Mini Fridge Market Share, Demand, Top Players, Industry Size, Future Growth By 2029

The global mini fridge market size is expected to gain momentum owing to the increasing awareness of the availability of kitchen appliances during the forecast period. This information is published by Fortune Business Insights™ in an upcoming report, titled, “Mini Fridge Market, 2022-2029.” The rising awareness regarding the availability of small-sized kitchen appliances and technologically upgraded items like the mini-fridge is in growing popularity among women consumers as they use it to keep the cosmetics of their skincare routine. For example, in 2020, Samsung Electronics introduced a newer kind of mini-refrigerators in South Korea with three basic models, including alcohol storage, skincare storage, and nutritious food items.

COVID-19 Impact-

Cumulative Impact of Covid-19 on Fashion Industry

Since the COVID 19 pandemic forced a large portion of the global population to stay home due to travel limitations and shutdown, offline retail outlets and local shops closed down for a significant portion of the year. However, online retails were increasing sales of kitchen appliances as people were cooking food in their respective homes due to government restrictions. Moreover, skincare among young women was on peak, and people were trying to stay healthy and fit with indoor exercises and healthy eating.

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Fortune Business Insights™ lists out all the mini fridge market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:

  • Danby
  • DOMETIC GROUP AB
  • The Samsung Group
  • The Whirlpool Corporation
  • Panasonic Corporation
  • Tecumseh Products Company
  • Procool
  • Haier Group Corporation
  • Engel Coolers

What does the Report Offer?

The report examines the demand and supply-related aspects driving the market, and key dynamics affecting the market throughout the projected period, such as drivers, constraints, opportunities, and future trends. The market has been split by type, application, and geography in this analysis. It contains the estimation of the market size in terms of value for five major geographies.

Drivers & Restraints-

Increasing Demand for Energy Efficient Appliances to Stimulate Growth

The global mini fridge market is expected to grow due to the increasing demand for energy-efficient appliances during the projected period. This is due to shifting consumer preference toward energy-efficient kitchen appliances due to the consumption rate of excellent power rating. Moreover, increasing leisure activities such as hiking, is expected to drive the demand for travel-friendly electronic appliances. Additionally, the rising urbanization rate of global population and compressor technology-based fridges can be major contributing factors.

Segments-

By product type, the market for mini fridges is segmented into portable, cube, mid-sized, and under-the-counter. On the basis of technology, the market is segregated into compressor, absorption, and thermoelectric. On the basis of application, the market is categorized into commercial and residential. On the basis of distribution channels, the market is segmented into specialty stores, online stores, retail stores, brand stores, and others. Finally, by geography, the market is divided into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.

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REGIONAL INSIGHTS

Increasing Consumption of Home Appliances to Promote Growth in North America

North America is expected to hold the largest global mini fridge market share during the forecast period. This is due to the large consumption volume of home appliances among people in countries such as the United States and Mexico. Moreover, rising leisure activity and hiking trends is expected to drive the market in the region.

Asia Pacific is anticipated to hold a significant position in the market. This is due to governmental support towards the development of sustainable home appliances in countries such as India and Japan. The rising adoption of premium kitchen appliances among the population is expected to drive market growth.

The Global Mini Fridge Market Research/Analysis Report Contains Answers to your following Questions:

  • Which Manufacturing Technology is used for Mini Fridge ? What Developments Are Going On in That Technology? Which Trends Are Causing These Developments?
  • Who Are the Global Key Players in This Mini Fridge Market? What are Their Company Profile, Their Product Information, and Contact Information?
  • What Was Global Market Status of Mini Fridge Market? What Was Capacity, Production Value, Cost and PROFIT of Mini Fridge Market?
  • What Is Current Market Status of Mini Fridge Industry? What’s Market Competition in This Industry, Both Company, and Country Wise? What’s Market Analysis of Mini Fridge Market Trends by Taking Applications and Types in Consideration?
  • What Are Projections of Global Mini Fridge Industry Considering Capacity, Production and Production Value? What Will Be the Estimation of Cost and Profit? What Will Be Market Share, Supply and Consumption? What about Import and Export?
  • What Is Mini Fridge Market Chain Analysis by Upstream Raw Materials and Downstream Industry?
  • What Is Economic Impact On Mini Fridge Industry? What are Global Mini Fridge Analysis Results? What Are Global Mini Fridge Development Trends?
  • What Are Market Dynamics of Mini Fridge Market? What Are Challenges and Opportunities?
  • What Should Be Entry Strategies, Countermeasures to Economic Impact, and Marketing Channels for Mini Fridge Industry?

Competitive Landscape-

Key Players Focus on Partnership to Strengthen their Market Position

The market under investigation is fiercely competitive, with a large number of regional and international mini-fridge companies. To appeal to the enormous consumer base, prominent manufacturers employ various methods such as creative product launches, expansion of retail and e-commerce channels, and mergers and acquisitions.

Industry Development-

  • July 2019: Facetory Inc., a Korean beauty products company launched a skincare fridge for its consumers and to increase their shelf life.

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