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The Asia Pacific refrigerator market size was USD 16.91 billion in 2020. The global impact of COVID-19 has been unprecedented and staggering, with the product witnessing a negative demand shock across all regions amid the pandemic. Based on our analysis, the market exhibited a huge decline of 23.45% in 2020. The market is anticipated to grow from USD 17.4 billion in 2021 to USD 25.87 billion in 2028 at a CAGR of 5.9% in the 2021-2028, forecast period. The sudden rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.
The product has established a robust market presence over the years as people are attracted by its ability to help increase the food's shelf-life for an extended time. Its capability to restrict bacteria formation and sustain food shelf-life is helping to gain traction. The rising growth of household expenditure in countries of this region is assisting in boosting the growth of the market. For instance, the data published by the Department of Statistics Malaysia.Gov, the median monthly household expenditure in Malaysia is recorded to be USD 904.37 in 2019, which is a rise from USD 739.83 in 2016.
COVID-19 Pandemic Result to Decrease Refrigerators’ Demand
The outbreak of the coronavirus has resulted in the low consumption of fridge due to the implementation of lockdown and several other restrictions. For instance, the data released by Gadgets 360 NDTV in April 2020 states that heavy appliances businesses are assessed to have a negative impact of up to 60 percent decline in March and almost 100 percent in April. In addition, the import and export of trade complications in countries around the world have resulted in declining sales due to various preventive measures. For instance, the Economic Times data in May 2020, states that due to the novel coronavirus, India’s export experienced a decline of 60.28% in April to USD 10.36 billion. Similarly, its import was also shrunk by 58.65 to USD 17.12 billion.
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Growing Inclination Towards Innovative Products to Boost Market
Manufacturers are increasingly shifting their focus towards innovative fridge production, which is capable of connecting with smart devices. This also includes odor eliminating technology, and smart compressors that help to save energy. For instance, Motorola Smart Refrigerator comes with attractive attributes, including intelligent sensors for precise temperature control, Wi-Fi connectivity, odor killing technology, and smart storage space. Furthermore, the escalating manufacturing of a mini-fridge, convenient for small space use, has helped hike the demand. For instance, LG has come up with LG 45 liters 1 Star Bar Fridge Refrigerator with 45 L capacity, and a separate freezer compartment.
Surging Food Outlets and Hotels Industry to Aid the Market Development
The escalating growth of tourism in this region's countries is assisting in spiking the product's utilization, especially in food outlets such as coffee shops, fast-food chains, cafes, and others. For instance, the data released by the World Bank.Org, in 2019, the International Tourist Arrival in Thailand is assessed to be 39.9 million people. Besides, the rising establishment of hotel businesses fostering the consumption of refrigerators has a vital contribution. For instance, the data released by the Hospitality Net.Org on ‘Chains & Hotels Report 2018’ states the number of hotel chains in various countries in the Asia Pacific is India 1251, Thailand 1023, Singapore 227, and Malaysia 508.
Increasing Residential Units to Propel the Market Growth
The rising construction of residential refrigerator units in this region's countries has led to the increasing purchase of fridges. For instance, according to the data released by the Ministry of Land, Infrastructure, and Transport, in 2018, South Korea granted new homes construction of 249,505 in H1. Also, the upsurging growth of housing sales resulted in an increase in household appliances, including refrigerators, to fuel the consumption rate. For instance, the Business Standard data, mentions that the housing sales in 2019 have witnessed a rise of 6 percent to 46,920 units in Delhi-NCR in India.
High Maintenance Cost to Hamper the Market Growth
The escalating cost of repairing and maintenance of fridges in case of multiple complications such as part replacement or fixing required is acting as a hampering factor for the market growth. For instance, the home service brand called Home Advisor, states that the average cost of refrigerator repair is between USD 200 to 300.
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Top Freezer Segment to Remain at the Forefront
Based on the analysis by product type, the asia pacific refrigerator market is fragmented into the top freezer, bottom freezer, side by side, and french door.
Top freezer is projected to be the dominant segment due to the product available in a compact form with less occupying space while still offering separate freezing space. Likewise, the availability of the product in a reasonable price range boosts its preference rate.
Bottom freezer, side by side, and french door refrigerator also possess a robust market presence due to the offerings with more storage space which is highly crucial, especially for the use of commercial places.
Offline Segment to Hold the Larger Market Share
Based on the distribution channel, the market is segmented online and offline.
Offline is anticipated to be the leading segment on account of the channel’s ability to help avoid delivery waiting time, observe the actual physical condition of the product, and be more convenient in case of repair and replacement.
On the other hand, the online sales channel has experienced a rising growth as it can help shops at the convenient time of consumers, detailed information about the product, and the increasing availability of quick delivery systems heightened its consumption rate.
India is estimated to have a robust presence in the Asia Pacific market. The high consumption of frozen food products resulting from escalating use of products is likely to fuel the growing demand. For instance, the Economic Times' data in December 2019, states that the frozen food market in India is estimated to grow at around 17 percent on an annual basis. In addition, the large consumption of soft drinks by people is anticipated to have a positive impact on generating traction. For instance, the Times of India's data in October 2019 declares that the bottling arm Coca-Cola India is witnessing a rise of net profit of USD 45.74 million, which is a 373 % rise from its prior year.
China is dominating the Asia Pacific refrigerator market share, boasting a size of 4.6 billion in 2020. The large import of seafood to this country has played a vital role in spiking the consumption rate. For instance, data published by the USDA.Gov, in 2019, China’s seafood import is valued to be USD 15.44 billion, which is a rise of 30 percent from 2018. In addition, the rising growth of disposable income led to a surge in the people's purchasing power which is assisting to rise the market growth. For instance, the data issued by China.Org, in 2019, China’s per capita disposable income is evaluated to be USD 4,461.95, which is a rise of 5.8 percent year on year.
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South Korea is projected to display substantial growth rate, owing to many dual-income households letting escalate the consumption of fridges, especially the premium quality has a vital contribution. For instance, according to the data published by the Korean Times, in 2019, the number of dual-income households in South Korea is 46 percent of all married couples. The surging need for fridges in the residential and commercial sectors, coupled with the growing urban population, will fuel demand for refrigerators. For instance, the data published by the World Bank.Org, in 2019, the urban population of South Korea is estimated to be 81.43 percent.
Key Players to Incorporate AI Technology for Consumer Traction
The key players of the market are increasingly adopting AI technology in the manufacturing of refrigerators. This will thus transform the experience of owning a fridge. It reduces human interaction in terms of manual adjustment on temperature, power usage, and even monitoring its intensity. For instance, the Panasonic AI-enabled fridge was launched in June 2020, which has three sensors to help increase the automation in temperature adjustment without human interaction. It also offers optimum cooling and 49% power saving through its intelligent Econavi sensors and 6-speed inverter compressor.
An Infographic Representation of Asia Pacific Refrigerator Market
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The Asia Pacific refrigerator market research report provides a detailed analysis of the market and focuses on critical aspects such as leading companies, distribution channels, and leading product types. Besides this, the report offers insights into the current market overview/trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors contributing to the market's growth over recent years.
Value (USD Billion)
By Product Type
By Distribution Channel
Asia Pacific (By Product Type, by Distribution Channel, and by Country)
Fortune Business Insights states that the market size was USD 16.91 billion in 2020 and is projected to reach USD 25.87 billion by 2028.
In 2020, the Asia Pacific market value stood at USD 16.91 billion.
Growing at a CAGR of 5.9%, the market will exhibit moderate growth in the forecast period (2021-2028).
The top freezer segment is the leading segment in this market during the forecast period.
The awareness of the product's ability to increase the shelf-life of food & beverage products is the major factor driving the market's growth.
Haier Group Corporation (Qingdao, China), LG Electronics Inc (Seoul, South Korea), The Samsung Group (Seoul, South Korea), The Whirlpool Corporation (Michigan, United States), And others are a few of the major key players in the Asia Pacific (APAC) market
China dominated the market share in 2020.
The escalating spending power in various countries of this region is expected to drive this product's adoption.
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