New York, March 24, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Refrigerators Global Market Report 2022" - https://www.reportlinker.com/p06247489/?utm_source=GNW
57 billion in 2021 to $39.64 billion in 2022 at a compound annual growth rate (CAGR) of 2.8%. 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 $42.67 billion in 2026 at a CAGR of 1.9%.
The refrigerators market consists of revenues generated by entities (organizations, sole traders, or partnerships) that carry out design, manufacturing, and sales of Refrigerators. The market includes sales of household refrigerators which are electrical appliances used to preserve food at cold temperatures.
The main types of refrigerators are single-door, double-door, French-door and others.A single door refrigerator has only one outer door, the freezer too, has a door; but it can be reached only through the outer door.
Also, usually available in size as small as 50 liters and can go up to 250 liters.The various freezer location includes freezer-on-top, freezer-on-bottom and freezer-less that are used for household, commercial and industrial applications.
The refrigerators are distributed through specialty retailers, department stores, mass retailers/hypermarkets/supermarkets, discount stores and online channels.
Asia Pacific was the largest region in the refrigerators market in 2021. Western Europe was the second-largest region in the refrigerators market.The regions covered in the refrigerators 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 refrigerators 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 refrigerators market.
Intense pricing pressure on manufacturers is restraining the growth of the refrigerators 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.
Refrigerators 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 refrigerators market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Read the full report: https://www.reportlinker.com/p06247489/?utm_source=GNW
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