The Asia Pacific Ice Maker Market would witness market growth of 5.4% CAGR during the forecast period (2022-2028).
The rising standard of living and rapid growth of the restaurant or fast food service industries in regions such as Asia-Pacific are driving the expansion of the ice maker market. To address the increased customer demand for improved services, leading companies are expanding their investment in product development. As a result of changing consumer preferences, product innovation is a continuous process that should afford market participants lucrative growth opportunities. Market participants make continuous R&D investments to create new product models in response to fluctuating consumer demand.
For example, market rivals have developed ice makers that generate soft ice pellets to satisfy the need for consumable ice used in beverages. Similarly, increased customer demand for ice makers of various sizes, forms, capacities, and price points is encouraging market participants to develop new products. In addition, novel ice shapes are sought by food service companies for use in cocktails at fine dining chains, bars, and quick-service restaurants. Cocktail recipes define the type of ice that should be used, boosting the need for different types of clear ice, which is another reason driving the growth of the ice maker market.
The Indian pharmaceutical industry is one of the leading manufacturers of vaccines and the largest provider of generic pharmaceuticals, accounting for 20% of the overall industry. Around 60,000 generic brand names are available in sixty therapeutic areas. China provides significant opportunities for domestic and international pharmaceutical businesses to collaborate. China's pharmaceutical sector is booming due to the country's ageing population, rising per capita healthcare expenditures, and growing health consciousness. In comparison, biopharmaceutical sales account for around 15% of medicine sales in Japan and 30% of all pharmaceutical sales globally. As a result of the region's thriving pharmaceuticals industry, the demand for ice makers to transport pharmaceuticals, vaccines, and other products is anticipated to increase, boosting the market growth.
The China market dominated the Asia Pacific Ice Maker Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $255.9 Million by 2028. The Japan market is estimated to grow a CAGR of 4.8% during (2022 - 2028). Additionally, The India market would experience a CAGR of 6.1% during (2022 - 2028).
Based on Application, the market is segmented into Food Service, Food Processing, Healthcare, Retail Outlets and Others. Based on Product Type, the market is segmented into Modular, Undercounter, Countertop and Ice Dispensers. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Ice Maker Market is Projected to reach USD 3.1 Billion by 2028, at a CAGR of 4.7%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include MiddleBy Corporation, Hoshizaki Corporation, Manitowoc, Inc. (Pentair plc), U.S. Ice Machine Manufacturing Co., A & V Refrigeration, Ali Group S.r.l., Cornelius, Inc. (Marmon Foodservice Technologies, Inc.) (Berkshire Hathaway, Inc.), Howe Corporation, North Star Ice Equipment Corporation and Whynter LLC.
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