Retail volume sales of refrigeration appliances rose for the first time in five years during 2021, exhibiting their most rapid rate of growth in well over a decade. An improved economic environment combined with the fact that Canadians continued to spend a lot of time at home during 2021 (many continued to work from home) led more of them to upgrade their refrigeration appliances.
Manufacturers are experiencing shortages of parts (particularly microchips) and are struggling to meet demand for refrigeration appliances from Canadian consumers. With wait times of up to 12 months for some popular models, some are opting for other, less popular ones, instead.
The disruption caused by COVID-19 has led local consumers to rethink their lifestyles, leading some to seek more space by moving from apartments in urban areas to single-family homes in suburban locations, towns or even rural areas. As a result of having larger kitchens, some of them are buying larger refrigeration appliances or additional refrigeration appliances.
Having rebounded strongly during 2021, the rate of growth in retail volume sales of refrigeration appliances will slow significantly in 2022 and remain marginal for the remainder of the forecast period. As the penetration rate for fridge freezers is very high (standing at just over 100% in 2021), demand is mature.
Supported by government stimulus and ultra-low interest rates, house prices in Canada rose steeply during 2021. This is making homeowners feel wealthier and thus them more likely to purchase premium appliances and upgrade them more frequently.
Demand for connected refrigeration appliances remains limited in Canada, with these products accounting for less than a fifth of volume sales during 2021. However, the popularity of connected refrigeration appliances is steadily increasing, and they tend to appeal to the young, affluent and tech savvy.
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Understand the latest market trends and future growth opportunities for the Refrigeration Appliances industry in Canada with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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Refrigeration appliances considers built-in and freestanding major appliances in the following categories: fridge freezers, fridges, freezers and electric wine coolers chillers.See All of Our Definitions
This report originates from Passport, our Refrigeration Appliances research and analysis database.
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