As per the latest findings by Future Market Insights, the global undercounter ice makers market is gearing up for an extraordinary surge, with projected revenues reaching an impressive US$ 1,135.4 million by 2033. The market is set to be valued at US$ 774.5 million in 2023, showcasing a robust Compound Annual Growth Rate (CAGR) of 3.9% during the decade.
This substantial growth can be attributed to a variety of factors, most notably the increasing concerns regarding environmental sustainability. In an era marked by heightened awareness of ecological issues, businesses across the globe are seeking innovative and eco-friendly solutions. Undercounter ice makers, with their energy-efficient and environmentally conscious design, are emerging as a pivotal solution within the food service industry.
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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
Author:
Ronak Shah (Associate Vice President at Future Market Insights) is deeply committed to uncovering actionable insights for consumer and food and beverage players. She brings a unique blend of analysis, industry trends, and consumer behavior to put data into perspective.
What she makes out of data becomes a delight to read. She has authored many opinions, including for publications like Process Industry Informer and Spinal Surgery News, as she understands the market pulse and consumers’ shifting preferences.
She likes to bring experts to a roundtable to weigh the impact of a trend on an industry. Catch up with her discussion on the impact of AI in packaging.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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