Indonesia Refrigeration Appliances Market 2022-2028

Indonesia Refrigeration Appliances Market 2022-2028

MARKET OUTLOOK

According to a report by Triton Market Research, the Indonesia refrigeration appliances market is anticipated to register growth at a CAGR of 5.57% (by revenue) during the forecast period 2022-2028. Additionally, the market (in terms of category) is expected to grow at a CAGR of 3.81% (by volume), during this period.

By the end of 2021, Indonesia recovered from COVID-19, and the economy was set to surpass its pre-pandemic levels. As a result, various customers started utilizing refrigeration units, thereby boosting sales. The need for such appliances has increased as consumers work from home and cook their daily meals. Thus, they require more refrigerated space to store food for regular use, which is creating opportunities for the market players.

Additionally, the pandemic resulted in the rise of the frozen food industry. The increased sale of food like ice cream, frozen meatballs & chicken nuggets, and others, resulted in a rise in the sale of chest freezers in 2021 and is anticipated to progress throughout the forecast period. Therefore, as consumers looked to replace their outdated fridge freezers, they preferred models with more freezer space. Thus, the abovementioned factors are expected to contribute to the growth of the refrigeration appliances market in Indonesia during the forecast period.

COMPETITIVE OUTLOOK

The prominent players in the Indonesia refrigeration appliances market include Panasonic Corporation, Samsung Electronics Co. Ltd, LG Corporation, Sharp Corporation, and Toshiba Corporation.