"Assisting You in Establishing Data Driven Brands"

U.S. Mini Fridge Market Size, Share & COVID-19 Impact Analysis, By Type (Portable, Cube, Mid-Sized, and Under-the-Counter), By Technology (Compressor, Absorption, and Thermoelectric), By Distribution Channel (Specialty Stores, Hypermarkets, Online, and Others), and Country Forecast, 2022-2029

Region : USA | Format: PDF | Report ID: FBI106824

 

KEY MARKET INSIGHTS

Play Audio Listen to Audio Version

The U.S. mini fridge market size was valued at USD 28.36 million in 2021. The market is projected to grow from USD 31.12 million in 2022 to USD 59.11 million by 2029, exhibiting a CAGR of 9.60% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with mini fridge sales experiencing lower-than-anticipated demand in the U.S compared to pre-pandemic levels. Based on our analysis, the U.S. market exhibited a decline of -14.57% in 2020 as compared to 2019.


Mini fridges, also known as compact refrigerators, are space-saving solutions in the appliance space. Technological advancements and new product launches will surge product demand in the coming years. Multiple successful novel product launches highlight the lucrative business opportunities for prospective brands to exploit in the U.S. over the forecast period. For instance, in October 2021, Microsoft announced plans to launch its Xbox Series X mini fridge in December 2021. The preorders began in October 2021, with several retailers offering the product globally in December. For U.S. consumers, the Xbox Series X mini fridge is sold exclusively at Target, a general merchandise retail company with stores across the United States, to reach various customers. Such strategies (product launch) help companies to generate more revenue and provide an opportunity to innovate their product offerings.


COVID-19 IMPACT


Supply Chain Interruptions to Impede Market Growth


The COVID-19 pandemic has significantly affected the U.S. mini fridge market growth. Various states across the U.S. imposed lockdown and other travel & transportation restrictions to curb the spread of the virus, most notably in 2020, which resulted in supply chain disruptions and hampered production processes. Several companies have been employing strategies to minimize the pandemic's impact on their operations. For instance, in January 2020, Haier Inc., a Chinese refrigerator manufacturer, rerouted its production orders to manufacturing plants overseas following the temporary closure of its production capacity. The company also focused on optimizing its supplier resources and global operations to tackle the COVID-19 crisis in 2020.


The COVID-19 pandemic has also generated important business opportunities for brands. Even though offline sales were affected, online sales remained robust amid the COVID-19 crisis. With increasing consumers preferring online channels for mini fridges, brands are likely to use innovative tactics such as virtual shopping sessions to stay competitive. At a macro level, the rapidly evolving appliances sector across North America will contribute significantly to the demand for fridges in the region throughout the forecast timeframe.


LATEST TRENDS


Request a Free sample to learn more about this report.


Technological Advancements to Enhance Product Efficiency


Technological advancement to enhance product efficiency is emerging as a vital trend, notably over the past years. Mini fridges offer buyers a variety of features, such as design, capacity, and temperature control options, and key industry stakeholders are introducing products with innovative features to accomplish a more important brand reputation. For instance, Minibar Systems, a U.S.-based hospitality supply company, offers Smart Fridge Eco, a Wi-Fi-enabled guestroom refrigerator. The product features a Light-emitting Diode (LED) control panel that allows customers to individualize their user experience with snooze, on/off, and quick cool touch buttons. This product line also features auto snooze and overnight defrost options. Developing mini fridge with advanced features helps companies to cater to customers' evolving needs while creating lucrative business opportunities.


DRIVING FACTORS


Increasing Number of Mobile/Modular Houses to Propel Market Expansion


The U.S. mini fridge market share is driven by the increasing demand for mobile homes (or modular homes). As per the U.S. Census Bureau, the Department of Commerce American community survey data, the percentage of U.S. households with individuals living alone increased from 26% of total households in 2000 to 28% in 2020. The increasing need among homeowners in the U.S. for an additional cold storage facility for storing fresh meat, frozen foods, and drinks is expected to drive the product consumption rate in the U.S. over the forecast period. Furthermore, rising hotel & resort occupancy rates and growing hospitality infrastructural settings will likely drive the market growth over the forecast period. According to the statistics presented by the American Hotel & Lodging Association (AHLA), the hotel room occupancy rate in the U.S. increased from 44% in 2020 to 52% in 2021.


Rising Consumer Preferences for Energy-efficient Kitchen Appliances to Surge Product Demand


The rising consumer preferences for energy-efficient mini refrigerators creates a significant demand for energy-saving mini-fridges across the North American market. Home appliance retailers typically market these refrigerators as being increasingly marketed as effective in reducing electricity expenses in the U.S. In this respect, the rising demand for refrigeration in the food & beverages industry and the increasing adoption of energy-efficient appliances favor market expansion.


RESTRAINING FACTORS


Limited Storage and High Costs of Small Fridges to Limit Demand for the Product


Limited storage capacity coupled with the high cost of mini-fridges limits the product demand among the lower-income consumers across the U.S. As these refrigerators are considerably small in size, there is a limited scope to fit a wide variety of products. While these refrigerators are popular regarding compactness and portability, limited storage space hampers their demand as families require more significant storage capacity. Users are also limited to storing only specific items of small sizes in these refrigerators as large containers occupy more shelf space. Furthermore, unlike full-size refrigerators with small freezer sections, mini fridges cannot keep food items frozen, as they do not get cooler than 5.56 degrees Celsius. Thus, these factors cumulatively are anticipated to hamper the U.S. mini fridge market size.


SEGMENTATION


By Type Analysis


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


High Capacity Size to Trigger Demand for Under-the-Counter Mini Fridge


Based on type, the market is segmented into four categories, portable, cube, mid-sized, and under-the-counter. These product types are further divided into residential and commercial categories. The fridges are widely used in the commercial sector due to their ease of use and compact designs. The under-the-counter segment is expected to hold the most significant market share in the foreseeable future.


The large capacity sizes in under-the-counter variants allow users to store more food items than other types. This factor is significantly surging the demand for under-the-counter variants across the U.S. However, high cost and limited availability of under-the-counter models will likely limit the product demand in the coming years. The mid-sized segment also holds a considerable market share owing to the availability of a separate freezer unit and large shelf size in these models, unlike their cube and portable counterparts. The U.S. portable mini fridge market is driven by the rising popularity of compact size fridges coupled with increasing demand for portable cooling solutions.


By Technology Analysis


High Energy Efficiency and Enhanced Food Cooling Benefits to Accelerate Product Adoption


Based on technology, the market is segmented into absorption, thermoelectric, and compressor. The compressor segment held the major market share in 2021. Compressor technology-based models offer enhanced food cooling benefits to the users compared to thermoelectric and absorption technology-based mini-fridges. Furthermore, the high energy efficiency of compressor technology-based mini-fridges compared to its counterparts results in the segment generating considerable revenues. Thermoelectric technology-based mini-fridges are also increasingly used as heating appliances to maintain a high temperature for alcoholic beverages and cigars. Hence, the growing consumption of alcoholic drinks accelerates the thermoelectric segment growth.


By Distribution Channel Analysis


Increasing Number of Specialty Stores to Increase Product Availability


Based on distribution channel, the market is categorized into specialty stores, hypermarkets, online, and others. The specialty stores segment holds a significant market share owing to easy accessibility of branded mini-fridges with various attractive features in these stores. Furthermore, a steadily rising number of specialty retail stores in the country will likely entice more consumers as they offer multiple options specific to a relevant category. For instance, in April 2021, the Home Depot, Inc., a U.S.-based electronic appliances retailing corporation, expanded its geographical presence by introducing three distribution centers across Miami, Florida, and West Palms Beach. The hypermarkets segment is driven by the rising popularity and availability of bulk volume purchases at discounted prices to restaurants and hotel establishments.


KEY INDUSTRY PLAYERS


Major Players Focus on Developing Advanced Variants to Improve Supply Efficiency


Key industry players have been implementing various strategies, including partnerships, new product launches, and distribution channel expansion to stay competitive amid escalating competition. Recently, there has been a growing demand for products with innovative features. In this respect, manufacturers focus on developing advanced fridges to enhance their product portfolio and increase sales. Furthermore, companies aim to partner with other bands to improve their supply efficiency. For instance, in November 2019, Whirlpool Corporation, a U.S.-based kitchen & laundry appliances company, announced a partnership with D.R. HORTON, a U.S.-based home construction company, to enhance the supply efficiency of its home appliances in the U.S.


LIST OF KEY COMPANIES PROFILED:



KEY INDUSTRY DEVELOPMENTS:



  • April 2022: BSH Hausgeräte GmbH, a German home appliance manufacturer, announced its plan to open its new experience and design center in Washington, D.C, by 2023. BSH currently has centers in Irvine, Calif., Chicago, New York City, Montreal, Toronto, and Miami. These Experience and Design Centers offer guests opportunities to learn more about home appliances from Thermador, Bosch, and Gaggenau brands.

  • May 2019: Dometic Group AB (publ), a Sweden-based specializing in the marine, recreational vehicle, and hospitality industries across the Americas, Asia Pacific, Europe, and the Middle East & Africa (EMEA) introduced the CL480 Series, its new line of hotel refrigerators. The company targeted hotels with no stocked minibars by launching these refrigerators.


REPORT COVERAGE


An Infographic Representation of U.S. Mini Fridge Market

To get information on various segments, share your queries with us



The report analyzes the market in-depth and highlights crucial aspects such as prominent companies, types, technologies, and distribution channels. Besides this, the research report provides insights into the market trends and highlights significant industry developments. In addition to the aspects mentioned earlier, the report encompasses several factors contributing to the market growth.


Report Scope & Segmentation














































  ATTRIBUTE



  DETAILS



Study Period



2018-2029



Base Year



2021



Estimated Year



2022



Forecast Period



2022-2029



Historical Period



2018-2020



Unit



Value (USD Million)



By Type




  • Portable

    • Residential

    • Commercial



  • Cube

    • Residential

    • Commercial



  • Mid-sized

    • Residential

    • Commercial



  • Under-the-Counter

    • Residential

    • Commercial





By Technology




  • Compressor

  • Absorption

  • Thermoelectric



By Distribution Channel




  • Specialty Stores

  • Hypermarkets

  • Online

  • Others



Frequently Asked Questions

Fortune Business Insights says that the U.S. market size was USD 28.36 million in 2021 and is anticipated to reach USD 59.11 million by 2029.

In 2021, the U.S. market value stood at USD 28.36 million.

Growing at a CAGR of 9.60%, the market will exhibit steady growth over the forecast period (2022-2029).

By type, the under-the-counter segment is expected to lead the market over the forecast timeframe (2022-2029).

The rising consumer preference for energy-efficient kitchen appliances is accelerating market growth.

Stanley Black & Decker, Inc., Whirlpool Corporation, Electrolux AB, Haier Smart Home Co. Ltd., and BSH Hausgeräte GmbH are the most prominent industry participants.

The increasing demand for compact refrigerators for medical applications and the growing travel & recreational trend are accelerating product adoption.

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

Speak to an Expert
  • Sep, 2022
  • 2021
  • 2018-2020
  • 109

    CHOOSE LICENSE TYPE

  • $2850
    $3850
    $5850
    Buy Now

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

“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