Global Chest Freezer Market to Grow Steadily at A CAGR of Over 3%

Date: 2015-12-23

An overview of the chest and upright freezer market
Technavio’s market research analyst predicts the global chest freezer market to grow steadily at a CAGR of over 3% while the upright freezer market is expected to grow at a CAGR of over 4% during the forecast period. One of the major drivers for the growth of the market is the growth in sales of frozen food products. Evolving economic, social, and demographic scenarios worldwide have influenced the perception of frozen food, thereby making it conducive to the rapid expansion of the global frozen food industry.

The boom in new residential construction and kitchen remodeling projects will also drive the market during the forecast period. With the increase in disposable income and improvement in standards of living, consumers are investing more on renovating their kitchens, opting for sophisticated, minimalistic, and practical designs. This has created a high demand for built-in appliances and innovative designs like modular kitchens, thereby motivating vendors to add built-in cold appliances to their portfolio to fulfill the needs of consumers. This trend is expected to follow over the years, thus leading to the growth of the overall market.

The convenience of use of upright freezers has led to its dominance during 2015 with a market share of almost 66%. Unlike chest freezers, the ergonomic design of upright freezers eliminates the need to bend or reach out to get food. Additionally, upright freezers are more space-efficient compared to chest freezers, as they need lesser floor space.

Europe accounted for close to 37% of the market share during 2015 and is expected to grow at a CAGR of nearly 4% during the forecast period. Freezers are gaining popularity in Europe, with countries like Germany, Finland, and the UK showing promising growth rates. Moreover, the emerging markets of Eastern Europe and Latin America are also expected to grow during the forecast period.

The leading vendors in the market include –

Qingdao Haier
Sears Holdings
Other prominent vendors analyzed in this market study are Avanti Products, Midea Group, Miele, Fisher and Paykel, Summit Appliance, and Sunpentown.

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