Ice Market Global Market Report 2023

Ice refers to a solid or frozen form of water where the water gets frozen at zero degree Celsius.

The main types of ice are ice cubes, ice flakes, and ice nuggets. Ice cube refers to small cube-shaped frozen pieces of water made in any kind of ice maker or freezer. The various capacity includes below 50 ice cubes, 50-150 ice cubes, 150-250 ice cubes, and above 250 ice cubes. The ice is distributed through supermarkets and hypermarkets, convenience stores, online retail, and other distribution channels. These are used in various applications such as food service, retail, healthcare, residential, and other applications.

The global ice market is expected to grow from $5.19 billion in 2022 to $5.58 billion in 2023 at a compound annual growth rate (CAGR) of 7.7%.The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The ice market is expected to reach $7.23 billion in 2027 at a CAGR of 6.7%.

The ice market research report is one of a series of new reports that provides ice market statistics, including ice industry global market size, regional shares, competitors with an ice market share, detailed ice market segments, market trends, and opportunities, and any further data you may need to thrive in the ice industry. This ice market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Technological innovation is a key trend gaining popularity in the ice market. Companies operating in the ice market are adopting new technologies to sustain their position in the market. For instance, in October 2022, AstroAI, a China-based automotive company, and HiCOZY, a US-based ice maker company launched the new nugget ice maker based on ‘Quicool technology’. This technology provides a highly efficient compressor that enables the creation of ready-to-use ice up to 55lb of ice daily within five minutes, which is 3 times faster than ordinary freezing.

In January 2022, Hoshizaki, a Japan-based commercial equipment manufacturer acquired Brema Group for an undisclosed amount. This acquisition broadened, diversified, and enriched Hoshizaki’s product portfolio by adding value-priced products. Brema Group is an Italy-based ice manufacturing company specializing in ice cubes, ice flakes, ice scales, and others.

North America was the largest region in the ice market in 2022. The regions covered in the ice market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the ice market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The growing demand for alcoholic beverages is expected to propel the growth of the ice market going forward. Alcoholic beverages refer to drinks that contains ethanol and are produced by fermenting high-carbohydrates food. Ice is used in alcoholic beverages to chill the drinks faster and slower their dilution. The growing demand for chilled alcoholic beverages is creating demand for ice. For instance, in October 2021, according to the Beverage Information Group, a US-based magazine publishing company, alcohol consumption in the US increased by 45 million cases in the year 2020. Therefore, the growing demand for alcoholic beverages is driving the growth of the ice market.

The ice market consists of sales of full cubes, crushed ice, and block ice. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Major players in the ice market are Cornelius Inc., Minnesota Ice, Arctic Glacier, Clear Ice LLC, Genesee Block Ice Company, Ice Art, Goldengoa Ice Cubes Private Limited, Bow Ice Cubes Ltd., Icelings, and The Ice Co.