness the fastest growth in the food and beverage service ice makers market. This growth is driven by the rapid expansion of the foodservice industry in countries like China and India, where rising disposable incomes and urbanization are leading to an increase in the number of restaurants, cafes, and hotels. 

Middle East & Africa:

The Middle East & Africa region is also experiencing growth in the ice makers market, albeit at a slower pace compared to other regions. The market here is driven by the expanding tourism industry, particularly in countries like the United Arab Emirates and Saudi Arabia, where the hospitality sector is booming. 

List of Key Food and Beverage Service Ice Makers Market Companies Profiled

• Hoshizaki Corporation (Japan): Revenue in 2023: USD 1.8 billion.
• The Manitowoc Company, Inc. (USA): Revenue in 2023: USD 1.5 billion.
• Scotsman Industries, Inc. (USA): Revenue in 2023: USD 1.2 billion.
• Ice-O-Matic (Mile High Equipment LLC) (USA): Revenue in 2023: USD 500 million.
• Follett Corporation (USA): Revenue in 2023: USD 350 million.
• Cornelius, Inc. (USA): Revenue in 2023: USD 300 million.
• Brema Ice Makers (Italy): Revenue in 2023: USD 150 million.
• Snowsman (China): Revenue in 2023: USD 120 million.
• Electrolux (Sweden): Revenue in 2023: USD 13 billion.
• GRANT ICE SYSTEMS (UK): Revenue in 2023: USD 100 million.
• Iberna (Italy): Revenue in 2023: USD 80 million.
• Snooker (China): Revenue in 2023: USD 60 million .

Covid-19 Impact on Food and Beverage Service Ice Makers Market

The Covid-19 pandemic had a profound impact on the global food and beverage service ice makers market, significantly altering the industry's dynamics. During the initial stages of the pandemic in 2020, the market experienced a sharp decline as governments worldwide imposed lockdowns and restrictions on dining establishments, hotels, and other hospitality-related businesses. The closure of these businesses led to a decreased demand for commercial ice makers, with many restaurants and bars either shutting down temporarily or operating at reduced capacity. This downturn in demand caused a significant slowdown in the market, as manufacturers faced reduced orders and disruptions in the supply chain.

The reopening of the hospitality sector, combined with the growing popularity of outdoor dining and the resurgence of events and gatherings, led to a resurgence in demand for ice makers. Furthermore, the pandemic highlighted the importance of hygiene and safety in foodservice operations, driving demand for advanced ice-making solutions that offer enhanced sanitation features, such as touchless operation and antimicrobial materials.

Investment Analysis and Opportunities

The food and beverage service ice makers market presents several attractive investment opportunities, driven by the industry's recovery from the Covid-19 pandemic and the ongoing demand for innovative and energy-efficient products. One of the key areas of investment is in the development of eco-friendly ice makers. As environmental concerns continue to rise, there is a growing demand for machines that use natural refrigerants and consume less water and energy. Companies that invest in research and development to create these sustainable solutions are likely to see significant returns as they cater to a market that increasingly prioritizes environmental responsibility.

The adoption of Internet of Things (IoT) technologies in kitchen appliances is gaining momentum, with smart ice makers offering features such as remote monitoring, predictive maintenance, and energy management. Investors who focus on this segment can capitalize on the growing demand for connected devices that enhance operational efficiency and user convenience.

The expansion into emerging markets, particularly in Asia-Pacific and Latin America, also presents significant opportunities for growth. As these regions continue to urbanize and their middle classes expand, the demand for food and beverage services—and by extension, ice makers—is expected to increase. Investors who establish a presence in these regions can benefit from the long-term growth potential offered by these developing markets.

5 Recent Developments

• Hoshizaki Corporation launched a new line of eco-friendly ice makers in May 2023, featuring models that use natural refrigerants and offer higher energy efficiency, catering to the growing demand for sustainable appliances.
• Scotsman Industries, Inc. introduced the Prodigy ELITE® cube ice machine in January 2023, which includes advanced sensors and an ICELINQ® mobile app, providing users with enhanced control and monitoring capabilities.
• The Manitowoc Company, Inc. completed the sale of its Manitowoc Ice business to Pentair plc in March 2022 for approximately USD 1.6 billion, a strategic move to streamline operations and focus on core areas.
• The Legacy Companies acquired Admiral Craft Equipment Corp. in August 2022, expanding its portfolio in the commercial foodservice industry and reinforcing its market position in the ice maker segment.
• Follett Corporation announced in September 2023 that it had upgraded its product line to include touchless ice dispensers, reflecting the increasing demand for hygienic solutions in the post-pandemic era.

Report Coverage of Food and Beverage Service Ice Makers Market

The comprehensive market report on the food and beverage service ice makers industry covers various critical aspects, including market size, growth forecasts, key trends, and competitive landscape analysis. The report offers detailed insights into the market dynamics, highlighting the drivers, restraints, opportunities, and challenges that are shaping the industry. It includes an in-depth analysis of the market segments by type, application, and distribution channel, providing a granular view of the market’s structure and performance.

The report also features a regional analysis, covering key markets such as North America, Europe, Asia-Pacific, and the Middle East & Africa. This regional analysis helps stakeholders understand the market potential in different geographical areas and identify growth opportunities. Additionally, the report profiles major players in the market, offering insights into their strategies, product portfolios, and recent developments.

New Products

The food and beverage service ice makers market is witnessing the introduction of several new products as manufacturers focus on innovation and meeting the evolving needs of consumers and businesses. One of the notable new products is the launch of smart ice makers equipped with IoT capabilities, allowing users to monitor and control ice production remotely via mobile apps. These smart ice makers are designed to enhance operational efficiency and offer features such as predictive maintenance alerts and energy management, making them highly attractive to tech-savvy consumers and commercial users.

In the residential segment, compact and portable ice makers are gaining popularity, particularly in regions where outdoor kitchens and home entertainment are trending. These new products are designed to be user-friendly, offering quick ice production and ease of use, making them ideal for home use.

Report Scope

The scope of the report on the food and beverage service ice makers market encompasses a comprehensive analysis of the market’s current state and future prospects. It covers key market segments, including type, application, and distribution channel, providing detailed insights into each segment’s performance and growth potential. The report also includes a thorough regional analysis, examining the market dynamics in North America, Europe, Asia-Pacific, and the Middle East & Africa.

In addition to market segmentation, the report provides an in-depth analysis of the competitive landscape, profiling major players in the industry and assessing their strategies, product offerings, and recent developments. The report also addresses the impact of external factors, such as the Covid-19 pandemic, on the market, and explores how these factors are influencing market trends and growth.