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Portable Mini Fridge Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global portable mini fridge products market was valued at USD 1.5 billion in 2022 and is projected to expand at a CAGR of 8.2% from 2023 to 2030. Portable mini fridges are becoming increasingly popular among consumers due to their portability, convenience, and capability to store a variety of food and beverages. The rising demand for portable mini fridges is driven by the growing trend of miniaturization of consumer products. Furthermore, the increasing number of working professionals is driving the demand for portable mini fridges for their office desks, as it enables them to store food and beverages for their lunchtime and snack breaks.
Furthermore, the growing preference for personalized products is driving the demand for portable mini fridges as they are available in a variety of designs, colors, and sizes. In addition, increasing disposable income and changing lifestyles are driving the demand for portable mini fridges. Moreover, the increasing trend of outdoor activities such as camping and picnics is driving the demand for these products, as they are easy to carry and provide cooling facilities on the go.
The growing demand for green products is expected to drive the demand for portable mini fridges that are energy-efficient and environment-friendly. Manufacturers are increasingly introducing products that are energy-efficient and compliant with energy-saving regulations. For instance, in November 2021, LG Electronics launched a new line of portable mini fridge products that are more energy-efficient and feature advanced temperature control technology.
The increasing popularity of online retail platforms is also driving the demand for portable mini fridges, as it provides customers with a wide range of options to choose from. In addition, these platforms offer attractive discounts and deals on these products, which further increases their demand. Furthermore, the increasing trend of smart homes is also driving the demand for these products as they can be easily connected to other smart home devices and controlled using voice commands.
The rising demand for smart mini fridges is also driving the market growth. These fridges are designed with advanced features such as touch screens, Wi-Fi connectivity, and automated temperature control. For instance, in April 2021, Samsung Electronics launched a new line of smart mini fridges that can be connected to a smartphone and controlled remotely. The increasing demand for these products is expected to further drive the market in the coming years.
Product Insights
The portable mini fridge segment held the largest market share of around 46.2% in 2020 and is expected to continue its dominance over the forecast period. Portable mini fridges are gaining traction among people due to their convenience, portability, and low energy consumption. According to an article published by the University of South Australia, in December 2019, portable mini fridges are becoming increasingly popular among the younger population due to their convenience and portability.
The residential segment is expected to expand at a CAGR of 8.3% over the forecast period. Growing preference for mini fridges in residential applications such as in dormitories, households, and apartments is driving the demand for residential mini fridges. Furthermore, the growing trend of compact living and rising demand for energy-efficient appliances are further driving the growth of the residential segment. According to an article published by the University of California, in August 2020, more than half of the population
Distribution Channel Insights
The supermarkets and hypermarkets segment held the largest share of over 37.3% in 2022. The increasing availability of these products in different supermarkets & hypermarkets across the globe is one of the major factors contributing to its growth. The availability of multiple brands and convenient shopping experience are some of the other factors that have driven the growth of the segment. Supermarkets & hypermarkets also provide a wide range of products under one roof, which has increased the convenience of shopping for customers.
The e-commerce segment is anticipated to expand at the highest CAGR of 10.9% over the forecast period. The growth of this segment is attributed to the increasing popularity of online shopping among consumers. The presence of major online retailers such as Amazon, Flipkart, and eBay provide easy access to portable mini fridges and other related products to the customers. Furthermore, these online retailers offer attractive discounts and deals, which further supports the growth of the segment.
Type Insights
The commercial segment accounted for the largest revenue share of 74.6% in the year 2022. The increasing trend of working from home, owing to the pandemic has increased the demand for commercial portable mini fridges from households. Additionally, the increasing trend of providing dormitory-style housing to employees by corporate companies is also propelling the demand for commercial portable mini fridges. For instance, in June 2020, IKEA, a Swedish furniture company launched a dormitory-style housing program for their employees in the Singapore office.
The residential segment is expected to witness the highest CAGR of 12.2% over the forecast period. The increasing trend of miniaturization and portability of consumer electronics such as portable mini fridges is driving the growth of this segment. Furthermore, the increasing trend of home parties and picnics is driving the demand for residential portable mini fridges. For instance, in April 2020, Igloo, a brand of Whirlpool Corporation, launched a line of portable mini fridges for parties, picnics, and camping.
Regional Insights
Asia Pacific is expected to remain the largest market for portable mini fridges over the forecast period. This is attributed to increasing urbanization and rising disposable income of people in the region. Additionally, the presence of prominent manufacturers such as Haier and LG Electronics in the region is expected to further drive the market growth. Moreover, a large number of students in the region are opting for portable mini fridges in order to store snacks and beverages due to their convenience and portability.
North America and Europe are expected to witness significant growth during the forecast period. This is attributed to the increasing demand for the product from home and office users. Additionally, growing awareness about the product is expected to drive the market in North America. Moreover, the presence of prominent manufacturers such as Whirlpool Corporation and Danby in the region is expected to further fuel the market growth.
Financial Projections
In this part of the portable mini fridge products business plan, we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for the business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a portable mini fridge products business comes from the sale of the products. Other possible sources of profit include the sale of accessories and product warranties.
Projecting Expenses
In this section, all the regular expenses related to keeping the portable mini fridge products business running will be described. The list of operating expenses includes marketing, advertising, product development and testing, manufacturing and shipping, inventory management, utilities, insurance policies, taxes, and others.
Key companies & market share insights
Some of the key companies operating in the portable mini fridge market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In April 2022, Haier Group launched the Smart Portable Mini Fridge, a mini fridge that can be connected to the internet and controlled through voice commands.
– In July 2022, Whirlpool Corporation launched the Portable Mini Fridge with Temperature Control, which allows users to adjust the temperature of the fridge in accordance to their needs.
– In August 2022, Samsung Electronics launched the Dual-Zone Portable Mini Fridge, which offers two temperature zones for different food items.
Some of the prominent players in the portable mini fridge market include:
– Haier Group
– Whirlpool Corporation
– Samsung Electronics
– LG Electronics
– Danby Appliances
– Igloo Products Corporation
– Midea Group
– Electrolux AB
– Panasonic Corporation
– Hisense Group
Global Portable Mini Fridge Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global portable mini fridge products market based on product, application, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Compact Refrigerators
– Freezers
– Beverage Refrigerators
– Wine Refrigerators
– Others
2. Application Outlook (Revenue, USD Million, 2017 – 2030)
– Residential
– Commercial
3. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What are the Driving Factors of the Portable Mini Fridge Products Market?
[A]: Several factors are driving the growth of the portable mini fridge products market, such as the increasing focus of consumers on convenience, technological advancements, and the availability of a large variety of portable mini fridges. Additionally, the increasing disposable income of consumers, increasing demand for compact and portable refrigeration solutions, and the increasing number of restaurants and hotels are expected to further drive the market.
[Q]: What are the Key Segments of the Portable Mini Fridge Products Market?
[A]: The portable mini fridge products market can be segmented by product type, application, and region. Based on product type, the market can be divided into single-door portable mini fridges, double-door portable mini fridges, and others. Based on application, the market can be divided into residential, commercial, and others.
[Q]: Who are the Key Players in the Portable Mini Fridge Products Market?
[A]: Some of the key players operating in the portable mini fridge products market are Whirlpool Corporation, Haier Group Corporation, Hisense Co. Ltd., LG Electronics Inc., Electrolux AB, and Godrej Appliances.
[Q]: What is the Regional Outlook of the Portable Mini Fridge Products Market?
[A]: The portable mini fridge products market is expected to be dominated by North America, followed by Europe, Asia Pacific, and the Rest of the World. The North America region is expected to be the largest market due to the presence of a large number of key players, the presence of well-established distribution channels, and the increasing popularity of portable mini fridges in the region.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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