"Assisting You in Establishing Data Driven Brands"

South America Refrigerator Market Size, Share & Industry Analysis, By Product Type (Top Freezer Refrigerator, Bottom Freezer Refrigerator, Side by Side Refrigerator, French Door Refrigerator), By Distribution Channel (Online, Offline), and Regional Forecast, 2023-2030

Region : South America | Format: PDF | Report ID: FBI107669

 

KEY MARKET INSIGHTS

Play Audio Listen to Audio Version

South America is the fourth largest region in the global refrigerator market. The South America refrigerator market size is projected to grow at a CAGR of 4.2% during the forecast period. The global market of refrigerator is projected to grow from USD 68.72 billion in 2022 to USD 103.96 billion by 2030.


The consumer spending of countries in this region experiencing surging progress toward home appliances products has escalated the consumption of refrigerators as consumers are progressively influenced by the latest products available. Furthermore, the urban population witnessing increasing growth over the years is a significant factor in strengthening the market. This is attributed to the fact that people in urban places are influenced by various promotional campaigns they see and hear regularly. The statistical data by the World Bank.Org states that 81.12% of the populace in Latin America and the Caribbean reside in urban areas. This constitutes an increase from 80.87% compared to the previous year.


The South America refrigerator market share covers the following countries/regions - Brazil, Argentina, and the rest of South America.


LATEST TRENDS


Rising Adoption of Smart Home Technology


Consumer preference is shifting toward innovative multi-utility and energy-efficient products, surging the region's demand for smart and multi-functional home appliances. The demand for multi-feature appliances is growing owing to the increasing number of single-person/nuclear households, rising urbanization, and increasing consumer preference for saving cost and space. The growth of household appliances is increasing owing to the growing popularity, awareness, and energy-conserving appliances in the region. Smart home technology is one of the significant trends in this region. Manufacturers are introducing more connected home appliances, which offer customized functionalities for consumers' needs and preferences with smartphone apps and voice assistants with convenient control from anywhere in the home.


Manufacturers in South America are focusing on launching new products to garner more consumer base and to hold a strong foothold in the region. For instance:



  • In August 2022, Samsung launched two models, 315L Porta Flex and 328L Duplex Inverse, of its Bespoke refrigerators in Brazil with customizable features and colors by consumers according to their tastes and preference.

  • In August 2021, Toshiba launched its Lifestyle home appliance with a Greatwaves washing machine, SmartPlate microwave, and French Door Convert Zone refrigerator in Brazil.


DRIVING FACTORS


Growing Consumption of Frozen Food Products to Support Market Expansion  


The significant growth in the middle-class population is driving the market growth of household appliances in Brazil, Argentina, Colombia, and other parts of South America. According to World Bank, household consumption in Brazil was USD 906.06 billion, in Argentina was USD 247.27 billion, and in Colombia was USD 189.69 billion in 2020.



  • Rising consumer demand for newer kinds of home appliances mainly drives the consumption rate of the refrigerator in South America. The surging sales of residential units in South American countries are crucial for market enlargement. This can be attributed to consumers usually spending more on kitchen appliances for their new homes. For instance, the data released by the Global Property Guide mentions that Sao Paulo State in Brazil sold 4,341 new residential units in July 2020.


Moreover, continual governmental efforts to boost the FDI inflows and the economy will help the market sustain in the region. According to the World Investment Report 2020 published by the United Nations Conference on Trade and Development (UNCTAD), FDI inflows in Brazil reached USD 640,000 million in 2019, 20% up over 2018.


RESTRAINING FACTORS


To know how our report can help streamline your business, Speak to Analyst


Supply Chain Disruptions and Energy Consumption May Hamper the Market Growth 


The rapid spread of COVID-19 pandemic has disturbed the South America refrigerator market growth, owing to the haul in the logistics system and fluctuation in the distribution network across the world. Moreover, labor shortages and shutdowns of retail stores also declined the sales volume of the entire market during the pandemic.


Higher electricity cost due to the usage of refrigerators is restraining the market growth. Additionally, the higher cost of technologically advanced washing machines will likely limit their demand among the middle & lower-income groups of the population. Higher repair & maintenance cost of such items is expected to limit their demand among South American consumers.


KEY INDUSTRY PLAYERS


In terms of the competitive landscape, Samsung Group, Haier Inc., Electrolux AB, and LG Corporation are the key players in the South America market due to their diversified product offerings and active involvement in R&D investments to accelerate product launches and approvals over the forecast period.


Other prominent players such as Hitachi, Ltd., Whirlpool Corporation, and Voltas Limited lead the market due to their robust distribution network and diverse product portfolio. Other significant players are Panasonic Holdings, Sharp Corporation, and Toshiba Corporation. These companies are focused on strengthening their product portfolio and distribution network through strategic collaboration and partnerships to increase their market share in the South America market.


LIST OF KEY COMPANIES PROFILED:



KEY INDUSTRY DEVELOPMENTS:



  • August 2022: Samsung launched its Bespoke customizable refrigerators in Brazil, with two models, the 328-liter Bespoke 328L Duplex Inverse and the 315-liter Bespoke 315L 1 Porta Flex in white, pink, dark blue, two matte colors, satin beige and grey, and metallic anthracite. The refrigerators can be customized according to the user’s preferences, with matt, glossy, or metallic colors and finishes.

  • October 2022: Whirlpool announced opening a factory in Argentina with a USD 52 million investment and planning to export more than 70% of the local production. The plant implements cutting-edge technology in global manufacturing, allowing production development based on sustainable operations, ensuring the safety of workers and increasing product quality.

  • September 2020: Electrolux Group relaunched its Continental brand of home appliances in the Brazil market, introducing a new generation of products. The product line includes stoves, cooktops, built-in ovens, refrigerators, microwaves, and ducted and ductless range hoods.


REPORT COVERAGE


To gain extensive insights into the market, Request for Customization


The market research report provides qualitative and quantitative insights into the market and a detailed analysis of the South America market size & growth rate for all possible segments in the market. The report elaborates on the market dynamics and competitive landscape. The report presents various key insights: an overview of the number of procedures, an overview of the regulatory scenario by key countries, pipeline analysis, new product launches, key industry developments – mergers, acquisitions & partnerships, and the impact of COVID-19 on the market.


Report Scope & 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 4.2% from 2023 to 2030



Unit



Value (USD Billion)



Segmentation



Product Type, Distribution Channel, and Country/ Sub-Region



By Product Type




  • Top Freezer Refrigerator

  • Bottom Freezer Refrigerator

  • Side by Side Refrigerator

  • French Door Refrigerator



By Distribution Channel




  • Online

  • Offline



By Country/ Sub-Region




  • Brazil (By Product Type)

  • Argentina (By Product Type)

  • Rest of South America (By Product Type)



Frequently Asked Questions

Growing at a CAGR of 4.2%, the market will exhibit steady growth in the forecast period (2023-2030).

Growing consumption of frozen food products to support market expansion and increasing initiatives of market players to introduce innovative products are the major factors driving the market growth.

Samsung Group, Whirlpool Corporation, Haier Inc., and LG Corporation are the major market players in South America.

Brazil dominated the market in 2021.

Seeking Comprehensive Intelligence on Different Markets?
Get in Touch with Our Experts

Speak to an Expert
  • Jun, 2023
  • 2022
  • 2019-2021
  • 109

    CHOOSE LICENSE TYPE

  • $3850
    $4850
    $5850

Personalize this Research

  • Granular Research on Specified Regions or Segments
  • Companies Profiled based on User Requirement
  • Broader Insights Pertaining to a Specific Segment or Region
  • Breaking Down Competitive Landscape as per Your Requirement
  • Other Specific Requirement on Customization
Request Customization Banner

Client Testimonials

“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”

- U.S.-based biotechnology company focussing on treatment of chronic pain.

“Kudos to your team. Thank you very much for your support and agility to answer our questions.”

- Europe-based provider of solutions to automate data centre operations.

“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”

- India-based manufacturer of industrial and specialty intermediates with a strong global presence.

“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”

- One of the largest cosmetics company in the world.

“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”

- U.S. based startup operating in the cultivated meat market.

“We received the below report on the U.S. market from you. We were very satisfied with the report.”

- Global hearing aids manufacturer.

“I just finished my first pass-through of the report. Great work! Thank you!”

- U.S. based solar racking solutions provider.

“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”

- World’s leading advisory firm.

“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”

- Germany based machine construction company.

“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”

- Japanese manufacturing company of stationery products.

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.
X