September 27, 2022 06:00 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Sept. 27, 2022 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, the United States mini fridge market size was valued at USD 28.36 million in 2021 and USD 31.12 million in 2022. The market is expected to reach USD 59.11 million by 2029 with a CAGR of 9.60% during the forecast period. A growing number of modular houses is expected to prompt a positive market pathway. Development of such fridges that have advanced features is estimated to propel market trajectory. Technological developments and innovations in consumer appliances are propelling market growth. Rising demand for refrigeration and energy-efficient applications in the food and beverage industry is anticipated to favor the U.S. mini fridge market share expansion. Fortune Business Insights™ shares this information in its report titled “U.S. Mini Fridge Market, 2022-2029.”
Supply Disruptions During Pandemic Led to Decline in Market Growth
The COVID-19 pandemic impacted the supply chains due to shipping and travel restrictions. However, the pandemic also generated opportunities for many brands as they used online channels to increase their sales across North America.
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U.S. Mini Fridge Market Report Scope & Segmentation:
Fortune Business Insights™ lists out all the United States mini fridge market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
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Technological Innovations to Enhance the Market Trajectory
Technological advancements for enhancing the product efficiency is one of the key trends since the past few years. Buyers want a variety of features such as design, capacity, and temperature control options. Minibar Systems introduced a Wi-Fi enabled guestroom refrigerator. The product has LED control that enables customers to have a personalized experience. Development of mini fridges with new technology is anticipated to propel lucrative business opportunities. Rising preferences of consumers for energy-saving fridges is expected to aid market growth. Retailers of home appliances usually sell and market these refrigerators, which is anticipated to propel the U.S. mini fridge market growth. Further, there is rising demand for refrigeration in the food and beverage industry and growing adoption of energy-effective electric appliances.
However, limited storing capacity and high costs of mini-fridges are anticipated to hamper market progress.
Owing to Large Capacity Size, Under-the-Counter Segment is Set to Lead
On the basis of type, the market is segmented into portable, cube, mid-sized, and under-the-counter. They are further divided into residential and commercial categories. The under-the-counter segment is anticipated to be the significant part due to large volume sizes in under-the-counter variants.
Due to its Energy Efficiency, the Compressor to be Prime the Part of the Segment
On the basis of technology, the market is segmented into absorption, thermoelectric, and compressor. The compressor segment is set to lead due to energy efficiency of the compressor technology. The thermoelectric segment is also anticipated to have a significant CAGR due to the increasing consumption of alcoholic drinks.
Due to Easy Accessibility, Specialty Stores are the Key Segment
Based on distribution channel, the market is categorized into specialty stores, hypermarkets, online, and others. The specialty stores segment holds the majority part due to easy availability of various mini fridges with eye-catching features in such stores.
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Market Players Adopted New Product Launch Strategies to Support their Product Portfolio
Key players of the market have opted for new product development and product launch strategies. For example, in May 2019, Domestic Group AB, a Swedish company that specializes in marine, recreational vehicle, and hospitality industries, introduced the CL480 Series, its new line of hotel refrigerators. The company operates across the Americas, Asia Pacific, Europe, and the Middle East and Africa (EMEA). Such strategies of new product offerings for expansion will strengthen market growth.
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1. How much is the U.S. mini fridge market worth?
Answer: Fortune Business Insights says that the U.S. market size was USD 28.36 million in 2021 and is anticipated to reach USD 59.11 million by 2029.
2. What was the value of the U.S market in 2021?
Answer: In 2021, the U.S. market value stood at USD 28.36 million.
3. At what CAGR is the market projected to grow in the forecast period (2022-2029)?
Answer: Growing at a CAGR of 9.60%, the market will exhibit steady growth over the forecast period (2022-2029).
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