The global mini refrigerator market size is expected to reach ~US$ 1,845.0 Mn by the end of 2029. According to a study by Future Market Insights (FMI), the market 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 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.
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.
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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.
Get Valuable Insights into Mini Refrigerator Market
Future Market Insights, in its new report, presents an unbiased analysis of the global mini refrigerator market, covering historical demand data and forecast figures for the period between 2019 and 2029. The study divulges compelling insights on the mini refrigerator market based on product type (single door refrigerator and double door refrigerator), capacity (less than 1 cu. 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, and premium), 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, East Asia, South Asia, Oceania, Middle East & Africa).