Freezers Global Market Report 2021: COVID 19 Impact and Recovery to 2030

Freezers Global Market Report 2021: COVID 19 Impact and Recovery to 2030

  • May 2021 •
  • 175 pages •
  • Report ID: 6071974 •
  • Format: PDF
Major players in the freezers market market are Daihan Scientific, ThermoFisher Scientific, Haier Group Corporation, AB Electrolux, Hitachi Ltd, LG Electronics, Liebherr Group, Siemens Home Appliances, Brandt and Beverage-Air Corporation.

The global freezers market is expected to grow from $11.72 billion in 2020 to $12.17 billion in 2021 at a compound annual growth rate (CAGR) of 3.8%.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 $13.83 billion in 2025 at a CAGR of 3%.

The Freezers market consists of sales of Freezers. A freezer is a larger container where temperature is maintained below the freezing point for storing the food inside for longer periods.

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 freezers market growth.Due to busy lifestyles, consumers are increasingly relying on processed food, prepared meals that require freezers 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 freezers market.

Intense pricing pressure on manufacturers is restraining the growth of the freezers 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.

The freezers market covered in this report is segmented by product into chest freezer, upright freezer and others.The freezers market in this report is segmented by application into residential, commercial and industrial.

The freezers market in this report is segmented by type of door into 1 door, 2 door, 3 door and 4 doors. The freezers market in this report is segmented by capacity into 200 & below, 200-300, 300-500, and 500 & above

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 freezers and also manufacturing freezers that can automatically recognize the type and weight of the food stored in the refrigerators, adjust and monitor the temperature as per requirement.