Refrigerator & Freezer Market Projected to Reach $269.16 billion by 2030 - Exclusive Report by 360iResearch

PUNE, India, April 30, 2024 /PRNewswire/ -- The report titled "Refrigerator & Freezer Market by Type (Bottom-freezer Refrigerator, French Door Refrigerator, Side-by-Side Refrigerator), Temperature Range (-40 °C to -150 °C, 0 to 4 °C, 0 °C to -40 °C), Capacity, Distribution Channel, Application, Use - Global Forecast 2024-2030" is now available on 360iResearch.com's offering, presents an analysis indicating that the market projected to grow from a size of $185.49 billion in 2023 to reach $269.16 billion by 2030, at a CAGR of 5.46% over the forecast period.

"Innovative Refrigeration Technologies Drive Global Market Growth Amid Rising Food Safety and Sustainability Trends"

The essential household appliance refrigerator ensures that food and drinks are kept at low temperatures to decelerate spoilage. It utilizes heat exchange to cool its interior and expel heat outside, thus maintaining an internal environment more relaxed than the surrounding air. Freezers, a variation of refrigerators, are engineered to sustain temperatures far below water's freezing point, crucial for long-term food storage by suspending bacterial and pathogen growth, thereby keeping food's essential nutrients, texture, and taste intact. This is vital for home and commercial food preservation. The escalating emphasis on food safety standards globally and an uptick in urbanization and modern lifestyles amplify the demand for advanced refrigerating solutions, including energy-efficient and smart models. Although the market faces high costs and stringent international standards for energy consumption and refrigerants, innovations in cooling technologies and smart features are set to open new market opportunities. Regionally, the Americas is in energy-saving and smart refrigeration options, with the European Union major in adopting eco-friendly and energy-efficient refrigerators guided by strict regulatory frameworks. The Asia-Pacific region is experiencing significant growth due to rising urban living and disposable incomes, with a marked preference for appliances that align with local needs. The Middle East and Africa are gradually moving toward energy-efficient models, driven by urbanization and specific climatic demands. This global shift toward innovative refrigeration solutions highlights a collective move toward sustainability, efficiency, and food safety in the refrigerator and freezer market.