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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
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Published Date: July 2024
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Report Format: PDF
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Premium Report Details
Base Year: 2023
Companies covered: 15
Tables & Figures: 176
Countries covered: 21
Pages: 160
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Freezer Market Size
Freezer Market was valued at USD 17.16 billion in 2023 and is anticipated to register a CAGR of 3% between 2024 & 2032. Growing consumer preference for smart devices to simplify daily food preservation operations is a major factor driving the promising growth prospects of the market during the forecast period.
In addition, factors such as increasing purchasing power of consumers, increase in the number of nuclear families, rise in popularity of modular kitchens and changing eating habits are influencing the market. Freezer refrigerators are equipped with heat pumps and heat-insulating chambers, which are built in such a way that food and drinks remain cool and fresh for a relatively long time.
Cold storage market players are adopting low-carbon design and investing in environmental audits and innovative construction methods. Low-carbon design that minimizes energy consumption can lead to more sustainable and environmentally friendly warehouses. The use of energy-efficient technologies, such as intelligent automation and control systems, can reduce energy costs and the carbon footprint of these facilities.
The need for a large initial investment to build a cold storage facility is one of the key factors hindering the growth of the cold storage industry. Refrigerated stores require significant investments to build the unit, install the necessary equipment, and maintain and repair the infrastructure. These costs can be particularly high for companies entering the market that need to invest in quality infrastructure, cooling systems and insulation to ensure adequate temperature control and energy efficiency.
Tightening energy efficiency regulations and standards is a major challenge for frozen food manufacturers. Meeting these requirements often requires the development of new technologies or the improvement of existing ones, which can increase production costs. Consumers and regulators are increasingly concerned about the environmental impact of appliances, including freezers. This led to the promotion of more environmentally friendly refrigerants and materials and the development of recycling programs for old equipment. Consumer preferences for freezer size, style and features change over time. Manufacturers must anticipate and respond to these changes to remain relevant and respond effectively to market demands.
Freezer Market Trends
Continuous additions ensured an increase in energy consumption and electricity costs related to the operation of traditional appliances. Regulatory bodies around the world are creating regulations that focus on reducing the energy consumption and greenhouse gas emissions of refrigerators and freezers to reduce their environmental impact. The European Commission (EC) obliges regional manufacturers to ensure that their products have the appropriate energy classification label. In 2021, the EC introduced a new regulation, the Ecodesign Requirements for Refrigeration Equipment (EU) 2019/2019, which aims to support the circular economy by emphasizing the repairability, easy disassembly and recyclability of refrigerated products.
Energy efficient freezers are increasingly in focus due to environmental concerns and regulations. Manufacturers are increasingly designing products with advanced insulation, compressor technology and environmentally friendly refrigerants to reduce energy consumption and operating costs. Smart freezers with IoT (Internet of Things) functions are becoming more and more common. These devices offer features such as remote monitoring, temperature control via smartphone apps and integration with smart home systems. Behind this trend is comfort and the desire to connect home devices. Consumers are looking for freezers that increase storage space and fit perfectly into the kitchen or living room. Manufacturers are responding with innovative design solutions, including slim designs, box configurations and customizable storage solutions for different user needs.
Freezer Market Analysis
The market by type is segmented into blast freezer, contact freezer, upright freezer, chest freezer, portable freezer, built-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 are equipped with smart features such as Wi-Fi connection and compatibility with smart home systems. It allows users to monitor temperature settings, receive alerts and manage inventory remotely via smart apps. These features increase consumer convenience and control.
Consumers are looking for upright freezers that increase storage capacity while optimizing space efficiency. Manufacturers meet different storage needs with innovative interior solutions, adjustable shelves, door storage options and customizable settings. The trend of online shopping has also affected the upright freezer industry. Consumers are increasingly purchasing devices online, which is forcing manufacturers and retailers to improve product visibility online, provide detailed technical information, and provide convenient shipping options.
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. manufacturers can control their brand image and customer relationships. They can communicate directly with consumers, collect feedback and build brand loyalty through personal interaction. DTC brands often offer customization options that allow consumers to tailor features such as color, size, and accessories to their preferences. This customization increases consumer satisfaction and fulfils specific needs.
Direct selling uses e-commerce platforms and digital marketing strategies, including targeted advertising, social media campaigns and email marketing, to reach a wider audience. These efforts drive traffic and sales directly to the manufacturer's website. direct selling in the freezer industry offers opportunities for manufacturers to build stronger connections with consumers, differentiate their brands through personalization and innovation, and adapt to rapidly changing consumer preferences and market dynamics. This approach continues to transform freezer marketing, sales and service in a changing retail environment.
Asia Pacific emerged as the dominant segment, holding a share of more than 45% of the total market in 2023. Advances in warehouse management and refrigerated delivery, along with the development of a government-backed cold chain industry, have enabled service providers to capitalize on this emerging market with innovative solutions that can handle the complexities associated with transportation. The growth of the segment is aided by the development of technological infrastructure and the presence of market players such as Blue Star Limited of India and NICHIREI CORPORATION of Japan. According to the Global Cold Chain Alliance (GCCA), NICHIREI CORPORATION ranked fifth among GCCA members in temperature-controlled facilities in March 2023.
North America: In terms of country, U.S. is dominating the North America freezer market with revenue of around USD 2.63 billion in the year 2023 and expected to reach around USD 3.11 billion by 2032. The demand for freezers equipped with features that promote food safety and preservation is increasing. This includes blast freezing, advanced temperature control systems and technologies that minimize freezer use to preserve food and freshness. The trend of online shopping continues to grow and consumers are increasingly buying freezers online. E-commerce platforms offer a wide selection, competitive prices and ease of use that increase sales in the US market.
Europe: In terms of country, U.K. is anticipated to register a CAGR of 3% between 2024 and 2032 The growth of online food shopping and food delivery services is a significant boost to the commercial cold market. As consumers increasingly move to online platforms for food purchase and delivery, the demand for efficient cold and cooling solutions is increasing. Their systems play an important role in maintaining the freshness and safety of perishable goods during transportation and storage, ensuring that food reaches consumers in optimal condition.
Asia Pacific: In terms of country China dominated with the overall market share of around 22.3% in the Asia Pacific market. Increased consumer interest in premium purchases and replacement innovations due to increased disposable income, increased awareness of home cooking and food preservation, helped address taste issues with high-storage, multi-storage, and multi-temperature storage designs. contamination in foodstuffs. Refrigeration equipment refers to any stationary equipment designed to store and use refrigerant to create and maintain temperatures below ambient in an enclosed space. Some examples and applications of refrigeration equipment include household refrigerators and freezers, commercial refrigeration equipment, cold storage and others.
Freezer Market Share
The global freezer industry is highly fragmented in nature with prominent players operating in the market such as AB Electrolux, ThermoFisher Scientific, Haier, Hitachi Ltd, and Daikin Industries. These together hold a market share of 15% to 20%. While there are established companies with a significant market share, there are also numerous smaller regional and niche manufacturers offering specialized freezers. This creates a competitive landscape with diverse options for buyers. This allows for specialization among manufacturers, further contributing 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:
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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: