Household Refrigerators and Freezers Market Trends [2031]

Report Description

Household Refrigerators and Freezers Market Outlook 2031

The global household refrigerators and freezers market size was USD 94.14 Billion in 2022 and is likely to reach USD 124.82 Billion by 2031, expanding at a CAGR of 4.2% during 2023–2031. The market growth is attributed to the growing awareness of energy conservation.

Rising awareness of energy conservation is expected to boost the household refrigerators and freezers market. Purchasing an energy-efficient refrigerator freezer is an important way to save money and energy at home. Energy-efficient refrigerators consume less energy throughout their service lives without sacrificing quality and are an excellent way to save energy expenditure. Refrigerators use a fair bit of energy, especially when they are running continuously in hot climates.

• In February 2023, PHC Corporation launched the PHCbi brand VIP ECO SMART ultra-low temperature freezer series for the use in facilities including universities, medical institutions, and pharmaceutical companies. This new series builds upon PHCbi’s long history of advanced and reliable ultra-low temperature freezers to offer improved energy-saving performance while increasing security and usability.

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The market report finds that the COVID-19 pandemic hindered the household refrigerators freezers market, owing to the strict lockdown imposed by the government. During the pandemic, the disruption of the supply chain, export & import of products, and surge in commodity prices impacted the market.

Impact of Artificial Intelligence on Household Refrigerators and Freezers Market

Artificial intelligence (AI) technologies are expected to boost the household refrigerators and freezers market during the forecast period. AI is used to make home appliances smart and efficient. AI technology is used to track the activities of household appliances through a connected mobile application, which helps with round-the-clock troubleshooting and diagnostics by monitoring the energy usage and patterns of the appliances.

Smart refrigerators are one such appliance that benefits from AI technology. They track the products kept inside, monitor the temperature inside the refrigerator and freezer, and even suggest recipes based on the food in the fridge. Some smart refrigerators let the user create shopping lists, upload photos by using smartphones, and check inside the fridge to get an idea about things that are out of stock.

Household Refrigerators and Freezers Market Dynamics

Major Drivers

Rising consumption of processed food products such as vegetables, frozen food, and dairy products is expected to drive the market. Processed foods often require less preparation time and quick solutions for meals. Additionally, the convenience of storing these products in refrigerators and freezers contributes to their popularity, as they are preserved for long periods, which reduces the frequency of grocery and shopping.

However, perishable foods are stored safely in refrigerators to avoid spoilage and foodborne illness. The FDA recommends discarding any refrigerated perishable food that is at refrigerator temperatures above 40°F for four hours or more.

• In March 2023, Samsung launched the Bespoke Top-Mounted Freezer (TMF) refrigerator. These refrigerators combines an elegant design with a full range of Bespoke textures and color options to help give every kitchen a unique and style decor. Equipped with the

• latest in freshness technologies and energy saving, it makes food storage

• convenient, flexible, and efficient.

Rapid urbanization owing to the high demand for high-end electronics across various industries is expected to boost the market. Urban areas often embrace technological trends and consumers seek appliances with innovative capabilities.

High-end electronics in refrigerators such as smart connectivity, touch screen display, and energy-efficient components, appeal to those looking for modern and convenient solutions in urban settings where space is premium. The demand for these advanced features contributes to the urbanization trend as people migrate to areas where such technologies are readily available and integrated into daily living.

Existing Restraints

Long replacement cycles of refrigerators and freezers hampers the market. Long replacement cycles lead to the accumulation of ice in the refrigerator, which causes the compressor to work extra hard to keep the contents inside properly cooled. This leads to the high energy consumption and increased wear and tear on the appliance, which ultimately shortens its lifespan.

Emerging Opportunities

Increasing research activities to develop sustainable refrigerators and freezers is expected to create lucrative opportunities for the market players. Several manufacturers are implementing various technologies such as IoT and embedded sensors, which improves the overall functionality.

Advances in refrigerator and freezer technology include ice beam doors, convertible refrigerators, dual fans, 360-degree airflow, cooling gel, cooling wall, and insulated capillary, LED lighting, and digital inverter compressors.

Companies are introducing innovative human-machine interface designs in refrigerators and manufacturing refrigerators that automatically recognize the type and weight of the food stored in the refrigerators.

• In September 2022, LG Electronics (LG) launched its groundbreaking MoodUP refrigerator with color-changing LED door panels at IFA 2022. The unique MoodUP is equipped with LG’s innovative refrigeration and smart technologies for food freshness and convenience and delivers a completely new kitchen experience that allows users to choose a wide range of vibrant colors for its LED doors.

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Scope of Household Refrigerators and Freezers Market Report

The market report includes an assessment of the market trends, market segments, and regional markets. Overview and dynamics have also been included in the report.

Household Refrigerators and Freezers Market Segment Insights

Type Segment Analysis

Based on type, the household refrigerators and freezers market is divided into double door and single door. The double door segment is classified as side by side, top mounted freezer, and French door. This segment is expected to expand at a significant pace during the projection period, owing to the increasing demand for various products with door bins, shelves, and adjustable temperature control features for the freezing compartment.

According to food & beverage items, double-door refrigerator offers storage space with the systematic partition of the compartments, which makes them efficiently and conveniently. Increasing demand for French door refrigerators, as they have wide shelves and large bins in the doors, which makes it easy to store large turkeys, meats, stews, casseroles, and others. This, in turn, is likely to increase the demand for the double door segment.

• In November 2023, Midea launched its largest capacity refrigerator the MRF29D6AST Standard Depth French Door refrigerator. This new refrigerator boasts a spacious design that is personalized to lessen trips to the grocery store. Its generous storage capacity is matched with user-friendly features such as dual ice makers and easy connectivity to modern smart home ecosystems, effortlessly merging convenience with contemporary living.

The single door segment is anticipated to hold a key share of the market in the coming years, as it uses around 30% to 40% lesser energy than double door refrigerators. They are extremely wallet-friendly owing to their small storage capacity. Single-door refrigerator comes in minimalistic design and size, which reduces the overall manufacturing cost and comes with a low price tag. It uses direct cooling technology and natural convection, which keeps food cold and fresh.

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Structure Segment Analysis

In terms of structure, the global market is segregated into freestanding and built-in. The freestanding segment is projected to register a considerable CAGR during the forecast period, as it is easy to install in any kitchen location and budget-friendly.

Freestanding refrigerators are less expensive than built-in models and are designed for easy relocation, which helps resolve the complexity of repair, maintenance, and operations. Freestanding refrigerators come in several widths and different types of door options such as French doors, top mounted freezers, and others.

The built-in segment is anticipated to account for a significant major share of the market in the coming years, due to the increasing trend toward modular kitchen and less space required. It is popular among homeowners who love high-end kitchen design. It enhances the appeal of kitchen areas by contributing toward a streamlined and uniform profile. These types of refrigerators are often wider than their counterparts, which reaches up to 48 inches.

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Distribution Channel Segment Analysis

Based on distribution channel, the global market is segregated into online, specialty stores, and others. The specialty stores segment is expected to register a robust growth rate during the forecast period, as it offers specialized services to customers, several discounts, and coupon codes.

The segment growth is attributed to the increasing availability of a wide range of refrigerators and the associated accessories attract the customers and fosters. The main advantages of specialty stores are that they have product expertise, high quality products, and efficient customer service.

Regional Analysis

In terms of region, the global household refrigerators and freezers market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the market during the projection period, due to the high demand for energy-efficient household refrigerators.

The growth of the market in North America is attributed to the increasing presence of a massive number of urban populations, rising consumer awareness toward sustainable refrigerators, and the high usage of multiple refrigerator units for storing beverages and other food products in the kitchen.

The market in Asia Pacific is anticipated to expand at a rapid pace in the coming years, owing to the increasing urbanization and the presence of key manufacturers. The regional market growth is further attributed to the increasing government initiatives for the electrification of rural areas in developing countries such as Nepal and India.

• In January 2023, Samsung launched its top-of-the-line, premium side by side refrigerator range. This new range is 100% manufactured in India and comes with various India-specific features that are based on consumer insights making the lives of consumers convenient and better. This all-new IoT-enabled line-up is thoughtfully, which is designed to cater to specific refrigeration needs of new-age consumers in India such as glamorous exteriors, customizable storage, convenience through connected living, energy efficiency, and never-ending entertainment.

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