South Korea Household Refrigerator and Freezer Market to Grow at a CAGR of 2.9% During 2024-2032, Aided by the Growing Single-Person Households and Increased Consumption of Processed and Frozen Foods

The rapid change in the size of families to single-person households is supporting the expansion of the South Korea household refrigerator and freezer market. According to South Korean government data, single-person households in South Korea reached an all-time high of 42% of all households in the country in 2023. Single-person families are driven by a large population of unmarried and older people living by themselves. The country had 9.93 million single-person households as of December 2023, increasing by 2.16% from the previous year. According to the Ministry of Interior and Safety, the population per household fell from an average of 2.44 individuals in September 2011 to 2.16 individuals in September 2021.

Further, the household refrigerator and freezer market in South Korea is expanding due to the increasing prevalence of frozen and ready-to-eat processed foods, driven by sedentary lifestyles and a high number of single-person families. According to the USDA, Korea had over 31,300 food processing companies as of 2021. These companies generated about USD 63.3 billion in sales during the same year.

Compact, dual-functional fridges are widely preferred by millennials and Gen Z. In October 2020, Samsung Electronics launched its BESPOKE Cube mini refrigerators in South Korea, driven by home appliance sales amid the stay-at-home trend induced by the pandemic. The company priced its club mini refrigerator between KRW 599,000 and KRW 649,000, the lineup offers customizable storage settings catering to different needs, including Wine & Beer, Beauty & Health, and multi-models. Featuring a Peltier semiconductor cooling solution for low noise levels and a modular design for stacking or splitting, the BESPOKE Cube comes in five colours and supports Samsung's SmartThings IoT platform for remote control.

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Market Breakup by Door Type, Structure, Capacity, Distribution Channel and Provinces:

• The market is segmented based on door type into single door and double door.

• Based on structure, the market is bifurcated into built-in and freestanding. 

• The market is segmented by capacity into less than 15 cu. ft., 15 to 30 cu. ft., and more than 30 cu. ft.

• By distribution channel, the market is classified into speciality stores, multi-brand stores, and online, among others. 

• By province, the market is segmented into North Chungcheong, South Chungcheong, Gangwon, Gyeonggi, North Gyeongsang, South Gyeongsang, North Jeolla, South Jeolla, and Jeju Special Self-Governing Province.

Key Findings of the Report:

• The shrinking size of families has aided the demand for small-size household refrigerators and freezers in South Korea. In 2023, single-person households in South Korea held 42% of all households in the country, according to the South Korean government data.

• The growing prevalence of frozen and ready-to-eat processed foods due to sedentary lifestyles, a large population of unmarried along with the elderly population is aiding the demand. 

• COVID-19 bolstered the growth of home appliance sales including household refrigerators and freezers, as people stocked up on groceries. 

• Further, the launch of new refrigerators and freezers with specialized functionality and diverse technology is aiding the market trajectory.

Key Offerings of the Report:

• The EMR report gives an overview of the South Korea household refrigerator and freezer market for the periods (2018-2023) and (2024-2032).

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the door type, structure, capacity, distribution channel and provinces of the South Korean household refrigerator and freezer market.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the South Korea household refrigerator and freezer market are Liebherr-Hausgeräte GmbH, LG Electronics, Samsung Electronics Co., Ltd., Whirlpool Corporation, Panasonic Korea Ltd., Unique Daesung Co., Ltd, Dover Corporation, and Robert Bosch GmbH, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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