(MENAFN- PR Newswire) A recent report by Future Market Insights (FMI) highlights the burgeoning hospitality and tourism industries as key drivers of the minibar refrigerator market. As guest expectations evolve, leading manufacturers are prioritizing the ideal blend of style and innovation in these compact cooling solutions.
NEWARK, Del., Dec. 11, 2023 /PRNewswire/ --
The total sales of minibar refrigerators
in 2023 incurred a revenue of around US$ 347.8 million . The total revenue from minibar refrigerator sales in 2024 could be around US$ 360.6 million .
Over the next ten years, the worldwide demand for
minibar refrigerators is anticipated to rise at a CAGR of 3.7% over the forecast period. By 2034, the global minibar refrigerator industry value is expected to reach US$ 518.6 million .
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The demand for convenient in-room amenities, including minibar refrigerators, has grown manifold in the last few years following an upsurge in the travel and tourism sector. The dynamics of the tourism and hospitality sector also altered during the pandemic years as travelers got accustomed to amenities in their rooms, which advanced the market later.
Minibar refrigerator designs also go well with boutique hotels and specialty lodging establishments, which focus on providing individualized and special guest experiences. Minibar refrigerators with glass doors are popular at commercial locations because of their eye-catching appearance and proper presentation of packaged beverages.
"In recent years, the minibar refrigerator market outlook has been significantly impacted by the hospitality industry's drive toward personalization and customization trends. So emerging minibar refrigerators are increasingly customizing their products according to hotel requirements to accommodate dietary needs, ethnic preferences, and guest interests,"
says Sneha Varghese
(Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry .
Key Takeaways from the Global Minibar Refrigerator Market Report
The United States dominates the global market of compact-size refrigeration solutions, and it is poised to advance at a 2% CAGR through 2034. In Asia, China is the leading manufacturer of minibar refrigerators, and during the forecast period, the growth may increase by 5% per year. The demand for minibar refrigerators in Australia is projected to surge at a 3.3% CAGR from 2024 to 2034. India is another remarkably growing market for minibar refrigerators; year-on-year sales are predicted to rise at a 5.4% rate until 2034.
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Competitive Landscape for Minibar Refrigerators Market Players
The market for minibar refrigerators is fragmented due to the emergence of many new payers operating at the regional level. However, a few famous minibar fridge brands like ISM, Felix, and Minibar Systems account for a substantial part of the industry.
Recent Developments by Minibar Refrigerators Market Players
In April 2023, the ODM Group introduced an innovative thermostatic mini fridge that can be powered by a USB cable. It can hold an eight-ounce soda can and is compact and lightweight, making it suitable for road vacations, camping, and workplace use. It comes with a 4-foot cable that is compatible with laptops and desktop systems. In May 2021, LG Company released a direct-cooling, 92-liter gross capacity minibar refrigerator with two wire shelves and a freezer compartment. It has an in-built low voltage stabilizer (110–290 volts) and can easily move around over rolling wheels. Moreover, the product's stylish appearance fits perfectly with any interior decor in the kitchen, workplace, or living room.
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About the Author:
Sneha Varghese
(Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
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