Having surged to its highest level in almost a decade during 2020, the rate of growth in retail current value sales of refrigeration appliances exhibited no more than a modest deceleration during 2021 – in spite of an increasingly difficult economic environment. While the rate of growth in retail volume sales also slowed, it remained in double digits.
Freestanding freezers continued to exhibit the highest rate of growth in retail current value sales of refrigeration appliances in 2021. Demand for freestanding freezers has surged since the onset of the pandemic, as a growing number of local consumers have sought to stockpile food.
Electronics and appliances specialist retailers remain the leading distribution channel for refrigeration appliances, but the retail volume share of e-commerce increased significantly over the course of the review period. This shift to e-commerce was particularly notable during 2020, when physical stores were closed for an extended period, and stuck-at-home consumers shopped online in growing numbers.
The rate of growth in retail current value sales of refrigeration appliances is set to slow significantly during 2022 and remain in single digits for the remainder of the forecast period. Growth in retail current value sales of refrigeration appliances will mainly be driven by rising unit prices, with little in the way of retail volume sales growth.
Freestanding refrigeration appliances will continue to significantly outperform their built-in counterparts over the course of the forecast period. As the bulk of local consumers become increasingly price-conscious in a difficult economic environment, more expensive built-in options will be of less interest to them.
Electric wine coolers/chillers will exhibit the highest rate of growth in retail current value sales in refrigeration appliances during the forecast period. Although this growth will come from quite a low base, as these appliances are generally only affordable to (and of interest to) the most affluent local consumers, interest in them among middle-income consumers is rising.
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Refrigeration Appliances
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 DefinitionsThis report originates from Passport, our Refrigeration Appliances research and analysis database.
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