The household refrigerators and freezers market is expected to grow at a CAGR of 4.07%, reaching a market size of US$119.060 billion in 2030 from US$97.126 billion in 2025.
Household refrigerators and freezers are prevalent household appliances used for cooling and preserving perishable items. They are designed to keep food and beverages fresh and safe for an extended period by maintaining low temperatures inside compartments. These refrigerators operate by removing heat from the inside and releasing it outside via an electricity-powered cooling cycle. They usually have compartments with adjustable shelves for storing various types of food, such as fruits, vegetables, dairy products, and meats. It comes with advanced features such as ice makers, water dispensers, temperature controls, and energy-saving modes. Increasing awareness of food preservation. Rapid urbanization and technological advancement in refrigerators are major driving forces behind the significant household refrigerators and freezers market growth.
Rapid urbanization frequently leads to a significant increase in urban population. The demand for household refrigerators and freezers rises as more people move to cities and urban areas. This is primarily because urban lifestyles are more energetic, with people needing to store and preserve perishable food items for longer periods. Due to these factors, rapid urbanization contributed to the household refrigerators and freezers market growth. According to the World Bank, currently over 50% of the world's population lives in urban areas and the world's urban population will have increased by 1.5 times to 6 billion by 2045.
Refrigerator and freezer technology advancements have resulted in the development of energy-efficient models with features such as smart sensors, improved cooling systems, frost-free operations, and advanced temperature control. These innovations attract customers which is expected to increase the household refrigerators and freezers market growth. For instance, in March 2022, Samsung Electronics announced the launch of the Bespoke French Door Refrigerator in the United States and will expand to other regions around the world. It consists of an advanced dual auto ice maker feature which makes 5.3 lbs (2.4kg) of ice per day and stores up to 9.9 lbs (4.5kg) twice the quantity as other ice makers.
The growth of household refrigerators and freezers can be attributed to the increasing awareness of food safety and preservation among consumers. Refrigerators and freezers provide a controlled environment that aids in the inhibition of bacterial growth and the extension of the shelf life of perishable items, lowering the risk of foodborne diseases. As a result, consumers are adopting refrigerators and freezers to protect themselves from foodborne diseases which bolsters the household refrigerator and freezers market growth.
Asia Pacific is expected to account for a major share of the household refrigerator and freezer market. Rapid urbanization in the Asia Pacific region has brought about changes in living standards and lifestyles. As people shift from rural to urban areas, they often adopt modern appliances such as refrigerators and freezers which are considered essential appliances for urban households. For instance, according to the World Bank data, between 2020 to 2022, the urban population in China, increased from 61% to 64% and 35% to 36% in India,
The high cost of refrigerators is a significant challenge for the household refrigerator and freezer market. They are usually more expensive to buy than older models, and they may necessitate more maintenance and repairs over time. This could limit the adoption of new household refrigerators, dropping market growth.
| Report Metric | Details |
|---|---|
| Study Period | 2021 to 2031 |
| Historical Data | 2021 to 2024 |
| Base Year | 2025 |
| Forecast Period | 2026 – 2031 |
| Report Metric | Details |
| Household Refrigerators And Freezers Market Size in 2025 | US$97.126 billion |
| Household Refrigerators And Freezers Market Size in 2030 | US$119.060 billion |
| Growth Rate | CAGR of 4.07% |
| Study Period | 2020 to 2030 |
| Historical Data | 2020 to 2023 |
| Base Year | 2024 |
| Forecast Period | 2025 – 2030 |
| Forecast Unit (Value) | USD Billion |
| Segmentation |
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| Geographical Segmentation | North America, South America, Europe, Middle East and Africa, Asia Pacific |
| List of Major Companies in Household Refrigerators And Freezers Market |
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| Customization Scope | Free report customization with purchase |