Mini Refrigerator Market to Expand at a high CAGR of 7.7% and Reach Valuation of US$ 2.22 Bn by 2027

By the end of 2027, the size of the worldwide micro refrigerator market is anticipated to be US$2.22 billion. A study by Future Market Insights (FMI) predicts that the market will grow steadily between 2022 and 2027 at a CAGR of 7.7%. The research claims that the market for small refrigerators is increasing globally due to the rising popularity of portable kitchen appliances and the expanding trend of energy star certified equipment.

The report offers a comprehensive view of the market, covering key growth drivers, restraints, opportunities, and prevailing trends. It uses unique research methods to offer the most accurate analysis of the market.

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It includes in-depth insights into the mini refrigerator market. Some of these are:

• The estimated value of the mini refrigerator market was at ~US$ 3,060.2Mn in 2022. Through the course of the report’s forecast period, the market is exhibited to show a steady pace of growth.
• Regionally, East Asia dominates the mini refrigerator market globally owing to rise in adoption of portable mini refrigerator to the outdoor activities such as fishing, camping, adventure sports, along with expanding demand for cold storage in vehicles to keep the food and beverages fresh during travel.
• East Asia emerges as one of key markets owing to rise in per capita spending on kitchen appliances which makes mini refrigerator affordable along with increase in number of nuclear families led to increase in demand for mini refrigerator in the region.
• Growth of online retailers’ sales channel is expected to boost the sales of mini refrigerator over the forecast period.
• Prominent players are analysing consumer behaviour and purchase pattern to understand the current household trend.  The company’s focus remains on developing innovative products that come with minimum-maintenance requirement, as, it is one of the core objectives of having smart technology.

Rise in Demand for High Capacity Mini Refrigerator at Commercial Areas

Based on the capacity, the 4-5 cu. Ft. is expected to be the most attractive segment in the mini refrigerator market over the forecast period. Rise in demand for high capacity portable refrigerator in commercial areas such as hospitals and clinics to store drugs and medical devices that requires specific storage conditions is the primary factor expected to exhibit a significant growth in the global mini refrigerator market during the forecast period.

Furthermore, unique features associated with mini refrigerator such as portability, efficient cooling temperature, and high capacity propel the global mini refrigerator market for further growth. However, 2-2.9 cu. Ft. segment is expected to expand at higher CAGR during the forecast owing to increasing demand of such products on vehicles as well as outing or some small holiday trip with such capacity.

Who is Winning?

Some of the leading players operating in the mini refrigerator market are The Whirlpool Corporation, Samsung Electronics, Videocon Industries, Godrej Appliances, LG Electronics, Haier Group Corporation, Electrolux AB, Panasonic Corporation, Siemens AG, ARB Company, Highsense Infotech, Zhongke Meiling Cryogenics Co., Ltd., Danby Appliances Inc., Whynter, LLC, Engel, Koolatron Corporation, Dometic Group AB, EdgeStar Appliances Company, Midea Group, Uber Appliance Company, and others.

These manufacturers are developing technological advanced products with high energy star certified products to meet growing consumer requirements as well as to have a competitor edge in the market. Moreover, collaboration with domestic distributors, strategic partnership, seeking for certifications, and enter into e-commerce platform remains a popular strategy among the prominent players in the market. Companies intend to expand their geographical footprint through mergers and acquisition.

• In January 2020, Godrej Appliances introduced a new mini refrigerator for hotels and hospitals, to cater to the cooling requirements of the industry. Company developed innovative product to meet the growing demand of cooling device that works on advanced thermostatic technology.
• In 2019, Haier Group Corporation launched two new vertical freezers namely Mini-Vertical Freezer ‘BD88DEM’ and Haier Premium Vertical Freezer ‘BD168WL’ in India to stock small to large variety of food items. The refrigerator is designed to reduce the problem of frost formation and provide a wide temperature range between -14 to -25 degrees.

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Key Segments Of Mini Refrigerator Industry Survey

Mini Refrigerator Market by Product:

• Single Door Refrigerators
• Double Door Refrigerators

Mini Refrigerator Market by Price Range:

• Economic Mini Refrigerators
• Mid-range Mini Refrigerators
• Premium Mini Refrigerators

Mini Refrigerator Market by Capacity:

• Less Than 1 cu. Ft Mini Refrigerators
• 1-1.9 cu. Ft Mini Refrigerators
• 2-2.9 cu. Ft Mini Refrigerators
• 3-3.9 cu. Ft Mini Refrigerators
• 4-5 cu. Ft Mini Refrigerators

Mini Refrigerator Market by End User:

• Residential Mini Refrigerators
• Commercial Mini Refrigerators

Mini Refrigerator Market by Sales Channel:

• Wholesalers/Distributors
• Hypermarkets/Supermarkets
• Multi-brand Stores
• Exclusive Stores
• Independent Small Stores
• Online Retailers
• Other Sales Channels

Mini Refrigerator Market by Region:

• North America Mini Refrigerator Market
• Latin America Mini Refrigerator Market
• Europe Mini Refrigerator Market
• East Asia Mini Refrigerator Market
• South Asia & Pacific Mini Refrigerator Market
• Middle East & Africa (MEA) Mini Refrigerator Market