Global Mini Fridge Market Report and Forecast 2024-2032

Global Mini Fridge Market Outlook

The global mini fridge market size reached a value of around USD 1,014.62 million in 2023. During the forecast period of 2024 and 2032, the market is expected to grow at a CAGR of 5.80% to reach around USD 1,680.24 million by 2032.

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Key Trends in the Market

Mini fridges are small refrigerators that fill the space between coolers and full-size refrigerators by allowing consumers to store extra snacks and beverages when the refrigerator is at capacity. Compact compressors, heat-exchanging pipes coiling outside the fridge, expansion valves, and refrigerant are some of the components of mini fridge.

• When compared to larger refrigerators, mini fridges effectively save space and electricity, which is why they are growing in popularity among households. The ability to keep a variety of beauty products, including serums, masks, lotions, and other goods, has led to a surge in female consumers' preference for cosmetic mini fridges. This is propelling the global mini fridge market growth.

• Due to the abundance of various sizes, styles, and capacities, along with the expanding popularity of energy-star certified equipment, mini refrigerator sales are surging. These fridges are frequently used in commercial settings because they are portable.

• As a result of increased travel and the expansion of the tourism industry, an increasing number of people are travelling abroad. In order to increase their luxury offerings, a number of hotels are increasing the use of mini fridges. Due to the expansion of hotel chains and tourism, the mini refrigerator market will thrive.

Global Mini Fridge Market Analysis

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Based on technology, the market is divided into absorption, compressor, and thermoelectric. The market on the basis of product can be segmented into cube, portable, mid-sized, and under-the-counter. On the basis of distribution channel, the market is segmented into speciality stores, brand stores, and online, among others. Based on applications, the market is divided into commercial and residential. The regional markets for mini fridge can be divided into North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa. 

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global mini fridge market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.  

• Haier Inc.

• LG Electronics Inc.

• Godrej & Boyce Manufacturing Company Limited

• ARB Corporation Ltd

• Danby Products Inc.

• Others

Market Share by Application

Over the forecast period, the commercial sector is likely to lead the market in terms of application. The market's expansion is anticipated to be aided by an increase in sales of large-capacity portable mini-refrigerators used in commercial settings like hospitals and clinics to keep medications and medical equipment. 

Most RVs, caravans, motorhomes, campervans, and vanity vans use these small, portable mini fridges. The primary driver anticipated to witness significant increase in the global mini fridge market is the rise in demand for high-capacity portable refrigerator in commercial settings like hospitals and clinics. These commercial spaces contain medical equipment and drugs that must be stored under specific conditions. 

Market Share by Region

In the forecast period, North America is anticipated to be the largest region in the global mini fridge market. A major driver of the mini fridge market in North America is anticipated to continue to be millennials' growing interest in outdoor recreational activities and the hospitality industry, which includes hotels. 

The region is positioned to have a big impact on the portable mini fridge industry since it is one of the world's leading travel and tourism regions. Additionally, the proliferation of online platforms in the United States is promoting the mini fridge market. The demand for portable kitchen appliances like mini fridges is anticipated to rise as RVs and small houses become more common in the United States. 

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Competitive Landscape

Haier Inc., headquartered in China, is a worldwide manufacturer of consumer electronics and home appliances. Since its establishment in 1984, the company has designed, developed, produced, and sold a variety of goods, including refrigerators, air conditioners, washing machines, dryers, microwaves, cell phones, computers, and televisions.

LG Electronics Inc., with its headquarters in South Korea, is a top producer of consumer and business goods, including home appliances, TVs, monitors, service robots, air solutions, and automotive components. Products including cleaning, refrigerators, cooking, washing machines, and medical appliances are offered by its home appliance business division. 

Godrej & Boyce Manufacturing Company Limited, a Godrej group company founded in 1897, manufactures high-quality locks and continues to use its exceptional engineering skills in a variety of industries, including infrastructure development, consumer goods and furniture, industrial logistics, precision manufacturing and aerospace, real estate, and power distribution.

Other market players include ARB Corporation Ltd and Danby Products Inc., among others.

Key Highlights of the Report

Mini Fridge Market Report Snapshots

Mini Fridge Market Size

Mini Fridge Market Share

Mini Fridge Companies

Mini Fridge Market Analysis