PROSPECTS AND OPPORTUNITIES
Refrigeration appliances expected to continue its negative trend into the forecast period
Refrigeration appliances in South Korea saw consistent negative retail volume growth in the second half of the review period, and is expected to follow a similar trend into the start of the forecast period, although is set to return to low growth at the end of the forecast period. However, the forecast CAGR for 2024 to 2029 is slightly negative, indicating continued stagnation.
Affordable refrigeration appliances for single-person households set to gain popularity
According to population statistics from the Ministry of the Interior and Safety, 42% of total households in South Korea are single-person households. Since the proportion of single-person households is very high, there has been a surge in the introduction of slim and space-efficient refrigeration appliances designed specifically for these households.
Trend of using kimchi refrigerators as multipurpose refrigerators likely to spread
In South Korea, kimchi refrigerators are specialised appliances designed specifically for the storage and preservation of kimchi. These fridges maintain optimal temperature and humidity levels to ensure that kimchi remains fresh for extended periods.
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Overview:
Understand the latest market trends and future growth opportunities for the Refrigeration Appliances industry in South Korea with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Refrigeration Appliances industry in South Korea, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
The Refrigeration Appliances in South Korea report includes:
- Analysis of key supply-side and demand trends
- Detailed segmentation of international and local products
- Historic volume and value sizes, company and brand market shares
- Five year forecasts of market trends and market growth
- Robust and transparent research methodology, conducted in-country
This report answers:
- What is the market size of Refrigeration Appliances in South Korea?
- Which are the leading brands in South Korea?
- How are products distributed in South Korea?
- To what extent has COVID-19 and accordant macroeconomic and retail disruption impacted demand?
- How are considerations such as urban development and the rise in single-person households determining sales growth?
- Where is future growth expected to be most dynamic?
Refrigeration Appliances in South Korea - Category analysis
KEY DATA FINDINGS
Retail value and volume sales decline for three consecutive years
Premium refrigeration appliances featuring AI technology being launched
Polarisation between the premium and economy segments continues
Refrigeration appliances expected to continue its negative trend into the forecast period
Affordable refrigeration appliances for single-person households set to gain popularity
Trend of using kimchi refrigerators as multipurpose refrigerators likely to spread
Consumer Appliances in South Korea - Industry Overview
Consumer appliances in 2024: The big picture
2024 key trends
Competitive landscape
Retailing developments
What next for consumer appliances?
DISCLAIMER
The following categories and subcategories are included:
Refrigeration Appliances
- Built-in Refrigeration Appliances
- Freestanding Refrigeration Appliances
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- Built-in Electric Wine Coolers/Chillers
- Freestanding Electric Wine Coolers/Chillers
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- Built-in Freezers
- Freestanding Freezers
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- Built-in Fridge Freezers
- Freestanding Fridge Freezers
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- Built-in Fridges
- Freestanding Fridges
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 definitionsWhy buy this report?
- Gain competitive intelligence about market leaders
- Track key industry trends, opportunities and threats
- Inform your marketing, brand, strategy and market development, sales and supply functions
This report originates from Passport, our Refrigeration Appliances research and analysis database.
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