Global Freezer Market Size and Share Outlook - Forecast Trends and Growth Analysis Report (2024-2032)

Global Freezer Market Growth

Mexico has emerged as one of the critical global hubs of home appliance production in recent times. This can be attributed to the increasing nearshoring of operations by American manufacturing companies, which is expected to favourably impact the freezer market development.

The home appliance manufacturing industry of Mexico was valued at around USD 14.8 billion in 2023. While it earlier accounted for around 12% of the total industrial area, the establishment of 25 new industrial parks in 2023 has further fuelled the market growth. This is expected to facilitate the freezer market expansion, which is also expected to benefit from growing private sector investments (recorded at over USD 1.15 billion in 2022).

Youth-led start-ups in Kenya are revolutionising freezer production by using plastic waste to manufacture solar-powered freezers. Such initiatives are expected to appeal to environmentally conscious consumers and lead to an increase in the freezer market value over the forecast period.

As per the China Federation of Logistics and Purchasing, the total revenues of the domestic cold chain logistics industry surged by 4.1% y-o-y during January-May 2023, reaching USD 369.11 billion. The total industrial investment also recorded a growth of 6.6% y-o-y, reaching 14 billion yuan. This is expected to lead to an increased demand for industrial freezers in the nation, thereby driving demand in the Asia Pacific region.

Key Trends and Developments

Global Freezer Market Trends

In 2022, the overall demand for home-cooked meals in Japan reached 406.1 billion yen by value and 800,000 tons by volume. The phrase “second freezer” has become exceedingly popular in Japan, as consumers are installing additional freezers to prevent food wastage and adapt to changing family structures. This is creating a favourable freezer market outlook. Moreover, the increasing labour shortage is challenging the growth of the food service industry in Japan, which is expected to boost the adoption of freezers, thereby leading to market growth.

Global Freezer Industry Segmentation

Global Freezer Market Share

Based on region, the market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. Over the forecast period of 2024-32, the Middle East and Africa is expected to grow at a CAGR of 4.4% due to the growing consumption of frozen food products among middle-income and high-end consumers in the region. Moreover, as per the freezer market analysis, increasing accessibility to sustainably freezers is expected to favourably impact the market dynamics.

Leading Companies in the Global Freezer Market

Major players are incorporating sustainable materials into their freezers, which is favourably influencing the freezer market dynamics.

AB ELECTROLUX

AB ELECTROLUX was founded in 1919 and is headquartered in Stockholm, Sweden. It is a home appliance manufacturing company which specialises in the production of cookers, refrigerators, washing machines, ovens, and vacuum cleaners, among other products.

Haier Group

Haier Group was founded in 1984 and is headquartered in Shandong, China. It is mainly engaged in manufacturing...

Panasonic Holdings Corporation

Panasonic Holdings Corporation was founded in 1918 and is headquartered in Osaka, Japan. It is engaged in prod...

Whirlpool Corporation

Whirlpool Corporation was founded in November 1911 and is headquartered in Michigan, United States. It is one ...

*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*

Other players included in the freezer market report are BRANDT FRANCE, Liebherr-Hausgeräte GmbH, Thermo Fisher Scientific Inc., Ali Group S.r.l., LG Electronics Inc., and Siemens AG, among others.