PUBLISHER: The Business Research Company | PRODUCT CODE: 1713309
PUBLISHER: The Business Research Company | PRODUCT CODE: 1713309
Household refrigerators and home freezers are electric appliances designed for the purpose of preserving food at lower temperatures. These devices typically include a freezer compartment, where temperatures are maintained below freezing to extend the shelf life of stored food items.
The primary categories of household refrigerators and home freezers encompass refrigerators, freezers, ice boxes, and combination units that serve both functions. A household refrigerator operates by circulating a liquid refrigerant within a sealed system, which undergoes vaporization, drawing heat away from the fridge's interior. The vaporized refrigerant is then directed through coils located outside the refrigerator, where it is condensed back into a liquid state. These appliances offer a variety of door configurations, such as single doors, double doors, side-by-side doors, and French doors. Additionally, they come with different freezer placement options, including freezers positioned on top, bottom, or those with no separate freezer compartment. These variations cater to the storage of items like frozen vegetables, meats, and other frozen goods. Household refrigerators and home freezers are distributed through various channels, including specialty stores, supermarkets and hypermarkets, online retail platforms, and other outlets.
The household refrigerator and home freezer market research report is one of a series of new reports from The Business Research Company that provides a household refrigerator and home freezer market statistics, including household refrigerator and home freezer industry global market size, regional shares, competitors with a household refrigerator and home freezer market share, detailed household refrigerator and home freezer market segments, market trends and opportunities, and any further data you may need to thrive in the household refrigerator and home freezer industry. This household refrigerator and home freezer market research report deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The household refrigerator and home freezer market size has grown strongly in recent years. It will grow from $63.83 billion in 2024 to $68 billion in 2025 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to electrification of households, changing consumer lifestyles, energy efficiency and environmental concerns, kitchen remodeling and upgrades, adoption of modular kitchens, increase in the number of nuclear families worldwide.
The household refrigerator and home freezer market size is expected to see strong growth in the next few years. It will grow to $85.24 billion in 2029 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to smart and connected appliances, sustainability and energy efficiency, health and wellness trends, urbanization and smaller living spaces, food delivery and online shopping. Major trends in the forecast period include french door refrigerators, energy-efficient cooling, customization and flexible storage, fingerprint-resistant finishes, integration of water and ice dispensers.
The escalating consumption of processed food items, including frozen meats, vegetables, and dairy products, coupled with changes in consumer dietary preferences, is propelling the growth of the household refrigerator and freezer market. As busy lifestyles become the norm, consumers increasingly rely on processed foods and pre-made meals that necessitate refrigeration for storage. Valued at $2 trillion globally, the processed food industries, as reported by Rentokil, are a significant driver for the household refrigerators and home freezers market's expansion.
The expected increase in the purchasing power of consumers is forecasted to be a key driver for the household refrigerators and home freezers market. Consumers' purchasing power, derived from their income and financial resources, plays a pivotal role in the acquisition of goods and services. This boost in purchasing power stimulates the sales of upgraded, energy-efficient models, encourages innovation, diversifies product offerings, and ultimately fuels market growth. For instance, as per the European Commission's data in February 2023, the global middle class, often referred to as the consumer class, is projected to reach 4.8 billion people by 2030, representing a rise of 1.3 billion individuals with increased purchasing power compared to 2021. Hence, the escalating purchasing power of consumers is anticipated to be a significant driver for the household refrigerators and home freezers market.
Household refrigerator and home freezer manufacturers are integrating advanced technologies like IoT and embedded sensors into their products to enhance overall functionality. These advancements include sophisticated human-machine interface designs and refrigerators capable of autonomously recognizing food types and weights, adjusting and monitoring temperatures according to specific requirements.
Leading companies within the household refrigerator and home freezer market are focusing on the development of Wi-Fi-enabled side-by-side convertible refrigerators as a means to achieve a competitive advantage. These refrigerators can be remotely controlled via the LG ThinQ app. For instance, in September 2023, LG Electronics, a multinational electronics company based in South Korea, introduced Wi-Fi-enabled side-by-side convertible refrigerators in India. These refrigerators allow users to transform the freezer section into a fridge from any location using the LG ThinQ app. The 2023 Wi-Fi Convertible side-by-side refrigerator range features nine variants in matte and glass finishes, complete with chrome-finished door handles and metallic accents in the interior. The available refrigerator variants will include a size of 650 liters.
In April 2024, GCI Holdings Inc., a U.S.-based company specializing in infrastructure project development, acquired Stirling Ultracold for an undisclosed amount. The acquisition seeks to strengthen GCI Holdings Inc.'s expertise in advanced infrastructure projects by leveraging Stirling Ultracold's proficiency in ultra-low temperature storage solutions. Stirling Ultracold, also based in the U.S., develops and manufactures a new generation of energy-efficient and environmentally friendly ultra-low temperature (ULT) freezers.
Major companies operating in the household refrigerator and home freezer market include LG Electronics, Haier, Samsung, Panasonic Corporation, Godrej, Electrolux, Whirlpool, Robert Bosch, Liebherr-International AG, Dover Corporation, Midea Group, Hitachi Ltd., Sharp Corporation, Toshiba Corporation, Siemens AG, General Electric, Frigidaire, Maytag, Kenmore, Amana, KitchenAid, Jenn-Air, Viking Range, Sub-Zero, Thermador, True Residential, Fisher & Paykel, Dacor, Gaggenau, Smeg, Blomberg, Hisense, Arcelik, Vestel, Gorenje
Asia-Pacific was the largest region in the household refrigerator and home freezer market in 2024. Western Europe was the second-largest region in the household refrigerator and home freezer market. The regions covered in the household refrigerator and home freezer market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the household refrigerator and home freezer market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada
The household refrigerators and home freezers market consists of the sales of top-freezer refrigerators, bottom-freezer refrigerators, side-by-side refrigerators, french door refrigerators, upright freezers, chest freezers, handle ice boxes, wheeled ice boxes, and other household refrigerators and home freezers. 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.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Household Refrigerator And Home Freezer Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on household refrigerator and home freezer market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for household refrigerator and home freezer ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The household refrigerator and home freezer market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.