Freezers Global Market Report 2024

The Freezers market size has grown steadily in recent years. It will grow from $7.39 billion in 2023 to $7.74 billion in 2024 at a compound annual growth rate (CAGR) of 4.8%. The growth observed in the historical period can be attributed to several factors, including changing food consumption patterns, increased urbanization, rising income levels, the necessity for food preservation, and demographic changes affecting consumer behavior.

The Freezers market size is expected to see steady growth in the next few years. It will grow to $9.12 billion in 2028 at a compound annual growth rate (CAGR) of 4.2%. Forecasted growth is driven by health and wellness trends, environmental sustainability, e-commerce, changing diets, and global supply chains. Major trends include quick freeze features, eco-certifications, advanced defrosting, dual cooling systems, and innovative storage solutions in Freezers.

The expanding consumption of processed food items, including frozen meat, vegetables, and dairy products, alongside shifts in consumer dietary preferences, is propelling the growth of the Freezers market. As individuals increasingly adopt busy lifestyles, there is a growing reliance on processed foods and ready-to-eat meals that necessitate storage in freezers. Rentokil reports that the global processed food industries are valued at $2 trillion, indicating a substantial market for processed food products, thereby driving the demand for Freezers.

The upsurge in the Freezers market is fueled by a heightened focus on reducing food waste. Consumer behavior, characterized by excessive purchasing, neglect of leftovers, and misinterpretation of product expiration dates, contributes significantly to food waste. Inadequate storage and infrastructure, particularly in developing nations, further exacerbate food loss in the supply chain. Freezers serve as essential tools in curbing food waste by enabling consumers to freeze surplus food, leftovers, and fresh produce, thereby extending their shelf life. Practices such as effective labeling, organization, and periodic review of freezer contents aid in preventing forgotten items. For example, in September 2023, as reported by Times of Agriculture, a monthly agriculture magazine in India, the Ministry of Agriculture in India disclosed that nearly $600 million worth of food is wasted annually. The Food Wastage Index report by the United Nations Environment Programme (UNEP) highlighted that Indian households discard around 68.7 million tons of food each year, approximately 50 kilograms per person. India holds the second position globally in household food wastage, with only China ranking higher. Hence, the growing emphasis on reducing food waste is a key driver for the expansion of the Freezers market in the forecast period.

The Freezers market is facing significant challenges due to intense pricing pressure on manufacturers. The market landscape is characterized by numerous players engaged in fierce competition based on factors such as price, specifications, and other features. Durable goods, including freezers, are particularly sensitive to price fluctuations, making consumers more such as ly to make purchases during price reductions and less inclined to buy when prices increase.

Freezers manufacturers are actively incorporating advanced technologies into their products to enhance overall functionality. The adoption of technologies such as the Internet of Things (IoT) and embedded sensors is becoming increasingly prevalent. Manufacturers are striving to introduce sophisticated human-machine interface designs in freezers. Additionally, there is a trend toward developing freezers equipped with the capability to automatically recognize the type and weight of the stored food. These smart features enable the freezer to adjust and monitor temperature settings according to specific requirements, reflecting a concerted effort to stay competitive and meet evolving consumer demands.

In January 2023, Turkish multinational household appliances manufacturer Arcelik acquired Whirlpool’s EMEA (Europe, Middle East, and Africa) major domestic appliances business for an undisclosed sum. This strategic acquisition positions Arcelik to become the largest appliance supplier in Europe. Whirlpool, the U.S.-based seller of home appliances encompassing freezers, refrigerators, washing machines, microwaves, dishwashers, and more, was the entity involved in this transaction.

Major companies operating in the Freezers market report are SilTerra Malaysia Sdn Bhd, Samsung Electronics Co. Ltd., Shanghai Huali Microelectronics Corporation, LandMark Optoelectronics Corporation, Taiwan Semiconductor Manufacturing Company, Kobe Steel Ltd., Infineon Technologies AG, United Microelectronics Corporation, GlobalFoundries Inc., Semiconductor Manufacturing International Corporation, Hua Hong Semiconductor Limited, Dongshan Precision Manufacturing Co. Ltd., Allegheny Technologies Incorporated, Vesuvius PLC, Powerchip Semiconductor Manufacturing Corporation, GlobalWafers Co. Ltd., Vanguard International Semiconductor Corporation, Tower Semiconductor Ltd., Dongbu HiTek Co. Ltd., DB HiTek Co. Ltd., Grupo Industrial Saltillo S.A.B. de C.V, Neenah Enterprises Inc., X-FAB Silicon Foundries GmbH, Aludyne Inc., Anhui Yingliu Electromechanical Co. Ltd., Georg Fischer AG, Ryobi Limited, Doosan Heavy Industries & Construction Co. Ltd., Altis Semiconductor, LFoundry Pte. Ltd.

Asia Pacific was the largest region in the Freezers market share in 2023. The regions covered in the freezers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the Freezers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Primary products in the Freezers market include chest freezers, upright freezers, and other variations. Chest freezers resemble a chest with a door that opens by lifting. These freezers come with different door configurations, such as 1 door, 2 doors, 3 doors, or 4 doors, and are available in various capacities ranging from 200 and below, 200-300, 300-500, to 500 and above. These freezers cater to residential, commercial, and industrial applications.

The Freezers market research report is one of a series of new reports that provides Freezers market statistics, including Freezers industry global market size, regional shares, competitors with a Freezers market share, detailed Freezers market segments, market trends and opportunities, and any further data you may need to thrive in the Freezers industry. This 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 home freezer market consists of sales of chest freezers, upright freezers, and others Freezers. 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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