The Business Research Company’s Global Household Refrigerators And Home Freezers Market Report 2020
LONDON, GREATER LONDON, UK, August 21, 2020 /EINPresswire.com/ — The global household refrigerator and home freezer market was worth $51.5 billion in 2019. It is expected to grow at a compound annual growth rate (CAGR) of 4.8% and reach $62.1 billion by 2023. The increasing consumption of processed food products such as frozen meat, vegetables, dairy products as well as change in the dietary habits of consumers is driving the household refrigerator and freezer 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 household refrigerators and home freezers market.
Intense pricing pressure on manufacturers is restraining the growth of the household refrigerator and freezer market. The market has numerous players competing in terms of price, specifications, and other characteristics. Durable goods such as TVs and freezers are more price elastic than necessities. People are more likely to purchase when there is reduction in the price of the goods and less likely to purchase when there is a price hike.
Household refrigerators and home freezer manufacturers are implementing technologies such as internet of things (IoT) and embedded sensors in their products to improve overall functionality.
Manufacturers are introducing advanced human machine interface designs in refrigerators, 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 household refrigerator and home freezer market consists of sales of household-type refrigerators, ice boxes and upright and chest freezers. The household refrigerator and home freezer market in Asia Pacific is forecasted to register the highest CAGR during 2019-2023.
Major players in the global household refrigerators and home freezers market are LG Electronics, Haier, Samsung, Panasonic Corporation, Godrej, Electrolux, Whirlpool, Robert Bosch, Liebherr-International AG, and Dover Corporation. Companies in the market are adopting merger and acquisition strategies to strengthen their business. For instance, in August 2018, Hisense Middle East, a subsidiary of Hisense Co Ltd, acquired Gorenje Gulf FZE, a manufacturer of home appliances for $339 million. This acquisition allows Gorenje to produce kitchen appliances, refrigerators, washing machines, televisions and air conditioners of Hisense’s brands for the European market.
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Oliver Guirdham
The Business Research Company
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