"We Envision Growth Strategies Most Suited
to Your Business"
The global refrigerator market size stood at USD 68.72 billion in 2022. The market value is slated to rise from USD 71.55 billion in 2023 to USD 103.96 billion by 2030 at a CAGR of 5.48% during 2023-2030. The surge is due to the escalating consumer inclination toward frozen food products such as fruits, vegetables, and ready-to-eat snacks. Additional factor favoring industry growth is the rising popularity of the e-commerce sector.
Fortune Business Insights™ presents this information in its report titled “Refrigerator Market Size, Share & COVID-19 Analysis, By Product Type (Top Freezer Refrigerator, Bottom Freezer Refrigerator, Side by Side Refrigerator, and French Door Refrigerator), By Distribution Channel (Offline and Online), and Regional Forecast, 2023-2030”.
Market Growth Affected Driven by Shutdown of Electrical Stores Amid COVID-19 Pandemic
The pandemic affected industry growth impelled by the closure of supermarkets and electronics stores. The market share was further impacted by the lower availability of labor in manufacturing facilities. Furthermore, the period recorded an uncertainty in raw material distribution, stalling the production of electronic goods.
Hitachi Inked a Partnership with Arçelik to Reinforce Industry Position
In July 2021, Hitachi entered into a partnership with Arçelik forming Arçelik Hitachi Home Appliances B.V, a new joint venture company. The deal was aimed at improving supply chain management by deploying latest technology and acquiring a competitive share in the market. Arçelik has constantly expanded its home appliance enterprise to 150 countries across the globe.
Rise in Market Value Owing to Soaring Consumer Inclination Toward Frozen Foods
The recent years have recorded an increase in consumer inclination toward frozen foods such as vegetables, snacks, frozen meat, and others. These foods offer both nutritional value as well as convenience to consumers, impelling the refrigerator market growth to a considerable extent.
However, the market expansion is likely to be hindered on account of lesser product adoption in developing countries such as South Korea, Indonesia, India, and others.
To get a detailed report summary and research scope of this market, click here:
https://www.fortunebusinessinsights.com/refrigerator-market-102686
Pivotal Players Enter into Collaborative Agreements to Expand Product Reach
Leading industry participants are centered on the adoption of an array of initiatives for strengthening market positions. Some of these include collaborations, partnership agreements, and the introduction of new solutions. Citing an instance, in March 2021, Samsung rolled out its four-door flex refrigerators in North America. The products were equipped with smart features.
Key Players in the Report:
Notable Industry Development
Further Report Findings
Table of Segmentation
ATTRIBUTE | DETAILS |
Study Period | 2019-2030 |
Base Year | 2022 |
Estimated Year | 2023 |
Forecast Period | 2023-2030 |
Historical Period | 2019-2021 |
Growth Rate | CAGR of 5.48% from 2023 to 2030 |
Unit | Value (USD Billion) |
Segmentation | By Product Type
|
By Distribution Channel
| |
By Geography North America (By Product Type, Distribution Channel, and Country)
Europe (By Product Type, Distribution Channel, and Country)
Asia Pacific (By Product Type, Distribution Channel, and Country)
South America (By Product Type, Distribution Channel, and Country)
Middle East & Africa (By Product Type, Distribution Channel, and Country)
|