Insights into the Mini Refrigerator Market: Trends from 2019 to 2029
The global mini refrigerator market size is expected to reach ~US$ 1,845.0 Mn by
the end of 2029. According to a study by Future Market Insights (FMI), the
market will show a steady rise at a CAGR of ~5.9% between 2019 and 2029.
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.
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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$ 1,042.8 Mn in 2019. 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
analyzing consumer behavior 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.
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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.
