Mini Refrigerator Market Segments, Opportunity, Growth And Forecast By End-Use Industry 2019-2029

(Markitwired via Comtex)

The global mini refrigerator market size is expected to reach ~US$ 1,845.0 Mn bythe end of 2029. According to a study by Future Market Insights (FMI), themarket will show a steady rise at a CAGR of ~5.9% between 2019 and 2029.According to the report, growing popularity of portable kitchen appliances andemerging trend of energy star certified appliances boost demand for minirefrigerator across the globe. The report offers a comprehensive view of themarket, covering key growth drivers, restraints, opportunities, and prevailingtrends. It uses unique research methods to offer the most accurate analysis ofthe market.

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It includesin-depth insights into the mini refrigerator market. Some of these are:

  • The estimated value of the mini refrigerator market was at ~US$ 1,042.8Mn in 2019. Through the course of the report's forecast period, the market isexhibited to show a steady pace of growth.
  • Regionally, East Asia dominates the mini refrigerator market globallyowing to rise in adoption of portable mini refrigerator to the outdooractivities such as fishing, camping, adventure sports, along with expandingdemand for cold storage in vehicles to keep the food and beverages fresh duringtravel.
  • East Asia emerges as one of key markets owing to rise in per capitaspending on kitchen appliances which makes mini refrigerator affordable alongwith increase in number of nuclear families led to increase in demand for minirefrigerator in the region.
  • Growth of online retailers' sales channel is expected to boost the salesof mini refrigerator over the forecast period.
  • Prominent players are analyzing consumer behavior and purchase patternto understand the current household trend. The company's focus remains ondeveloping innovative products that come with minimum-maintenance requirement,as, it is one of the core objectives of having smart technology.

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Rise in Demand forHigh Capacity Mini Refrigerator at Commercial Areas

Based on the capacity, the 4-5 cu. Ft. is expected to be the mostattractive segment in the mini refrigerator market over the forecast period.Rise in demand for high capacity portable refrigerator in commercial areas suchas hospitals and clinics to store drugs and medical devices that requiresspecific storage conditions is the primary factor expected to exhibit asignificant growth in the global mini refrigerator market during the forecastperiod. Furthermore, unique features associated with mini refrigerator such asportability, efficient cooling temperature, and high capacity propel the globalmini refrigerator market for further growth. However, 2-2.9 cu. Ft. segment isexpected to expand at higher CAGR during the forecast owing to increasingdemand of such products on vehicles as well as outing or some small holidaytrip with such capacity.

Who is Winning?

Some of the leading players operating in the mini refrigerator marketare The Whirlpool Corporation, Samsung Electronics, Videocon Industries, GodrejAppliances, LG Electronics, Haier Group Corporation, Electrolux AB, PanasonicCorporation, Siemens AG, ARB Company, Highsense Infotech, Zhongke MeilingCryogenics Co., Ltd., Danby Appliances Inc., Whynter, LLC, Engel, KoolatronCorporation, Dometic Group AB, EdgeStar Appliances Company, Midea Group, UberAppliance Company, and others. These manufacturers are developing technologicaladvanced products with high energy star certified products to meet growingconsumer requirements as well as to have a competitor edge in the market.Moreover, collaboration with domestic distributors, strategic partnership,seeking for certifications, and enter into e-commerce platform remains apopular strategy among the prominent players in the market. Companies intend toexpand their geographical footprint through mergers and acquisition.

  • In January 2020, Godrej Appliances introduced a new mini refrigerator forhotels and hospitals, to cater to the cooling requirements of the industry.Company developed innovative product to meet the growing demand of coolingdevice that works on advanced thermostatic technology.
  • In 2019, Haier Group Corporation launched two new vertical freezersnamely Mini-Vertical Freezer 'BD88DEM' and Haier Premium Vertical Freezer'BD168WL' in India to stock small to large variety of food items. Therefrigerator is designed to reduce the problem of frost formation and provide awide temperature range between -14 to -25 degrees.

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Get ValuableInsights into Mini Refrigerator Market

Future Market Insights, in its new report, presents an unbiased analysisof the global mini refrigerator market, covering historical demand data andforecast figures for the period between 2019 and 2029. The study divulgescompelling insights on the mini refrigerator market based on product type(single door refrigerator and double door refrigerator), capacity (less than 1cu. Ft., 1-1.9 cu. Ft., 2-2.9 cu. Ft., 3-3.9 cu. Ft., and 4-5 cu. Ft.),end-user (commercial and residential), price range (economy, mid-range, andpremium), sales channel (wholesalers/distributors, hypermarkets/supermarkets,multi-brand stores, exclusive stores, independent small stores, online retailers,and other sales channel), region (North America, Latin America, Europe, EastAsia, South Asia, Oceania, Middle East & Africa).

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COMTEX_390229113/2612/2021-07-22T05:43:41