Press release
Refrigerators Market Poised for 5.5% Growth, Set to Hit $288.15 Billion by 2029
Refrigerators Global Market Report 2025
The market for refrigerators has experienced significant expansion in the preceding years. It is projected to increase from $51 billion in 2024 to $54.15 billion in 2025, showing a compound annual growth rate (CAGR) of 6.2%. Factors contributing to the growth during the historic period include a rising demand for chilled and frozen food items, shifts in lifestyle and dietary patterns, marketing and promotional activities, increasing urbanization, and reduced residential spaces.
The market size for refrigerators is anticipated to witness significant growth in the forthcoming years. It is projected to expand to $67.11 billion by 2029, with a compound annual growth rate (CAGR) of 5.5%. The projected growth during the forecast period can be ascribed to factors like energy efficiency and sustainability, integration with smart homes, promotion of health and wellness, customization and aesthetics, and an aging population. Key trends during the forecast period include the popularity of French door refrigerators, the emergence of Wi-Fi-connected fridges, energy-efficient compressors, use of sustainable materials, and specialty refrigerators.
What Are the Key Drivers Behind the Growth of the Refrigerators Market?
The rise in the consumption of processed foods like frozen meat, vegetables, and dairy items, coupled with changing eating habits of consumers, is fueling the expansion of the refrigerator market. The hectic lifestyle of consumers is pushing them towards processed and prepared foods which necessitate refrigeration for preservation. As per Rentokil, the worldwide value of the processed food industries is around $2 trillion. This sizable market for processed food items is anticipated to propel the growth of the refrigerator market.
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Who Are the Major Industry Players Fueling Refrigerators Market Expansion?
Major companies operating in the refrigerators market include Electrolux AB, Haier Group Corporation, LG Electronics Inc., Samsung Electronics Co. Ltd., Whirlpool Corporation, Hitachi Ltd., Bosch (Robert Bosch GmbH), Hisense Group Co. Ltd., Sharp Corporation, Siemens AG, TCL Corporation, Kinghome Electrical Appliance Co. Ltd., Midea Group Co. Ltd., Panasonic Corporation, Meiling (Guangdong Meiling Group Co. Ltd.), DIQUA, Frestec (Frestech Group), Casarte, Homa Appliances Co. Ltd., LittleSwan (Qingdao Haier Washing Machine Co. Ltd.), Konka Group Co. Ltd., Toshiba Corporation, Arçelik (Arçelik A.S.), Godrej Group, Mitsubishi Electric Corporation, General Electric Appliances (GE Appliances), Galanz Group Co. Ltd., Liebherr Group, Viking Range LLC, Sub-Zero Group Inc., Thermador (Bosch Thermotechnology), Dacor Inc., Fisher & Paykel Appliances Ltd., Gaggenau Hausgeräte GmbH, Jenn-Air Corporation, KitchenAid Inc., Maytag Corporation, Kenmore Appliances, Amana (Amana Corporation), Frigidaire International, Hotpoint Appliances, Indesit Company S.p.A., Smeg S.p.A
Which Key Developments Are Influencing the Refrigerators Market?
Producers of refrigerators are incorporating advancements like IoT and embedded sensors into their products to enhance their overall performance. These manufacturers are deploying cutting-edge human-machine interface designs in their fridges while also developing units capable of identifying the kind and weight of the food placed within, subsequently adjusting and overseeing the temperature as needed.
How Is the Segmentation of the Refrigerators Market Defined?
The refrigerators market covered in this report is segmented -
1) By Type: Single-Door, Double-Door, French-Door, Other Types
2) By Freezer Location: Freezer-on-Top, Freezer-on-Bottom, Freezer-Less
3) By Distribution Channel: Specialty Retailers, Department Stores, Mass Retailers/Hyper markets/Super markets, Discount Stores, Online
4) By Application: Household, Commercial Use, Industrial Use
Subsegments:
1) By Single-Door: Compact Refrigerators, Top-Freezer Refrigerators
2) By Double-Door: Top-Freezer Double-Door, Bottom-Freezer Double-Door
3) By French-Door: Side-by-Side French Door, Four-Door French Door
4) By Other Types: Mini Refrigerators, Smart Refrigerators, Commercial Refrigerators
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What Is the Leading Region in the Refrigerators Market?
Asia-Pacific was the largest region in the refrigerators market in 2023. Western Europe was the second-largest region in the refrigerators market. The regions covered in the refrigerators market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
What Is Covered In The Refrigerators Global Market Report?
- Market Size Analysis: Analyze the Refrigerators Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Refrigerators Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Refrigerators Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Refrigerators Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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