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Minibar Refrigerators Market Size

Report ID: GMI6889
Published Date: Oct 2023
Report Format: PDF

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Minibar Refrigerators Market Size

Minibar Refrigerators Market was valued at USD 347.7 million in 2022 and is projected to grow at a CAGR of over 3% between 2023 and 2032. The growing global hospitality industry is driving the demand for minibar refrigerators in hotels and resorts. As more people travel for leisure and business, there is an increased need for in-room amenities including minibar refrigerators. These refrigerators provide guests with convenient access to chilled beverages and snacks. Hoteliers are recognizing the importance of offering such amenities to attract & retain customers.

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The rising demand for luxury tourism has significantly accelerated industry gains. Luxury travelers seek personalized and convenient amenities including well-stocked minibars with varied beverages and snacks in their hotel rooms. To cater to this demand, hotels and resorts are investing in high-quality minibar refrigerators, ensuring that guests have access to premium refreshments.

Minibar Refrigerators Market Report Attributes
Report Attribute	Details
Base Year:	2022
Minibar Refrigerators Market Size in 2022:	USD 347.7 Million
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	3%
2032 Value Projection:	USD 473.2 Million
Historical Data for:	2018 to 2022
No. of Pages:	370
Tables, Charts & Figures:	614
Segments covered:	Product, Technology, Distribution Channel, End-User, and Region
Growth Drivers:	Growth in the hospitality industry Increasing emphasis on energy efficiency and sustainability Rising adoption of smart minibar refrigerators Increasing expansion of commercial spaces
Pitfalls & Challenges:	High initial cost Energy and maintenance costs

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The industry faces challenges due to its high initial cost and maintenance expenses. Minibar refrigerators are designed for in-room use in hotels and require frequent restocking as well as maintenance to ensure the beverages & snacks are fresh and readily available for guests. The initial investments in purchasing and installing minibar refrigerators can be substantial for hoteliers.

Authors: Avinash Singh

Frequently Asked Questions (FAQ) :

Global market for minibar refrigerators was valued at USD 347.7 million in 2022 and is projected to grow at a CAGR of over 3% between 2023 and 2032, owing to the growing hospitality sector.

The absorption segment is expected to grow at a CAGR of around 2.5% through 2032, owing to the unique features and suitability of these refrigerators for various hospitality settings.

Europe held a revenue share of over 30% in industry in 2022. The region's vibrant hospitality industry including hotels, resorts, and boutique accommodations drives the demand for minibar refrigerators.

Avanti Products, Dometic Group, GE Appliances (a Haier company), Indel B, ISM Makine Elektrik Sanayi ve Ticaret A.?., Liebherr Group, and Midea Group.