Mini Fridge Market Size, Share & Industry Analysis, By Product Type (Portable, Cube, Mid-Sized, Under-The-Counter), By Technology (Compressor, Absorption, Thermoelectric), By Application (Commercial, Residential), By Distribution Channel (Specialty Stores, Brand Stores, Online Stores, Others) And Regional Forecast, 2024-2032

Mini fridges are the small-sized refrigerator appliances widely used by people to keep their food & beverage items cool and effective. Such appliances are available in different sizes, shapes, and capacities in the market. Mini fridges equipped with direct cooling technology and adequate freezing space makes them a perfect refrigerator combination for domestic consumers.

Nowadays, mini-fridges are widely popular among households as they effectively save home spaces and electricity costs with such appliances over large-sized refrigerators. Additionally, cosmetic mini-fridges were grown in popularity among women consumers as they can keep different kinds of cosmetic items such as serums, masks, creams, and others inside these fridges.

Increasing awareness regarding the availability of the variety of small-sized kitchen appliances among the people is expected to drive the market growth. Additionally, regular introduction of the technologically upgraded mini-fridge items is likely to attract the consumers towards buying such items which thereby, drive the demand for such kind of innovative products. For instance, in October 2020, Samsung Electronics Co. introduced newer kinds of mini-refrigerators in South Korea. It enables users to use three basic models of these fridges, including the storage of alcoholic beverages, beauty & health care cosmetic items, and nutritious food items.

Besides this, shifting consumer preferences towards energy-efficient home appliances is expected to support the mini-fridges' consumption rate of excellent power ratings. This is likely to drive the market growth. People widely use mini-fridges to keep their beverages and food items cool while traveling. Therefore, growing leisure activity and hiking trends among the people are expected to drive the demand for travel-friendly electronic appliances such as mini-fridges and ice makers. Additionally, the rising urbanization rate of the global population is expected to support market growth. 

However, the mini-fridges' limited shelf size coupled with its higher life cycle is anticipated to restrain the market growth. Additionally, the uncertain occurrence of the COVID-19 lockdown restrictions in many countries across the globe is likely to hamper the consumer demand for various kinds of hiking and travel-related activities. This is expected to decline the revenues from the travel-size mini-fridges.

Key Players Covered:

The key players involved in the global mini fridge market are Danby, DOMETIC GROUP AB, ARB, The Samsung Group, The Whirlpool Corporation, Panasonic Corporation, Tecumseh Products Company LLC., Procool, Haier Group Corporation, Electrolux AB, Engel Coolers, Living Direct Inc., and others.

The global mini fridge market is segmented based on product type, technology, application, distribution channel, and geography.

Based on product type, the market is segmented into portable, cube, mid-sized, and under-the-counter. The portable segment is expected to hold a major share of the market due to the easy movability and cost-effectiveness over other types. Additionally, these products enable users to use optimal heating and cooling features for their beverages over other types, thereby driving segmental growth.

Based on technology, the market is segmented into compressor, absorption, and thermoelectric. The compressor segment is expected to hold a major share of the market as compressor technology-based fridges can more effectively provide a cooling feature to the beverages kept inside over to that of other types. Additionally, such types of mini-fridges can be easily moved to another place over to that of other types, resulting in larger revenues from such a segment.  

By application, the global market is segmented into commercial and residential. The residential segment is expected to hold a major share of the market due to the large consumer demand for the different mini-fridges from household to store food and cosmetics. Additionally, the growing need for additional refrigerator’s storage capacity for perishable food & beverage items as well as frozen packed food at home is expected to support future segmental growth.

By distribution channel, the global market is segmented into specialty stores, brand stores, online stores, and others. The specialty stores segment is anticipated to exhibit a significant share of the global market due to the wide variety of the branded refrigeration appliances at these stores. Additionally, users can better understand product features and functionalities by physically visiting these stores, thereby supporting the segmental revenues.

Regional Analysis:

By geography, the global mini fridge market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.

The largest share of the North American region is attributed to the large consumption volume of the home appliances among the population in the countries such as the United States and Mexico, resulting in the large demand for the mini-fridges in the region. According to the data presented by the Federal Reserve Bank of St. Louis, in 2018, consumer expenditure for home appliances in the United States reached USD 64.89 billion up compared to USD 62.79 billion in 2017. Additionally, growing leisure activity and hiking trends among the region's population further drive market growth.

Asia Pacific segment is expected to grow faster due to the positive governmental support regarding the development of sustainable home appliances in countries such as India and Japan. This is likely to provide ease in using energy-efficient home appliances among the population in the region. For instance, in June 2020, the Ministry of Environment, Forests and Climate Change, Government of India proposed an India Cooling Action Plan (ICAP) to reduce energy requirements of the electronic appliances by 25% to 40% up to 2037-2038. Additionally, the rising adoption of premium kitchen appliances among the region's population is expected to drive the market growth. 

Segmentation

Key Industry Developments:

• In July 2019, Facetory Inc., a Korean beauty products company released a skincare fridge to enable consumers to keep their skincare products in such a fridge and thereby increase its shelf life.


• In June 2020, Toshiba Corporation, a Japanese conglomerate company launched its manufacturing facility of top load & front load washing machines, washer dryers, water purifiers, and mini fridges in Pune, India to support domestic consumption of such kinds of products in India.