Mini Refrigerator Market to Be Worth US$ 3,060.2 Million by The Year 2032 - Comprehensive Research Report by FMI
Future Market Insights Global and Consulting Pvt. Ltd.
8 min read
Future Market Insights Global and Consulting Pvt. Ltd.
Mini Refrigerator Market to Reach US$ 3060.2 Mn by 2032, Single Door Refrigerator Segment to Dominate the Market, Says FMI
DUBAI, United Arab Emirates, March 22, 2022 (GLOBE NEWSWIRE) -- The global Mini Refrigerator Market size is expected to reach ~US$ 3,060.2 Mn by the end of 2032. According to a study by Future Market Insights (FMI), the market will show a steady rise at a CAGR of ~7.1% between 2022 and 2032. According to the report, growing popularity of portable kitchen appliances and emerging trend of energy star certified appliances boost demand for mini refrigerator across the globe. The report offers a comprehensive view of the market, covering key growth drivers, restraints, opportunities, and prevailing trends. It uses unique research methods to offer the most accurate analysis of the market.
Attribute
Details
Mini Refrigerator Market Product Value in 2021
US$ 1,431.5 Mn
Mini Refrigerator Market Product Value in 2022
US$ 1,535.5 Mn
Mini Refrigerator Market Product Value in 2032
US$ 3,060.2 Mn
Mini Refrigerator Market Historical CAGR (2016-2021)
It includes in-depth insights into the mini refrigerator market. Some of these are:
The estimated value of the mini refrigerator market was at ~US$ 1,042.8 Mn in 2019. Through the course of the report’s forecast period, the market is exhibited to show a steady pace of growth.
Regionally, East Asia dominates the mini refrigerator market globally owing to rise in adoption of portable mini refrigerator to the outdoor activities such as fishing, camping, adventure sports, along with expanding demand for cold storage in vehicles to keep the food and beverages fresh during travel.
East Asia emerges as one of key markets owing to rise in per capita spending on kitchen appliances which makes mini refrigerator affordable along with increase in number of nuclear families led to increase in demand for mini refrigerator in the region.
Growth of online retailers’ sales channel is expected to boost the sales of mini refrigerator over the forecast period.
Prominent players are analyzing consumer behavior and purchase pattern to understand the current household trend. The company’s focus remains on developing innovative products that come with minimum-maintenance requirement, as, it is one of the core objectives of having smart technology.
North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA
Key Countries Covered
United States, Canada, Brazil, Mexico, Germany, UK, France, Italy, Spain, Nordic, Russia, Poland, China, India, Thailand, Indonesia, Australia and New Zealand, Japan, GCC countries, North Africa, South Africa, others.
Key Market Segments Covered
Product, Price Range, Capacity, End User, Sales Channel, and Region
Key Companies Profiled
• The Whirlpool Corporation • Samsung Electronics • Videocon Industries • Godrej Appliances • LG Electronics • Haier Group Corporation • Electrolux AB • Panasonic Corporation • Siemens AG • ARB Company • Highsense Infotech • Zhongke Meiling Cryogenics Co., Ltd • Danby Appliances Inc. • Whynter, LLC • Engel • Koolatron Corporation • Dometic Group AB • EdgeStar Appliances Company • Midea Group • Uber Appliance Company.
Pricing
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Rise in Demand for High Capacity Mini Refrigerator at Commercial Areas Based on the capacity, the 4-5 cu. Ft. is expected to be the most attractive segment in the mini refrigerator market over the forecast period. Rise in demand for high capacity portable refrigerator in commercial areas such as hospitals and clinics to store drugs and medical devices that requires specific storage conditions is the primary factor expected to exhibit a significant growth in the global mini refrigerator market during the forecast period.
Furthermore, unique features associated with mini refrigerator such as portability, efficient cooling temperature, and high capacity propel the global mini refrigerator market for further growth. However, 2-2.9 cu. Ft. segment is expected to expand at higher CAGR during the forecast owing to increasing demand of such products on vehicles as well as outing or some small holiday trip with such capacity.
Who is Winning? Some of the leading players operating in the mini refrigerator market are The Whirlpool Corporation, Samsung Electronics, Videocon Industries, Godrej Appliances, LG Electronics, Haier Group Corporation, Electrolux AB, Panasonic Corporation, Siemens AG, ARB Company, Highsense Infotech, Zhongke Meiling Cryogenics Co., Ltd., Danby Appliances Inc., Whynter, LLC, Engel, Koolatron Corporation, Dometic Group AB, EdgeStar Appliances Company, Midea Group, Uber Appliance Company, and others. These manufacturers are developing technological advanced products with high energy star certified products to meet growing consumer 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 a popular strategy among the prominent players in the market. Companies intend to expand their geographical footprint through mergers and acquisition.
In January 2020, Godrej Appliances introduced a new mini refrigerator for hotels and hospitals, to cater to the cooling requirements of the industry. Company developed innovative product to meet the growing demand of cooling device that works on advanced thermostatic technology.
In 2019, Haier Group Corporation launched two new vertical freezers namely Mini-Vertical Freezer ‘BD88DEM’ and Haier Premium Vertical Freezer ‘BD168WL’ in India to stock small to large variety of food items. The refrigerator is designed to reduce the problem of frost formation and provide a wide temperature range between -14 to -25 degrees.
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About Future Market Insights (FMI) Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
