Overview and Scope
A refrigerator is defined as an electrical appliance used to preserve food at cold temperatures. A freezer is part of a refrigerator where the temperature is maintained below the freezing point for storing food for longer periods.
Sizing and Forecast
The household refrigerator and home freezer market size has grown strongly in recent years. It will grow from $59.18 billion in 2023 to $62.89 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to electrification of households, changing consumer lifestyles, energy efficiency and environmental concerns, kitchen remodeling and upgrades, adoption of modular kitchens, increase in the number of nuclear families worldwide.
The household refrigerator and home freezer market size is expected to see strong growth in the next few years. It will grow to $78.46 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to smart and connected appliances, sustainability and energy efficiency, health and wellness trends, urbanization and smaller living spaces, food delivery and online shopping. Major trends in the forecast period include french door refrigerators, energy-efficient cooling, customization and flexible storage, fingerprint-resistant finishes, integration of water and ice dispensers.
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Segmentation & Regional Insights
The household refrigerator and home freezer market covered in this report is segmented –
1) By Type: Refrigerators, Freezers, Ice Boxes, Refrigerator/Freezer Combinations
2) By Refrigerator Door Type: Single Door, Double Door, Side by Side Door, French Door
3) By Freezer Location: Freezer on top, Freezer on bottom, Freezer less
4) By Application: Frozen Vegetable and Fruit, Frozen Meat, Other Applications
5) By Distribution Channel: Specialty Stores, Supermarkets/Hypermarkets, Online, Other Distribution Channels
Asia-Pacific was the largest region in the household refrigerator and home freezer market in 2023. Western Europe was the second-largest region in the household refrigerator and home freezer market. The regions covered in the household refrigerator and home freezer market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increasing consumption of processed food products such as frozen meat, vegetables, and dairy products as well as change in the dietary habits of consumers is driving the household refrigerator and freezer market growth. Due to busy lifestyles, consumers are increasingly relying on processed food and prepared meals that require refrigerators for storage. According to Rentokil, the processed food industries are valued at $2 trillion globally. The huge market for processed food products is expected to drive the growth of the household refrigerators and home freezers market.
Key Industry Players
Major companies operating in the household refrigerator and home freezer market include LG Electronics, Haier, Samsung, Panasonic Corporation, Godrej, Electrolux, Whirlpool, Robert Bosch, Liebherr-International AG, Dover Corporation, Midea Group, Hitachi Ltd., Sharp Corporation, Toshiba Corporation, Siemens AG, General Electric, Frigidaire, Maytag, Kenmore, Amana, KitchenAid, Jenn-Air, Viking Range, Sub-Zero, Thermador, True Residential, Fisher & Paykel, Dacor, Gaggenau, Smeg, Blomberg, Hisense, Arcelik, Vestel, Gorenje
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