Global Freezer Market, By Product Type (Chest Freezers, Upright Freezers); By Capacity (200L & Below, 200L-300L, 300L-500, 500L & above); By Application (Residential, Commercial, Industrial); By Door Product (1 Door, 2 Doors, 3 Doors, 4 Doors); By Region (North America, Europe, Asia-Pacific, South America, Middle East, and Africa) Trend Analysis, Competitive Market Share & Forecast, 2017-2027
- Published Date: May 2021
- Report ID: BWC20364
- Available Format: PDF
- Page: 154
The Global Freezer Market- Industry Trends & Forecast Report 2027
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 freezer market
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 Market
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 segment.
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 companies.
Global Freezer Market Competitive Landscape
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 market.
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 prominent players.
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
diet 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
The U.S., Canada, Germany, Italy, U.K., France, Spain, Rest of Europe, Japan, China, India, South Korea, Australia, Rest of Asia-Pacific
By product type, door product, application, and region
AB Electrolux, 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 prominent players
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
1. What is the current size of the global freezer market?
Answer: The global freezer market reached USD 13.7 billion in 2020.
2. What are the major factors driving the growth of the global freezer market?
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.
3. 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.
4. 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.
5. 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.
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