The Global Freezer Market- Industry Trends & Forecast Report
The global freezer market was worth USD 13.7 billion
in 2020 and is further projected to reach USD 17.8 billion by 2027, at a CAGR
of 3.8% during the forecast period (2021-2027). Increased investments in refrigerator unit
innovation, as well as the opening of new restaurants and supermarkets, can all
be attributed to the development. The global freezer market is also expected to
grow as consumers become more aware of energy-efficient electronic goods and as
their income levels rise, resulting in increased purchasing power of consumers.
Furthermore, the availability of a variety of funding solutions is fuelling the
market. Additionally. growing consumer preference for big brands is also
expected to fuel the growth of the global freezer market in the coming years.
Source: Blue Weave Consulting
Global Freezer Market Overview
A refrigerator is a domestic/industrial
appliance that consists of a space heated with hot air and a heat pump
(mechanical, electric, or chemical) that transfers heat from the inside to the
outside so that the interior cools to a temperature below room temperature. In
developed countries, freezing is a popular method of storing food. The
refrigerator substituted the icebox, which had been a popular household item
for nearly a century and a half. A freezer is a cold storage space where food items
such as fish, ice cream, milk, meat, fruits, water, vegetables, etc., can be
stored at a low temperature for a longer period of time to protect them from
mold, bacteria, and rot.
Global Freezer Market Trend
Increasing Number of Restaurants and Supermarket
The global freezer market is
experiencing rapid growth as more restaurants and supermarkets open their doors
around the world. It is also because of their need for large storage facilities
for vegetables, meat, and other packaged food products. For example, according
to a New York Times report, Amazon is considering launching a new grocery chain
that would be distinct from the Whole Foods that it purchased in 2017. Furthermore,
customer-centric programs such as in-store pop-ups, events, and cooking courses
are attracting more consumers and eventually increasing their sales, resulting
in high demand for large cold storage facilities in this market.
Urbanization is expected to drive the global
Following the extensive urbanization
that is taking place around the world, people are flocking to upper-tier cities
in search of work and to improve their standard of living. As a result, a great
need for new innovative home appliances has been observed. In a report, the UN predicted that 68% of the world population will live in urban areas by 2050. Additionally,
refrigerator sales have increased due to the availability of convenient
delivery channels such as the online and offline mode where consumers can
purchase the product of their choice in their desired manner. According to a
2020 report, approximately 200 million refrigerators are sold worldwide each
year, generating more than $100 billion in revenue.
Global Freezer Market Restraints
Negative Impact on the Environment
The main concern with the use of freezers
is that they negatively impact our environment. They use a lot of energy and
emit a lot of CO2, which causes the Green House Effect, and ozone depletion. This
is the main impediment to the market's growth. However, several market players
are also developing new models to mitigate the negative impact on the
environment. Also, limiting the use of
old refrigerators and regular servicing can reduce harmful emissions up to some
extent, thereby reducing the environmental pollution.
Impact of COVID-19 on the Global Freezer
The COVID-19 pandemic has created havoc across
industries around the globe. Due to the high infection rates and severe impact
on public health systems, various countries had to enforce nationwide lockdowns,
which significantly impacted industrial supply chains, trade, and related
services. Like many other industries, the global freezer market has also been
affected negatively. Walk-in sales of different types of refrigerators and freezers
have gone down due to nationwide lockdowns and curfews imposed by the
governments of different countries across the world.
Global Freezer Market by Product Type
Based on the product type the global
freezer market is divided into two categories namely chest freezers and upright
freezers. A chest freezer is the most cost-effective freezer and is commonly
used in large storage facilities such as supermarkets and restaurants. An
upright freezer, on the other hand, is often used for domestic purposes and is
very costly as opposed to the former. Because of rising preference for packed
food & beverages, and the need for their cold storage in commercial &
industrial sector, chest freezer segment dominates the market. Additionally,
chest freezer segment also depicts a faster growth than upright freezer due to
its cost effectivity and fast expansion of food & beverage industry.
Global Freezer Market by Capacity
Based on the category, the global
freezer market is divided into four main categories— 200L & Below,
200L-300L, 300L-500, 500L & Above. Different types are used for different
purposes. In general, both categories, 200L & Below and 200L-300L, are very
common for domestic purposes, and it also depends on the number of family
members. Thus, freezers of 200L-300L have the largest market share and are also
growing at the fastest rate due to their compact size and affordable price.
Global Freezer Market by Application
Based on the application type, the
global freezer market is divided into three segments— Residential, Commercial,
and Industrial. Out of these, the residential application segment is dominating
the market by holding the largest market share. The most important factor in
the residential application segment is the dynamic change in people's
lifestyles and food consumption patterns, which is causing more customers to
turn to ready-to-eat food. Thus, the residential application segment is expanding
at the fastest rate.
Global Freezer Market by Door Product
Based on the door product type, the
global freezer market is fragmented into 1 Door, 2 Doors, 3 Doors, and 4 Doors.
Among these, 2-door products account for the largest market shares due to their
affordable prices, and energy efficiency. Additionally, multi-door freezers are
also gaining popularity across the globe. Multiple-door refrigerators have the
bottom area dedicated to the freezer. Increasing nuclear families, the rising
trend of stocking groceries in the case of large families, and increasing usage
of preserved food products are expected to contribute to the growth of the
Global Freezer Market: Regional Insights
Based on regions, the global freezer
market is segmented into North America, Europe, Asia-Pacific, South America,
Middle East, and Africa. Out of these regions, Asia-Pacific owns the largest
market share due to the presence of a large population. Infrastructural demands
are also high in this region. Additionally, growing urbanization and rising
demand for switching from conventional to smart appliances help to fuel the
industry. Additionally, growing urbanization and rising demand for shifting
from conventional to smart appliances are boosting the market. Both India and
China are expected to grow at the highest pace during the forecast period due
to high infrastructural demand and increasing urbanization.
Also, Europe is
projected to expand at the fastest pace in terms of the implementation of
technologically advanced refrigeration products by well-established regional
Global Freezer Market Competitive
The global freezer market is highly
fragmented, with several key players and a diverse range of products. Manufacturers are continually focusing on launching
high-energy-efficient products as well as advertising campaigns to
increase consumer brand awareness. This is expected to drive the global freezer
Some of the key players in the market are
AB Electrolux, Liebherr Group, Beverage-Air Corporation, Brandt France, BSH
Household Appliances Manufacturing Pvt. Ltd., DAIHAN Scientific Co., Panasonic
Corporation, Thermo Fisher Scientific, Ltd., Haier Group, Hengel Industries,
Hitachi Ltd., LG Electronics Inc., Inc., Whirlpool Corporation, and other
Global Freezer Market Recent Developments
- In May 2021, Samsung revealed its new AI-powered &
IoT-enabled Bespoke refrigerator with 'Family Hub' functions. The
refrigerator comes with a huge display and app-controlled functions like
automatic food recognition and customized
recommendations, and food list generation.
- In February 2021, Panasonic India expanded its Miraie products'
portfolio by launching IoT-enabled appliances powered by app & voice
control. It includes washing machines, Wi-Fi fan, connected refrigerators,
smart digital switches and Wi-Fi controller plugs.
Scope of the Report:
Historical data – 2017-2020
Base Year – 2020
Forecast – 2021 – 2027
Revenue in USD Billion
U.S., Canada, Germany, Italy, U.K., France, Spain, Rest of Europe, Japan, China, India, South Korea, Australia, Rest of Asia-Pacific
product type, door product, application, and region
Beverage-Air Corporation, Brandt France, BSH Household Appliances
Manufacturing Pvt. Ltd., DAIHAN Scientific Co., Ltd., Haier Group, Hengel
Industries, Hitachi Ltd., LG Electronics Inc., Liebherr Group, Panasonic
Corporation, Thermo Fisher Scientific, Inc., Whirlpool Corporation, and other
By Product Type
Ø Chest Freezers
Ø Upright Freezers
Ø 200L & Below
Ø 500L & Above
By Door Product
Ø 1 Door
Ø 2 Doors
Ø 3 Doors
Ø 4 Doors
Ø North America
Ø South America
Ø The Middle East and Africa
What is the current size of the global freezer market?
Answer: The global freezer market
reached USD 13.7 billion in 2020.
What are the major factors driving the growth of the global freezer
Answer: Increasing investments in
innovation of refrigerators units, setting up of new restaurants and
supermarkets. Growing awareness about the energy-efficient electronic product,
rising income levels of the customers.
Who are the key players in the global freezer market?
Answer: The key players operating in the
global freezer market are AB Electrolux, Beverage-Air Corporation, Brandt
France, LG Electronics Inc., Liebherr Group, Panasonic Corporation, BSH
Household Appliances Manufacturing Pvt. Ltd., DAIHAN Scientific Co., Ltd.,
Haier Group, Hengel Industries, Hitachi Ltd., Thermo Fisher Scientific, Inc.,
Whirlpool Corporation, and other prominent players.
Which category accounted for the largest share in the global freezer
market by application?
Answer: The residential application
segment accounted for a larger revenue share and is likely to expand at a
strong rate due to the increasing preference for ready-to-eat food.
Which region is growing at a higher rate in the global freezer market?
Answer: Europe is expected to grow at
the fastest rate in the global freezer market with the introduction of
technologically advanced refrigeration products by well-established companies
in the region.