Chest Freezers Market Report 2024

This Chest Freezers market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The chest freezers market size has grown rapidly in recent years. It will grow from $16.31 billion in 2023 to $18.36 billion in 2024 at a compound annual growth rate (CAGR) of 12.6%. The growth during the historic period can be attributed to rising demand in developing economies, the expansion of small and medium enterprises, consumer preference for bulk purchasing, increasing emphasis on reducing food waste, and the growth of e-commerce.

The chest freezers market size is expected to see rapid growth in the next few years. It will grow to $29.72 billion in 2028 at a compound annual growth rate (CAGR) of 12.8%. The growth during the forecast period can be attributed to increasing demand for frozen food, rising disposable income, expansion of cold storage infrastructure, growing urbanization and migration to cities, and growth in the retail sector. Major trends include a demand for energy-efficient and eco-friendly models, a shift towards energy-efficient appliances, investment in retail chains, product customization and variety, and improvements in after-sales service.

The increasing demand for frozen food products is expected to drive growth in the chest freezer market. Frozen food items, preserved through freezing to maintain freshness and extend shelf life, are favored for their convenience, longer storage capabilities, and alignment with the growing consumer preference for ready-to-eat meals amid busy lifestyles. Chest freezers are essential for storing frozen foods, providing optimal long-term storage with consistently low temperatures to preserve quality and safety. For instance, in January 2023, the American Frozen Food Institute, a US-based trade association, reported that frozen food sales in the U.S. reached $72.2 billion in 2022, reflecting an 8.6% increase in value compared to 2021. This rise in demand for frozen food products is fueling the growth of the chest freezer market.

Major companies in the chest freezer market are concentrating on developing and launching innovative products, such as advanced cold storage solutions that allow users to switch seamlessly between freezer and refrigerator modes. The future of cold storage is set to evolve through technological advancements, a commitment to sustainability, and a growing market fueled by consumer demand for frozen goods. For example, in November 2023, EF Education First (EF), a Switzerland-based home appliances manufacturer, introduced its line of Chest Freezers, which provide consumers with cutting-edge cold storage options. These freezers incorporate state-of-the-art cooling technology for rapid and uniform freezing, helping to preserve the freshness and nutritional value of food for extended periods. With a spacious storage capacity, EF Chest Freezers allow for efficient organization of various items, from frozen fruits and vegetables to bulk purchases and homemade meals. Additionally, the user-friendly interface includes precise temperature controls that ensure optimal storage conditions, maintaining food quality while enhancing energy efficiency.

In March 2024, Hoshizaki America, a US-based manufacturer of food service equipment, acquired a 25% stake in Fogel for $28 million. This acquisition allows Hoshizaki Alliance to expand its portfolio of products and solutions, underscoring Hoshizaki’s commitment to delivering top-tier solutions through the synergies created between the companies. Fogel is a US-based manufacturer of chest freezers.

Major companies operating in the chest freezers market are LG Electronics, Midea America Corp., Whirlpool Corp., Sharp Corporation, Liebherr-International GmbH, Electrolux Group, Westinghouse Electric Corp., The Middleby Corp., Dometic Group AB, Gorenje, Fisher & Paykel Appliances Ltd., Beko Plc, Danby, Rockwell Industries Ltd., Hisense Inc., U-Line Corp., Everest Refrigeration, Frigidaire, Elan Professional Appliances Pvt Ltd., Haier, Turbo Air Inc., Smeg Ltd., Avanti Products LLC, Kenmore Ltd., Western Refrigeration Pvt Ltd.

North America was the largest region in the chest freezers market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the chest freezers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the chest freezers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A chest freezer is a horizontal, rectangular freezer with a top-opening lid, unlike a refrigerator that opens from the front. These freezers usually offer greater storage capacity and are ideal for bulk storage of frozen foods. Chest freezers are commonly used in homes, restaurants, and other businesses that need to store large quantities of frozen goods.

The main types of chest freezers are categorized by their capacity, 500 liters and above, 300 to 500 liters, 200 to 300 liters, and 200 liters and below. Freezers with a capacity of 500 liters and above are large, designed for bulk freezing, and typically used in commercial settings or high-demand households. They can be distributed through online and offline channels and offer various levels of energy efficiency, including high, medium, and low. Chest freezers may have either solid or glass doors and are used in a range of settings including retail, hospitality, food and beverage processing, cold storage and warehouses, healthcare, research and laboratories, and residential areas.

The chest freezers market research report is one of a series of new reports that provides chest freezers market statistics, including chest freezers industry global market size, regional shares, competitors with a chest freezers market share, detailed chest freezers market segments, market trends and opportunities, and any further data you may need to thrive in the chest freezers industry. This chest freezers market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The chest freezers market consists of sales of deep freezers, portable chest freezers, frost-free chest freezers, convertible chest freezers and chest freezer accessories. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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