Press Release
Press Release
According to a new report by EMR titled, ‘The South Korea Household Refrigerator and Freezer Market Report and Forecast 2024-2032’, the market is expected to grow at a CAGR of 2.9% between 2024 and 2032. The growing demand for compact refrigerators due to the rise in single-person households and increased consumption of processed foods drives the market.
The rapid change in the size of families to single-person households is supporting the expansion of the South Korea household refrigerator and freezer market. According to South Korean government data, single-person households in South Korea reached an all-time high of 42% of all households in the country in 2023. Single-person families are driven by a large population of unmarried and older people living by themselves. The country had 9.93 million single-person households as of December 2023, increasing by 2.16% from the previous year. According to the Ministry of Interior and Safety, the population per household fell from an average of 2.44 individuals in September 2011 to 2.16 individuals in September 2021.
Further, the household refrigerator and freezer market in South Korea is expanding due to the increasing prevalence of frozen and ready-to-eat processed foods, driven by sedentary lifestyles and a high number of single-person families. According to the USDA, Korea had over 31,300 food processing companies as of 2021. These companies generated about USD 63.3 billion in sales during the same year.
Compact, dual-functional fridges are widely preferred by millennials and Gen Z. In October 2020, Samsung Electronics launched its BESPOKE Cube mini refrigerators in South Korea, driven by home appliance sales amid the stay-at-home trend induced by the pandemic. The company priced its club mini refrigerator between KRW 599,000 and KRW 649,000, the lineup offers customizable storage settings catering to different needs, including Wine & Beer, Beauty & Health, and multi-models. Featuring a Peltier semiconductor cooling solution for low noise levels and a modular design for stacking or splitting, the BESPOKE Cube comes in five colours and supports Samsung's SmartThings IoT platform for remote control.
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The major players in the South Korea household refrigerator and freezer market are Liebherr-Hausgeräte GmbH, LG Electronics, Samsung Electronics Co., Ltd., Whirlpool Corporation, Panasonic Korea Ltd., Unique Daesung Co., Ltd, Dover Corporation, and Robert Bosch GmbH, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Door Type |
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Breakup by Structure |
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Breakup by Capacity |
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Breakup by Distribution Channel |
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Breakup by Provinces |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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