South Korea Household Refrigerator and Freezer Market Size to Grow at a CAGR of 2.9% in the Forecast Period of 2023-2028
The ‘South Korea Household Refrigerator and Freezer Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the South Korea household refrigerator and freezer market, assessing the market on the basis of its segments like door type, structure, capacity, distribution channel, and major provinces.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
South Korea Household Refrigerator and Freezer Market Size, Share, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 2.9%
Growing popularity of smart refrigerators is a major driver in the South Korea household refrigerator and freezer market. Smart refrigerators aid in organising groceries and food items making the cooking process convenient and less time consuming as it is easy to locate products stored in the refrigerator. All communications are displayed on a HD screen placed on the front side of the refrigerator. The screen also serves as a digital family command centre, enabling users to update and share calendars as well as display artwork made by children, play music, and pin photographs.
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The rising disposable incomes and increasing standards of living are propelling the growth of the market for household refrigerators and freezers in South Korea. Launch of new and innovative products such as Assorti refrigerator is driving the growth of the South Korea household refrigerator and freezer market. Assorti refrigerators are built with distinct compartments at low heights so that even small kids are able to access them with ease. The two primary portions of the refrigerator include a child side and a parent side. Parents can store ready to eat food treats in the child side so that children have easy access to suitable food without climbing tall shelves.
South Korea Household Refrigerator and Freezer Industry Definition and Major Segments
Household refrigerator and freezers are home appliances that consist of a heat pump and a thermally insulated compartment so as to keep the products inside of it below room temperature. The refrigerator section is typically larger and has space for perishable items while the freezer section is at a significantly cooler temperature to store frozen products.
On the basis of door type, the market is bifurcated into:
• Single Door
• Double Door
Based on structure, the market is segmented into:
• Built-in
• Freestanding
On the basis of capacity, the market is divided into:
• Less than 15 cu. Ft.
• 15 to 30 cu. Ft.
• More than 30 cu. Ft.
Based on distribution channel, the market is classified into:
• Speciality Stores
• Multi-brand Stores
• Online
• Others
On the basis of province, the market is segregated into:
• North Chungcheong
• South Chungcheong
• Gangwon
• Gyeonggi
• North Gyeongsang
• South Gyeongsang
• North Jeolla
• South Jeolla
• Jeju Special Self-Governing Province
South Korea Household Refrigerator and Freezer Market Trends
The key trends in the South Korea household refrigerator and freezer market include rising demands for chilled and frozen food products. Frozen meals are becoming increasingly popular among working professionals and in one-person households as they do not require much preparation and are easy to store. Growing fondness for perishable desserts such as ice creams and gelatos is also contributing towards the growth of the South Korea household refrigerator and freezer market. Additionally preference for sea food and other meats among the South Korean population has further propelled the requirements for refrigerators and freezers in houses.
The Instagramable refrigerator trend further contributed towards the growth of the South Korea household refrigerator and freezer market. Busy lifestyles coupled with rising consumption of processed foods and shift in eating habits is fuelling the growth of the market. Advancements such as sensor embedding to improve the overall functioning of refrigerators and freezers along with introduction of advanced human machine interfaces are additional trends in the market for household refrigerators and freezers in South Korea. Sensor embedding combined enables automatic detection of weight and type of the food stored, so that the refrigerator and freezer can automatically monitor and adjust the temperature setting as per the requirements.
Key Market Players
The major players in the South Korea household refrigerator and freezer market report are
• 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 report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
