Hotels and quick-service restaurants generally use freezers with high cooling features to prevent food spoilage and to have an effective food storage system. Sales of high-end refrigeration products will increase as demand for hotel and hospitality items develops. The growing number of ice cream shops and bars will drive the refrigeration market forward. Refrigerators are required to provide particular chilling range options in freezers, which are commonly used to store cold drinks and ice creams in ice cream parlours and bars. The growing global consumption of frozen and processed foods is predicted to enhance the need for freezing products.
Refrigerator Market Report Scope and Research Methodology :
The competitive landscape describes the expansion tactics used by Refrigerator industry providers. The news in this part gives helpful thoughts at numerous levels while staying up to date with the company and enthralling stakeholders in the economic war. The competitive environment in the Refrigerator The market report includes company news classified as Merger & Acquisition, Agreement, Collaboration, & Partnership, Product Launch & Enhancement, Investment & Funding, and Award, Recognition, & Expansion. All of the information gathered for the Refrigerator reports assists suppliers in understanding market gaps and rivals’ strategies. Strengths and weaknesses are identified, providing insights into how to improve the product and service. It compares its income generation into the overall Refrigerator market to other suppliers in the field. It gives information about how players compare in terms of income generation and customer base.
Refrigerator Market Report Overview:
Stellar Market Research conducts a thorough research of Refrigerator Market to provide a current snapshot of the market and an optimised understanding of its aspects. The market study Refrigerator describes market features such as accumulation, segmentation, dominance, and combination traits. The report gives a Refrigerator market overview through typical subjects that are highlighted with customized data according to the need. This overview aids in making decisions about how to approach the market and comprehending the backdrop of the Refrigerator industry.
Refrigerator Market Size was valued at USD 106.23 billion in 2020. Global Refrigerator Market size is estimated to grow at a CAGR of 5.51 % over the forecast period.
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Refrigerator Market Regional Insights:
North America: U.S., Canada
Europe: U.K., Germany, Rest of Europe
Asia-Pacific: China, Japan, Rest of Asia Pacific
Latin America: Brazil, Mexico, Rest of Latin America
Middle East and Africa: GCC, Rest of MEA
Market size and forecast for these regional and country-level markets are presented in this Refrigerator market report for the period 2020-2029.
Refrigerator Market Segmentation:
In 2020, the Top Freezer segment dominated the refrigerator industry with a 40% market share. Because of its unique feature of combining freezer and shelf size in a single device. This eliminates the need to buy a separate chest freezer or dedicate a room to food storage.
These containers provide more practical storage capacity than other types of containers. Customers can easily and quickly access the essential food items in these refrigerators thanks to its open side shelf sections, which also provide additional shelf space for consumer use, and the side by side segment is predicted to increase at a CAGR of 6.1% throughout the projection period.
By Channel of Distribution, In 2020, the offline segment held a 65% share of the refrigerator market. Retail establishments, shopping malls, and speciality stores are examples of this. Customers can better touch, view, and understand the goods. Customers have a wide range of alternatives for selecting refrigerators that match their unique needs under this distribution model. They prefer to buy refrigerators from real businesses because they can haggle and obtain deals. Hotels and restaurants typically purchase branded smart freezers for their kitchen chilling and food storage equipment from specialised stores.
Refrigerator Market Key Players:
Haier (Qingdao, China)
L.G. (Seoul, South Korea)
Samsung (Suwon-si, South Korea)
Whirlpool (Benton Harbor, Michigan, United States)
Voltas (Mumbai, India)
Electrolux (Stockholm, Sweden)
Panasonic (Kadoma, Osaka, Japan)
Sharp (Sakai, Osaka, Japan)
Hitachi (Chiyoda City, Tokyo, Japan)
Toshiba (Minato City, Tokyo, Japan)
Godrej (Mumbai, India)
Intex (New Delhi, India)
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About Stellar Market Research
Established in 2018, Stellar Market Research is India Based consulting and advisory firm focused on helping clients to reach their business transformation objectives with advisory services and strategic business. The company’s vision is to be an integral part of the client’s business as a strategic knowledge partner. Stellar Market Research provides end-to-end solutions that go beyond key research technologies to help executives in any organization achieve their mission-critical goals. The company has clients from all across the globe, 23 % from India and others from Japan, Korea, Germany, United States, etc. The company uses its extensive industry knowledge, strong network, and know-how to provide complete insights that give clients a competitive advantage.
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