The Global Freezers Market is estimated to be USD 14.23 Bn in 2023 and is expected to reach USD 17.39 Bn by 2028 growing at a CAGR of 4.09%.Manufacturers are Investing in Research and Development Activities to Create New and Innovative Freezer Designs, Features, and Technologies
A freezer is a home appliance that is used to store food at a temperature below freezing. Freezers typically store frozen food, such as ice cream, frozen vegetables, and frozen meals. Freezers can also store fresh food like meat, fish, and poultry. The two main types of freezers are chest freezers and upright freezers. Chest freezers are typically less expensive than upright freezers but are also less accessible. The Upright freezers are more expensive than chest freezers but also more accessible. It has various features, such as ice makers, humidity controls, and adjustable shelves.
In recent years, there has been a notable shift in consumer preferences towards convenient and time-saving food options, which has propelled the consumption of frozen meals, snacks, and ingredients. The fast-paced lifestyle of modern consumers and their growing work commitments have led to a higher demand for quick and easy meal solutions. Frozen food provides a convenient alternative to time-consuming cooking. The increasing need for freezers to cool processed and chilled food products is the primary factor driving the growth of the Global Freezers Market.
However, the high initial costs of freezers are a restraining factor for the Global Freezers Market. Freezers, especially large-scale commercial refrigerators, and freezers, require significant investments in both purchase price and installation costs. Additionally, high-end and premium freezers often require specialized installation and maintenance services, increasing the cost. This hinders the growth of the Global Freezers Market.
Further, the Global Freezers Market has an opportunity for technological advancement as it has led to the development of more versatile freezers. It helps to improve the safety of freezers and improve the durability of freezers. For example, Medline Scientific launched a new range of ultra-low temperature freezers suitable for different types of laboratories and effectively protect samples used in various applications. In addition, integrating Internet of Things (IoT) technology in freezers has become increasingly popular in recent years. For instance, Haier Group offers a 360-degree airflow + dual fan technique for even and multi-directional cooling.
- Moreover, the government regulations for the Global Freezers Market are designed to protect consumers and the environment. Fluorocarbon refrigerants are used in refrigerators and freezers to cool the air inside. However, these refrigerants harm the environment and contribute to climate change. As a result, many governments have enacted regulations restricting these refrigerants' use. These regulations cover many issues, including energy efficiency, safety, and emissions. Thus, it is a challenge for the Global Freezers Market.
Market Segmentations
- The Global Freezers Market is segmented based on Product Type, Capacity, Door, Applications, Distribution Channel, and Geography.
- By Product Type, the Global Freezers Market is classified into Chest Freezers, Upright Freezers, and Others. The Chest freezers have the largest segment in the Global Freezers Market. Chest freezers are slightly more affordable than upright freezers and less expensive. It is more likely to keep foods frozen during a power outage because it holds a more consistent temperature.
- By Capacity, the Global Freezers Market is classified into 200L and below, 200L-300L, 300L-500L, and 500L and above. The 200L to 300L is the largest segment in the Global Freezers Market. The freezers in the 200L-300L capacity range store food and beverages for short-term use. It is also relatively affordable as well as a popular choice for consumers.
- By Door, the Global Freezers Market is classified into 1 Door, 2 Door, 3 Door, and 4 Door. The 2 Door is the largest segment in the Global Freezers Market. The freezers with 2 doors are ideal for storing food items and are relatively affordable.
- By Applications, the Global Freezers Market is classified into Residential, Commercial, and Industrial. The Commercial segment has the largest market share in the Global Freezers Market. This is due to their applications for a wide variety of commercial purposes.
- By Distribution Channel, the market is classified into Online and Offline. The offline segment has the largest market share, which includes traditional retail stores like supermarkets, hypermarkets, and specialty appliance stores. These offline channels offer wide availability, allowing customers to physically examine the freezers before purchasing, which is a significant advantage for customers investing in such appliances.
- By Geography, the market is classified into the Americas, Europe, Middle-East & Africa, and Asia-Pacific. The Americas region holds the largest market share in the Global Freezers Market. This is due to the early proliferation of advanced appliances in the region. The rising usage of smart home automation products in the region boosts the demand for high-end appliances. Some factors contributing to the region’s growth include a more extensive urban population base and the growing number of nuclear families.
Recent Development
- Haier was recognized with ‘The Most Energy Efficient Appliance’ award by the Bureau of Energy Efficiency (BEE) - Ministry of Power, Government of India, at the National Energy Conservation Awards (NECA)- December 2023
- Whirlpool Corporation’s Maytag brand introduced the new Maytag Chest Freezer with Garage Ready in Freezer Mode. The freezer can withstand temperatures between 0°F and 110°F while maintaining an optimal internal temperature when in freezer mode. - December 2021
Company Profiles
The report provides a detailed analysis of the competitors in the market. It covers the financial performance analysis for the publicly listed companies in the market. The report also offers detailed information on the companies' recent development and competitive scenario. Some of the companies covered in this report are Panasonic Corp., PHC Holdings Corp., Siemens Ag, Terumo Corp., etc.Countries Studied
- America (Argentina, Brazil, Canada, Chile, Colombia, Mexico, Peru, United States, Rest of Americas)
- Europe (Austria, Belgium, Denmark, Finland, France, Germany, Italy, Ireland, Luxemburg, Netherlands, Norway, Poland, Russia, Spain, Sweden, Switzerland, United Kingdom, Rest of Europe)
- Middle-East and Africa (Egypt, Israel, Nigeria, Qatar, Saudi Arabia, South Africa, United Arab Emirates, Rest of MEA)
- Asia-Pacific (Australia, Bangladesh, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Sri Lanka, Thailand, Taiwan, Rest of Asia-Pacific)
Competitive Quadrant
The report includes Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.Ansoff Analysis
- The report presents a detailed Ansoff matrix analysis for the Global Freezers Market. Ansoff Matrix, also known as Product/Market Expansion Grid, is a strategic tool used to design strategies for the growth of the company. The matrix can be used to evaluate approaches in four strategies viz. Market Development, Market Penetration, Product Development and Diversification. The matrix is also used for risk analysis to understand the risk involved with each approach.
- The publisher analyses the Global Freezers Market using the Ansoff Matrix to provide the best approaches a company can take to improve its market position.
- Based on the SWOT analysis conducted on the industry and industry players, the publisher has devised suitable strategies for market growth.
Why buy this report?
- The report offers a comprehensive evaluation of the Global Tea Makers Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
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- Excel data sheet for the market size will also be provided with the report.
- The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
- The report includes an in-depth market analysis using Porter’s 5 forces model, PESTLE Analysis, and the Ansoff Matrix. In addition, the impact of COVID-19 on the market is also featured in the report.
- The report includes the regulatory scenario in the industry, which will help you make a well-informed decision. The report discusses major regulatory bodies and major rules and regulations imposed on this sector across various geographies.
- The report includes Self-Assessment Form, which helps customers evaluate their position in the market compared to their competitors.
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Report Highlights:
- A complete analysis of the market, including the parent industry
- Important market dynamics and trends
- Impact Analysis - a comprehensive assessment to confront risk and make strategic & operational decisions to counter the changes in the market environment.
- Market segmentation
- Competitive Analysis: Comparative analysis of competitor
- Historical, current, and projected size of the market based on value and volume
- Market size of the US states
- Market shares and strategies of key players
- Recommendations to companies for strengthening their foothold in the market
Table of Contents
1 Report Description
2 Research Methodology
3 Executive Summary
4 Market Dynamics
5 Analysis
6 Global Freezers Market, By Product Type
7 Global Freezers Market, By Capacity
8 Global Freezers Market, By Door
9 Global Freezers Market, By Applications
10 Global Freezers Market, By Distribution Channel
11 Americas' Freezers Market
12 Europe's Freezers Market
13 Middle East and Africa's Freezers Market
14 APAC's Freezers Market
15 Competitive Landscape
16 Company Profiles
17 Appendix
Companies Mentioned
- Aegis Scientific Inc.
- Angelantoni Life Science
- Arctiko
- Beverage-Air
- Brandt Electrical
- Daihan Scientific
- Electrolux Group
- Eppendorf Ag
- Froilabo SAS
- Haier Group
- Helmer Scientific Inc.
- Hitachi Ltd.
- Koninklijke Philips N.V.
- LabRepCo
- Panasonic Corp.
- PHC Holdings Corp.
- Siemens Ag
- Terumo Corp.
- Thermo Fisher Scientific, Inc.
- Whirlpool Corp.
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 205 |
| Published | February 2024 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value ( USD | $ 14.23 Billion |
| Forecasted Market Value ( USD | $ 17.39 Billion |
| Compound Annual Growth Rate | 4.0% |
| Regions Covered | Global |
| No. of Companies Mentioned | 20 |
