Freezer Market - By Type (Blast Freezer, Contact Freezer, Upright Freezer, Chest Freezers, Portable Freezer, Buit-in Freezer), By Technology, By Door, By Capacity, By Price, By Application, By Distribution Channel & Forecast, 2024 – 2032
Report ID: GMI10292
|
Published Date: July 2024
|
Report Format: PDF
Download Free PDF
Buy Now
$4,123 $4,850
15% off
$4,840 $6,050
20% off
$5,845 $8,350
30% off
Buy now
Premium Report Details
Base Year: 2023
Companies covered: 15
Tables & Figures: 176
Countries covered: 21
Pages: 160
Download Free PDF
Freezer Market
Get a free sample of this report
Get a free sample of this report Freezer Market
Is your requirement urgent? Please give us your business email for a speedy delivery!
Freezer Market Size
The global freezer market size was valued at USD 17.16 billion in 2023 and is anticipated to register a CAGR of 3% between 2024 & 2032. There is a strong chance of growth in the sector during the period under review due to an increase in the number of people looking for smart devices which can ease routine food storage activities. In addition, there are other factors which are also contributing to the market such as rise in the earning capacity of consumers, increase in the number of gulags families, rise in the popularity of modular kitchens and changes in the diet of people.
Freezer refrigerators come with heat pumps and insulated chambers, which are designed in such a way that food and beverages can be kept relatively fresh and cool for a prolonged period of time.
Players in the cold storage marketplace are implementing change through low-carbon design as well as investment in environmental audits and modern construction technologies. Such low-carbon design which uses less energy can, however, be beneficial in creating more efficient and modern environmentally friendly warehouses. These facilities can be designed and equipped with energy saving technologies such as intelligent automation and control systems which will help in reducing energy expenditure and the carbon footprint of the building.
The cold storage sector suffers from some critical setbacks, one being the heavy and costly initial investment that a cold storage facility necessitates. Setting up a cold storage unit means putting in place a fair number of supporting structures such as the building and the equipment needed for cooling the product, doing regular maintenance and upgrading the storage facility, and all other infrastructure that is necessary for a proper functioning cold storage environment. These costs can be particularly high for companies entering the market where quality infrastructure, cooling systems, and insulation also need to be adequately controlled to ensure proper temperature and energy saving functions of the structure.
Freezer Market Trends
Energy consumption or expenses regarding the use of conventional appliances escalated due to endless increases. International organizations are setting up legal measures whose aim is to decrease the energy consumption of refrigerators and freezers while improving the environment’s safety. The European Commission (EC) has required producers from the given region to provide proper energy classification label for their products. In 2021, the EC published a new regulation, the Ecodesign Requirements for Refrigeration Equipment, which secures inclusion of sustainable components in the focused economy by highlighting the importance of increasing the repair, disassembly and recycling of refrigerated products.
Fridges and freezers with smart technology for easy monitoring and remote adjustments are on the rise globally. Shrinking the energy footprint and abiding by regulations are a valid motivation for this development. Advanced compressor technology, better foam insulation, and environmentally safe refrigerants are a standard in the modern energy freezers. There is high demand for IoT (Internet of Things) appliances today, and smart freezers make no exception.
Freezer Market Analysis
The market by type is segmented into blast freezer, contact freezer, upright freezer, chest freezer, portable freezer, buit-in freezer, and others (drawer freezer, compact freezer, etc.). In 2023, the upright freezer segment dominated the market, generating a revenue of USD 4.9 billion. This segment is projected to reach USD 5.79 billion by 2032. Upright freezers come with advanced components such as Wi-Fi support and integration with other IoT enabled devices. This allows users to track and change the temperature, get notifications and control the stock of their freezers through smart applications even when they are not nearby.
Such features widens customer’s flexibility and assurance over these devices. Users are now searching for upright freezers with increased volume and enhanced space utility. Suppliers address some of those requirements through innovative cabin design, height adjustable shelves, door mounted shelves and variable configuration of the equipment. The phenomenon of e shopping has changed the dynamics in the market of upright freezers as well. There is a growing trend amongst users to order appliances on the internet which makes it important for the producers and sellers to enhance the online presence of their products, ensure comprehensive technical description, and effective logistics.
Based on the distribution channel the freezer market is categorized into direct sales and indirect sales. Direct sales segment dominates this market, accounting for 57.7% of the market share in 2023, and are projected to reach USD 11.8 billion by 2032. The brand image and customer relationship can be managed by the manufacturers themselves. Personal communication permits them to talk to consumers and solicit feedback, which facilitates brand building exercises. DTC brands usually allow consumers to customize certain features, i.e. the color, size, and the accessories which leads to the increased satisfaction for those consumers and fulfills certain benchmarks that they desire.
Direct selling involves the use of e-commerce platforms along with other forms of digital marketing like advertising, social media, and even email marketing to appeal to a large number of people. With these tactics, traffic and sales can go directly to the manufacturer’s website. Direct selling in the freezer industry uses these tactics to allow manufacturers to better connect with the consumers, change their branding through innovation strategies, and cope because of the fast changing marketplace and interchanging consumer preferences. This style still continues to change the way freezers are marketed, sold, and serviced because of the recent changes in the retail market.
There were advanced sales in the Asia Pacific segment which captured over 45% of the total freezer market in 2023. Enhanced refrigerated transport, warehouse management, and the establishment of a government underpinned cold chain industry allowed these market participants to exploit the opportunities in this emerging market with innovative service offerings which can manage the complexities of transportation.
The segment growth is facilitated by the growth of technological infrastructure and the presence of market players such as Blue Star Limited of India and NICHIREI CORPORATION of Japan. As per the report from Global Cold Chain Alliance (GCCA), NICHIRE Corporation was listed fifth by GCCA members as in March 2023 in temperature controlled facilities.
North America: The freezer market in North America is comprehensively led by the U.S., having generated revenue of roughly USD 2.63 billion in the year 2023. It is projected to reach USD 3.11 billion by the year 2032. There is increasing demand for freezers with food safety and preservation features, such as blast freezing, advanced temperature control, and technologies that minimize use of the freezer while maximizing food freshness. The practice of purchasing freezers online is on the rise, owing to the growing trend of online shopping. The variety of options, competitive pricing, and convenience of e-commerce platforms enhance sales in the U.S. market.
Europe: By country, U.K. is expected to have a CAGR of 3% from 2024 to 2032. The expansion of web-based food shopping and food delivery systems is a major advantage to the commercial cold market. As customers shift toward online food buying and delivery systems, the need for effective cooling and cold chain logistic systems is growing. These systems are also crucial in the preservation of perishables during transport and storage as they ensure that the food is safe for consumption by the end users.
Asia Pacific: By country, China dominated the region with a freezer market share of about 22.3% of the Asia Pacific market. Increased consumer spending due to increased disposable income, increase of interest and awareness in home cooking and food preservation, and replacement innovations helped address the taste issues caused by high-storage, multi-storage, and multi-temperature storage designs multi contamination.
Refrigeration equipment is defined as any stationary structures which store and utilize refrigerants for the purpose of achieving and sustaining internal temperatures lower than the outside temperature in an enclosed space. Examples and applications of refrigeration equipment includes household refrigerating machines and freezers, commercial refrigeration machines, cold storage containers etc.
Freezer Market Share
The global market being discussed is highly fragmented in nature with key participants being AB Electrolux, ThermoFisher Scientific, Haier, Hitachi Ltd, Daikin Industries etc. These companies together form an approximate 15% to 20% share. Alongside such established firms, there also exists many other small scale regional and specialized manufacturers of freezers. This offers a competitive edge with many purchase options. This makes possible specialization by manufacturers which again adds to fragmentation.
Freezer Market Companies
Major players operating in the freezer industry include:
Freezer Industry News
The freezer market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue (USD Billon) and volume (Thousand Units) from 2021 to 2032, for the following segments:
Click here to Buy Section of this Report
Market, By Type
Market, By Technology
Market, By Door
Market, By Capacity
Market, By Price
Market, By Application
Market, by Distribution Channel
The above information is provided for the following regions and countries: