Increasing Processed Food Consumption Drives Refrigerators Market Growth At A Rate Of Over 7%

Refrigerators Market Report 2021 - COVID-19 Impact and Recovery

Refrigerators Global Market Report 2021 – COVID-19 Impact and Recovery

Refrigerators Market Report

Refrigerators Global Market Report

The Business Research Company’s Refrigerators Global Market Report 2021 – COVID-19 Impact and Recovery

LONDON, GREATER LONDON, UK, October 11, 2021 / — 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 refrigerators market growth. Due to busy lifestyles, consumers are increasingly relying on processed food, 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.

Global refrigerators market is expected to grow from $31.61 billion in 2020 to $34.00 billion in 2021 at a compound annual growth rate (CAGR) of 7.6%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The refrigerators market is expected to reach $44.26 billion in 2025 at a CAGR of 7%.

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Refrigerators 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, adjust and monitor the temperature as per requirement.

Major players covered in the global refrigerators market are Electrolux, Haier, LG Electronics, Samsung Electronics, Whirlpool, Hitachi, Bosch, Hisense, Sharp, Siemens, TCL, Kinghome, Midea, Panasonic, Meiling, DIQUA, Frestec, Casarte, Homa, LittleSwan, Konka, Toshiba, Arçelik, Godrej, Mitsubishi Electric, Panasonic.

TBRC’s global refrigerator market report is segmented by type into single-door, double-door, French-door, others, by distribution channel into specialty retailers, department stores, mass retailers/hypermarkets/supermarkets, discount stores, online, by application into household, commercial use, industrial use, by freezer location into freezer-on-top, freezer-on-bottom, freezer-less.

Refrigerators Global Market Report 2021 – By Type (Single-Door, Double-Door, French-Door), By Distribution Channel (Specialty Retailers, Department Stores, Mass Retailers/Hypermarkets/Supermarkets, Discount Stores, Online), By Application (Household, Commercial Use, Industrial Use), By Freezer Location (Freezer-on-Top, Freezer-on-Bottom, Freezer-Less). COVID-19 Impact and Recovery is one of a series of new reports from The Business Research Company that provides refrigerators market overview, forecast refrigerators market size and growth for the whole market, refrigerators market segments, and geographies, refrigerators market trends, refrigerators market drivers, restraints, leading competitors’ revenues, profiles, and market shares.

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