LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global ice flaker market to grow at a CAGR of more than 8% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the ice flaker market for 2017-2021. To determine the market size, the study considers revenue generated from the Americas, EMEA, and APAC.
The global ice flaker market size is expected to reach USD 1,960 million by 2021, with the Americas responsible for generating the maximum revenue and highest incremental growth through the forecast period.
The large number of food retail and foodservice industries in the Americas is responsible for the high revenue generation from the market segment. A high percentage of equipment upgrades are expected, with industries focusing on reducing their carbon footprint and energy consumption. This is expected to drive market growth over the forecast period.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global ice flaker market:
- Rise in organized retail outlets
- Versatility and cooling efficiency of flake ice
- Increase in demand for replacements and upgrades
Rise in organized retail outlets
“The change in consumer lifestyles has led to an increase in demand for frozen and chilled food products, driving the demand for flake ice from the organized retail segment. Organized retailers are investing in better technology to provide consumers with convenient and safe products,” says Manu Gupta, one of the lead analysts at Technavio.
Vendors in the market are developing energy-efficient ice flakers to cater to the retailers who are facing increasingly narrow margins. Additionally, the business expansion of several retail systems has positively influenced the demand for ice flakers, generating significant revenue to the market.
Versatility and cooling efficiency of flake ice
Flake ice is a versatile, inexpensive, and easy-to-produce product with a wide array of applications. The ice flakers themselves consume very little energy, do not need to be defrosted, and filters ice back into the machine, making them extremely efficient. This has encouraged end-users to adopt flake ice for wide-ranging applications such as zoos, aquariums, cooling of concrete, and artificial snow tracks for leisure and sports. The industrial, commercial, and medical sectors also utilize ice flakers, thereby driving demand for ice flakers.
Increase in demand for replacements and upgrades
“Developed regions such as Europe and North America are replacing and upgrading their ice machines to technologically advanced ice flakers, which is expected to drive market growth. Customers are increasingly investing in ice flakers that have high capacity and better sanitation systems,” says Manu.
Development efforts in Latin America, APAC, Eastern Europe, and the Middle East are also expected to create additional demand for advanced ice flakers. Also, the improving fixed-investment environment will support renovation and remodeling activities of existing retail stores, leading to increased investments in new refrigeration equipment.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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