New York, March 25, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Household Refrigerator And Home Freezer Global Market Report 2022" - https://www.reportlinker.com/p06247444/?utm_source=GNW
, and Briggs & Stratton
The global household refrigerator and home freezer market is expected to grow from $46.89 billion in 2021 to $48.26 billion in 2022 at a compound annual growth rate (CAGR) of 2.9%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $51.71 billion in 2026 at a CAGR of 1.7%.
The household refrigerator and home freezer market consists of revenues generated by entities (organizations, sole traders, or partnerships) that carry out design, manufacturing, and sales of household refrigerator and home freezers. The market includes sales of household-type refrigerators, ice boxes and upright and chest freezers.
The main types of household refrigerator and home freezer are refrigerators, freezers, ice boxes and refrigerator/freezer combinations.A refrigerator is an electronic household appliance that keeps food and drinks cold by pushing a liquid refrigerant through a sealed system, which causes it to vaporize, and draw heat out of the fridge.
The vaporized refrigerant then is passed through coils outside the fridge (at the back or the bottom).This warms up the vapor, and changes it back into a liquid.
The various door types of household refrigerator include single door, double door, side by side door and French door.The different freezer location are freezer on top, freezer on bottom and freezer less that are used for frozen vegetable and fruit, frozen meat and other applications.
The main types of household refrigerator and home freezer market by distribution channel are specialty stores, supermarkets/hypermarkets, online and others.
Asia Pacific was the largest region in the household refrigerator and home freezer market in 2021.Western Europe was the second-largest region in the household refrigerator and home freezer market.
The regions covered in the household refrigerator and home freezer market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The increasing consumption of processed food products such as frozen meat, vegetables, dairy products as well as change in the dietary habits of consumers is driving the household refrigerator and freezer market growth.Due to busy lifestyles, consumers are increasingly relying on processed food, prepared meals that require refrigerators for storage.
According to Rentokil, the processed food industries are valued at $2 trillion globally. The huge market for processed food products is expected to drive the household refrigerators and home freezers market.
Intense pricing pressure on manufacturers is restraining the growth of the household refrigerator and freezer market.The market has numerous players competing in terms of price, specifications, and other characteristics.
Durable goods such as TV, freezers are more price elastic than necessities. People are more likely to purchase when there is reduction in the price of the goods and less likely to purchase when there is a price hike.
Household refrigerators and home freezer manufacturers are implementing technologies such as IoT and embedded sensors in their products to improve overall functionality. Manufacturers are introducing advanced human machine interface designs in refrigerators and also manufacturing refrigerators that can automatically recognize the type and weight of the food stored in the refrigerators, adjust and monitor the temperature as per requirement.
In March 2019, The Legacy Companies, a Florida based food and beverages company acquired Avanti Products Inc for an undisclosed amount.Through this acquisition the Legacy Companies plans to produce some of Avanti’s product solutions in its wholly owned manufacturing plants thereby securing a source of competitive advantage.
Avanti Products Inc, a Florida based company that develops, manufacturers and markets compact appliances including refrigerators, freezers, ranges, microwave ovens, wine refrigerators, ice makers, water dispensers, laundry appliances and other compact appliances.
The countries covered in the household refrigerator and home freezer market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Read the full report: https://www.reportlinker.com/p06247444/?utm_source=GNW
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