A study recently conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that 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). The global freezer market is being driven by the rising numbers of nuclear families and growing investments in the innovation of refrigerators. Rising income levels, as well as the availability of various financing options, are some of the main trends driving market growth.
Increasing Number of Restaurants and Supermarket
The global freezer market is booming as more restaurants and supermarkets are opening their doors around the world. At the same time, the requirements for large storage facilities for storing vegetables, meat, and other packed food items are rising in restaurants. Also, new supermarkets are being established with a customer-centric approach in order to boost sales. As per an article published in January 2020, a leading supermarket retailer has seen an increase in walk-in sales from 20% to 40% when they used programs like in-store pop-ups, events, and cooking classes. As a result of these appealing programs, supermarkets are attracting more consumers while growing their profits, resulting in high demand for large cold storage facilities in this sector.
Availability of Several Financing Schemes
A lot of people are migrating to Tier I cities as a result of urbanization, thus raising their living standards, which in turn is increasing the demand for high-tech, advanced home appliances, such as the refrigerator. Furthermore, the availability of multiple payment options is fueling the global freezer market. Many banks have introduced funding programs, with or without collaboration with key market players. This allows consumers to own items they want without having to pay the full price at the time of purchase. Furthermore, several banks and e-commerce giants are launching seasonal sales and discount deals on home appliances, allowing the global freezer market to grow by leaps and bounds.
Sample Copy of the report: https://www.blueweaveconsulting.com/report/global-freezer-market-report/report-sample
Global Freezer Market by Product Type
Based on the product type, the global freezer market is divided into two heads, chest freezers, and upright freezers. The chest freezer segment holds the largest market share and also depicts the fastest growth due to rising adoption for storing packaged foods and beverages in the commercial and industrial sectors. The chest freezer is generally shaped like a large box or chest with a hinged lid that opens upward. Moreover, a chest freezer is considered the most economical freezer; thus, it is used in large storage facilities in supermarkets and restaurants. However, an upright freezer is often used for domestic purposes and is quite expensive when compared to the former. Upright freezers are usually self-defrosting, making them much more convenient to manage than chest freezers.
Impact of COVID-19 on the Global Freezer Market
The COVID-19 pandemic has wreaked havoc on the world’s economies. Due to the high infection rates and extreme effects on public health systems, several countries imposed national lockdowns, affecting trade, industrial supply chains, and so on. The global freezer industry has also been severely impacted as the lockdown reduced in-store sales of various forms of freezers. People who have lost their jobs have also been unable to purchase appliances during these stressful times.
However, the ultra-low temperature freezer market has performed well during the COVID-19 outbreak. The reason for this is that scientists are working to create coronavirus vaccines for which they are dependent on ultra-low temperature freezers and incubators to store novel coronavirus samples for various types of tests.
The Asia Pacific Dominates the Global Freezer Market
The Asia Pacific, being one of the most populated regions across the globe leads the global freezer market. Additionally, high infrastructural demands are also responsible for creating an ever-rising demand for smart household appliances in the APAC countries. Furthermore, a significant number of consumers have begun to switch from conventional to smart appliances, creating opportunities for the freezer market to expand. Both India and China are expected to grow at the highest pace due to high infrastructural demand and increasing urbanization under this regional segment.
Europe is also expected to grow at the fastest rate due to massive investments and the launch of technologically advanced refrigeration products by the region’s tech giants. These advancements create opportunities to instill in customers a passion for smart appliances. For example, Samsung Electronics launched a new segment of kitchen designs with Bespoke fridges, to innovate and meet the specific needs of each household.
Global Freezer Market Competitive Landscape
The global freezer market has shown high growth potential which has attracted many new entrants, resulting in greater opportunities. In addition, new entrants have resulted in healthy competition among long-established market players. Some of the key players in the global freezer market are 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.
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