Household Refrigerators Global Market Report 2023: Increasing Consumption of Processed Food Products Drives Growth

Dublin, April 18, 2023 (GLOBE NEWSWIRE) -- The "Household Refrigerators Global Market Report 2023" report has been added to * ResearchAndMarkets.com's* offering.

This report provides strategists, marketers and senior management with the critical information they need to assess the market.

The global household refrigerators market is expected to grow from $45.27 in 2022 to $48.79 in 2023 at a compound annual growth rate (CAGR) of 7.8%. The household refrigerators market is expected to grow to $63.66 billion in 2027 at a CAGR of 6.9%.

Major players in the household refrigerators market are Electrolux, Haier, LG Electronics, Samsung Electronics, Whirlpool, Hitachi, Bosch, Hisense, Sharp, and Siemens.

*Reasons to Purchase*

· Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
· Understand how the market has been affected by the coronavirus and how it is responding as the impact of the virus abates.
· Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
· Measure the impact of high global inflation on market growth.
· Create regional and country strategies on the basis of local data and analysis.
· Identify growth segments for investment.
· Outperform competitors using forecast data and the drivers and trends shaping the market.
· Understand customers based on the latest market shares.
· Benchmark performance against key competitors.
· Suitable for supporting your internal and external presentations with reliable high quality data and analysis

The household refrigerator market consists of sales of single-door, double-door, french-door, and other household refrigerators. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

Household refrigerator refers to electrical appliances used to preserve food at cold temperatures.

North America was the largest region in the global refrigerators market in 2021. The regions covered in the household refrigerators market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The main types of household refrigerators market are single-door, double-door, french-door, and others. A single door has been provided with hinges or pivots which is permitting it to swing 90 in one direction only. The distribution channels are specialty retailers, department stores, mass retailers/hypermarkets/supermarkets, discount stores, and online. The freezer locations are freezer-on-top, freezer-on-bottom, and freezer-less. The applications are for household, commercial use, and industrial use.

The increasing consumption of processed food products such as frozen meat, vegetables, and dairy products as well as the change in the dietary habits of consumers is driving the refrigerators market growth. Due to busy lifestyles, consumers are increasingly relying on processed food and prepared meals that require refrigerators for storage. According to Rentokil, the processed food industries are valued at $2 trillion globally. The huge market for processed food products is expected to drive the refrigerators market.

Intense pricing pressure on manufacturers is restraining the growth of the refrigerators market. The market has numerous players competing in terms of price, specifications, and other characteristics. Durable goods such as TV, and freezers are more price elastic than necessities. People are more likely to purchase when there is a reduction in the price of the goods and less likely to purchase when there is a price hike.

Refrigerator manufacturers are implementing technologies such as IoT and embedded sensors in their products to improve overall functionality. Manufacturers are introducing advanced human-machine interface designs in refrigerators and also manufacturing refrigerators that can automatically recognize the type and weight of the food stored in the refrigerators, and adjust and monitor the temperature as per requirement.

The countries covered in the household refrigerators market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

*Key Attributes:*

*Report Attribute* *Details*
No. of Pages 175
Forecast Period 2023 - 2027
Estimated Market Value (USD) in 2023 $48.79 Billion
Forecasted Market Value (USD) by 2027 $63.66 Billion
Compound Annual Growth Rate 6.9%
Regions Covered Global

*Key Topics Covered:*

*1. Executive Summary*

*2. Household Refrigerators Market Characteristics*
3.Household Refrigerators Market - Macro Economic Scenario
3.1 COVID-19 Impact On Household Refrigerators Market
3.2 Ukraine-Russia War Impact On Household Refrigerators Market
3.3 Impact Of High Inflation On Household Refrigerators Market

*4. Household Refrigerators Market Size And Growth*
4.1. Global Refrigerators Historic Market, 2017 - 2022, $ Billion
4.1.1. Drivers Of The Market
4.1.2. Restraints On The Market
4.2. Global Refrigerators Forecast Market, 2022 - 2027F, 2032F, $ Billion
4.2.1. Drivers Of The Market
4.2.2. Restraints On the Market

*5. Household Refrigerators Market Segmentation*
5.1. Global Household Refrigerators Market , Segmentation By Type, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

· Single-Door
· Double-Door
· French-Door
· Other Types

5.2. Global Household Refrigerators Market , Segmentation By Distribution Channel, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

· Specialty Retailers
· Department Stores
· Mass Retailers/Hypermarkets/Supermarkets
· Discount Stores
· Online

5.3. Global Household Refrigerators Market , Segmentation By Application, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

· Household
· Commercial Use
· Industrial Use

5.4. Global Household Refrigerators Market , Segmentation By Freezer Location, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

· Freezer-on-Top
· Freezer-on-Bottom
· Freezer-Less

*6. Household Refrigerators Market Regional And Country Analysis*
6.1. Global Household Refrigerators Market , Split By Region, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion
6.2. Global Household Refrigerators Market , Split By Country, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

For more information about this report visit https://www.researchandmarkets.com/r/kft0qj

*About ResearchAndMarkets.com*
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

*Attachment*

· Global Household Refrigerators Market

CONTACT:
CONTACT: ResearchAndMarkets.com
Laura Wood,Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./ CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900