South Korea Household Refrigerator and Freezer Market Report and Forecast 2024-2032

South Korea Household Refrigerator and Freezer Market Outlook

The South Korea household refrigerator and freezer market is further expected to grow at a CAGR of about 2.9% in the forecast period of 2024-2032. The growing demand for compact refrigerators due to the rise in single-person households and increased consumption of processed foods are anticipated to majorly drive the market.

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Increase in Single-Person Households and High Consumption of Perishable and Processed Foods Aid the Sales of Refrigerator and Freezers in South Korea

The market for South Korea household refrigerators and freezers is expanding as a result of the rising consumption of processed food items such as frozen meat, vegetables, and dairy products as well as changes in the dietary preferences of the population. Their consumption has been further bolstered during the COVID-19 pandemic as people stocked lots of groceries and snacks. Furthermore, a hectic schedule is another factor due to which customers are depending more on ready-to-eat foods and other processed foods that are kept in refrigerators, thus augmenting the market growth. 

For individuals looking for a small, dual-functional fridge that can also be used as a freezer as well as a refrigerator, compact variants were created. The competition among companies is high to dominate the compact refrigerator sector, as it provides numerous growth opportunities to the key players and is a significant area for development because the number of one-person households is increasing in South Korea. The multifunctional refrigerator, which ensures remarkable space efficiency, is one of the major driving forces leading the South Korea household refrigerator and freezer industry as the single-household lifestyle becomes more widespread across the country.

The conventional kind of refrigerators bought by local customers, particularly millennials and Generation Z, have continued to shift due to the growing trend of single-person households. Younger consumers once trended sharing posts of their fridges on Instagram, known as the 'Instagramble refrigerators' trend. The trend was to post the image of refrigerators which are space-efficient and customizable in terms of colours or format.

Market Segmentation

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Based on technology, the South Korea household refrigerator and freezer market can be segmented into:

• HEPA (High-Efficiency Particulate Air)

• Activated Carbon

• Ionic Filter

• Others

Based on application, the South Korea household refrigerator and freezer market can be divided into:

• Residential

• Industrial

Smart Refrigerators Gaining Traction and Propelling the Refrigerator and Freezer Market of South Korea

Samsung has significantly revitalised the market for household appliances with new ideas and features that have turned them from a "need" to a "desire." A clever multi-tasker, the Samsung Family Hub Refrigerator organises groceries, and household chores connect families and offer entertainment. All communications are kept inside and displayed on a full HD screen. The screen serves as the digital family command centre for the refrigerator and enables you to post and update calendars, share children's artwork, play music, pin photographs and leave comments on the screen, all with the ease and convenience of mobile. Another factor which propels the market growth is the rise in disposable incomes and improved living standards.

Innovative New Designs to Make the Refrigerators Kid-Friendly 

The French word "Assorti" means "harmony," and it is a new range of freezers that are made with both parents and kids in mind. Assorti wants to reduce the gap between children and adults in general. The Assorti refrigerator is developed and built with distinct compartments for kids that are easier to access even from low heights. The parent side and the child side are the two primary parts of the refrigerator. The child's side is the "ready-to-eat" side so that kids can quickly and easily take snacks anytime they want, and parents won't have to worry about kids climbing shelves to get their favourite food. In an effort to establish respect for boundaries set by the elderly and a sense of competence in the kitchen, the Assorti refrigerator gives the children just a limited amount of access to food.

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Key Players in the South Korea Refrigerator and Freezer Market

The report gives a detailed analysis of the following key players in the South Korea refrigerator and freezer market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Liebherr-Hausgeräte GmbH

• LG Electronics

• Samsung Electronics Co., Ltd.

• Whirlpool Corporation

• Panasonic Korea Ltd.

• Unique Daesung Co., Ltd

• Dover Corporation

• Robert Bosch GmbH

• Others

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.

Key Highlights of the Report