Press release
Strategic Forecast for the Refrigerators Industry: Market Outlook 2025-2034
Refrigerators Market
Refrigerators Market Size Growth Forecast: What to Expect by 2025?
In recent times, the refrigerators market size has seen considerable expansion. It is estimated to escalate from $51 billion in 2024 to $54.15 billion in 2025, with a compound annual growth rate (CAGR) of 6.2%. The historical period's growth is attributable to an increased demand for chilled and frozen food items, shifts in lifestyles and food consumption patterns, marketing and promotional activities, urban growth, and more compact living arrangements.
How Will the Refrigerators Market Size Evolve and Grow by 2029?
Expectations are high for the refrigerator market size to witness significant growth in the following years, potentially expanding to reach $67.11 billion by 2029 with a compound annual growth rate (CAGR) of 5.5%. This anticipated growth over the forecast period is due in part to factors such as energy efficiency, sustainability, the emergence of smart homes, health and wellness considerations, aesthetic customization, and the aging population. Noticeable trends that will play out over this forecast period encompass French door refrigerators, refrigerators that connect via wi-fi, energy-efficient compressors, the use of sustainable materials, and specialty refrigerators.
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What Drivers Are Propelling the Growth of Refrigerators Market Forward?
The growth in the refrigerators market is being fueled by the rising intake of processed food items like frozen meat, vegetables, and dairy products, alongside a shift in consumer eating habits. With bustling lifestyles, people are turning more towards processed food and ready-made meals, which necessitate refrigerator storage. As per Rentokil, the worldwide worth of processed food industries stands at $2 trillion. This enormous processed food products market is anticipated to push the expansion of the refrigerators market.
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Which Emerging Trends Are Transforming the Refrigerators Market in 2025?
To enhance the overall functionality, refrigerator makers are adopting technologies such as IoT and integrated sensors in their products. They are incorporating advanced human-machine interfaces in refrigerators and developing ones that can autonomously identify the kind and weight of the food stored inside, and then regulate and monitor the required temperature.
What Are the Key Segments in the Refrigerators Market?
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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Who Are the Key Players Shaping the Refrigerators Market's Competitive Landscape?
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
What Geographic Markets Are Powering Growth 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
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