Mini Refrigerator Market Forecast with Potential Impact, Despite COVID-19 Pandemic, Finds FMI 2022 - 2027

 

The global mini refrigerator market size is expected to reach ~US$ 3,060.2Mn by the end of 2032. According to a study by Future Market Insights (FMI), the market will show a steady rise at a CAGR of ~7.1% between 2022and 2032. According to the report, growing popularity of portable kitchen appliances and emerging trend of energy star certified appliances boost demand for mini refrigerator across the globe. The report offers a comprehensive view of the market, covering key growth drivers, restraints, opportunities, and prevailing trends. It uses unique research methods to offer the most accurate analysis of the market.

AttributeDetails
Mini Refrigerator Market Product Value in 2021US$ 1,431.5 Mn
Mini Refrigerator Market Product Value in 2022US$ 1,535.5 Mn
Mini Refrigerator Market Product Value in 2032US$ 3,060.2 Mn
Mini Refrigerator Market Historical CAGR (2016-2021)6.3%
Mini Refrigerator Market CAGR (2022-2032)7.1%

It includes in-depth insights into the mini refrigerator market. Some of these are:

  • The estimated value of the mini refrigerator market was at ~US$ 3,060.2Mn in 2022. Through the course of the report’s forecast period, the market is exhibited to show a steady pace of growth.
  • Regionally, East Asia dominates the mini refrigerator market globally owing to rise in adoption of portable mini refrigerator to the outdoor activities such as fishing, camping, adventure sports, along with expanding demand for cold storage in vehicles to keep the food and beverages fresh during travel.
  • East Asia emerges as one of key markets owing to rise in per capita spending on kitchen appliances which makes mini refrigerator affordable along with increase in number of nuclear families led to increase in demand for mini refrigerator in the region.
  • Growth of online retailers’ sales channel is expected to boost the sales of mini refrigerator over the forecast period.
  • Prominent players are analysing consumer behaviour and purchase pattern to understand the current household trend.  The company’s focus remains on developing innovative products that come with minimum-maintenance requirement, as, it is one of the core objectives of having smart technology.

Rise in Demand for High Capacity Mini Refrigerator at Commercial Areas

Based on the capacity, the 4-5 cu. Ft. is expected to be the most attractive segment in the mini refrigerator market over the forecast period. Rise in demand for high capacity portable refrigerator in commercial areas such as hospitals and clinics to store drugs and medical devices that requires specific storage conditions is the primary factor expected to exhibit a significant growth in the global mini refrigerator market during the forecast period. Furthermore, unique features associated with mini refrigerator such as portability, efficient cooling temperature, and high capacity propel the global mini refrigerator market for further growth. However, 2-2.9 cu. Ft. segment is expected to expand at higher CAGR during the forecast owing to increasing demand of such products on vehicles as well as outing or some small holiday trip with such capacity.

Who is Winning?

Some of the leading players operating in the mini refrigerator market are The Whirlpool Corporation, Samsung Electronics, Videocon Industries, Godrej Appliances, LG Electronics, Haier Group Corporation, Electrolux AB, Panasonic Corporation, Siemens AG, ARB Company, Highsense Infotech, Zhongke Meiling Cryogenics Co., Ltd., Danby Appliances Inc., Whynter, LLC, Engel, Koolatron Corporation, Dometic Group AB, EdgeStar Appliances Company, Midea Group, Uber Appliance Company, and others. These manufacturers are developing technological advanced products with high energy star certified products to meet growing consumer requirements as well as to have a competitor edge in the market. Moreover, collaboration with domestic distributors, strategic partnership, seeking for certifications, and enter into e-commerce platform remains a popular strategy among the prominent players in the market. Companies intend to expand their geographical footprint through mergers and acquisition.

  • In January 2020, Godrej Appliances introduced a new mini refrigerator for hotels and hospitals, to cater to the cooling requirements of the industry. Company developed innovative product to meet the growing demand of cooling device that works on advanced thermostatic technology.
  • In 2019, Haier Group Corporation launched two new vertical freezers namely Mini-Vertical Freezer ‘BD88DEM’ and Haier Premium Vertical Freezer ‘BD168WL’ in India to stock small to large variety of food items. The refrigerator is designed to reduce the problem of frost formation and provide a wide temperature range between -14 to -25 degrees.

Information Source:
https://www.futuremarketinsights.com/reports/mini-refrigerator-market

Comments

Post a Comment

Popular posts from this blog

Pulses Market Forecast with Potential Impact, Despite COVID-19 Pandemic, Finds FMI 2022 - 2030

Image
  Future Market Insights (FMI) has anticipated the global  pulses market   to surpass a revenue threshold of US$ 100 Bn by the end of the 2020-2030 forecast period, in its recently published report. FMI opines the market is slated to scale new heights amid heightening demand for fiber-rich and nutrient infused foodstuffs. Recent years have seen an upsurge in the availability of pulse based instant foods. Pulses are known to reduce cholesterol and triglyceride levels, thus enhancing life expectancy. After taking the COVID-19 pandemic into consideration, growth prospects for the global pulses market appear largely optimistic, with sluggishness staving off due to relaxation of lockdowns. Key Takeaways from FMI’s Pulses Market Report APEJ to represent lucrative growth opportunities, generating nearly 60% of revenue Dried beans to enjoy widespread popularity, attributed to the presence of vital micronutrients Demand for organic pulses experiencing northward shift, expanding at a CAGR exceed
Read more

Tinea Pedis Treatment Market Key Players, End User, Demand and Consumption by 2032

  The global   tinea pedis treatment market   is expected to reach   US$ 1.35 Bn   in 2022, and further expand at a CAGR rate of   5.2%   to surpass   ~US$ 2.24 Bn   by the end of 2032. In terms of disease indication, the interdigital tinea pedis treatment market is expected to lead with a share of about   68.3%  in 2022. The extensive research report titled  “ Tinea Pedis Treatment Market: Global Industry Analysis (2012–2016) and Opportunity Assessment (2017–2027) ”  crafted by Future Market Insights assists the reader in compiling and slating key growth strategies with a view to maintain correct growth rhythm in spite of the changing market dynamics in the current as well as in the future. Analysis on each segment of the market is included and assessment of these segments across key region in the globe is presented in a methodical format in the report. The research reflects the global market view in a nutshell The research report on tinea pedis treatment market covers various trends,
Read more

Glamping Market Insights, Deep Analysis of Key Vendor in the Industry 2022-2032

Image
  According to a recent report by Future Market Insights (FMI), the  glamping market  is expected to reach a valuation of  US$ 10.6 Bn  in 2032, expanding at an impressive  11.8% CAGR  over the assessment period.   ·        To Get a Sample Copy of the Report visit @    https://www.futuremarketinsights.com/reports/sample/rep-gb-14326 Increasing government-backed investments in the tourism sector across the globe is a chief factor driving the glamping market. Players in the tourism sector are offering better means to attract more tourist to outdoor locations. The uptake and integration of technologies in such locations is encouraging consumers to opt for outdoor recreational activities, thereby augmenting the growth in the market. The developments of recreational vans and other motor homes with rental services is another factor boosting the market. Individuals are spending quality time with family and friends in remote areas and with the availability of all the resources at hand, which i
Read more