Non-Combined Refrigerator-Freezer Market

The global market for household refrigerators and freezers (not combined) is projected to experience growth in both volume and value over the period from 2022 to 2030. China leads in consumption and production, while the United States ranks third in consumption and fourth in production. Import prices and export prices have shown variations, with freezers being the fastest-growing type exported. Overall, the market is expected to show positive growth trends in the coming years.

Market Forecast

Driven by increasing demand for household refrigerators and freezers (not combined) worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +2.4% for the period from 2022 to 2030, which is projected to bring the market volume to 244M units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.1% for the period from 2022 to 2030, which is projected to bring the market value to $61B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Household Refrigerators And Freezers (Not Combined)

In 2022, the amount of household refrigerators and freezers (not combined) consumed worldwide rose modestly to 202M units, with an increase of 3.7% against 2021 figures. The total consumption volume increased at an average annual rate of +1.0% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. Over the period under review, global consumption attained the peak volume in 2022 and is likely to see gradual growth in the near future.

The global non-combined refrigerator-freezer market revenue dropped modestly to $41B in 2022, approximately equating the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption saw a relatively flat trend pattern. As a result, consumption attained the peak level of $44.2B. From 2018 to 2022, the growth of the global market remained at a somewhat lower figure.

Consumption By Country

China (75M units) remains the largest non-combined refrigerator-freezer consuming country worldwide, accounting for 37% of total volume. Moreover, non-combined refrigerator-freezer consumption in China exceeded the figures recorded by the second-largest consumer, India (18M units), fourfold. The United States (16M units) ranked third in terms of total consumption with an 8% share.

In China, non-combined refrigerator-freezer consumption increased at an average annual rate of +2.2% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of consumption growth: India (+4.3% per year) and the United States (-0.8% per year).

In value terms, the largest non-combined refrigerator-freezer markets worldwide were Turkey ($7.9B), China ($7.7B) and India ($2.7B), together comprising 45% of the global market.

Turkey, with a CAGR of +5.4%, saw the highest rates of growth with regard to market size in terms of the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of non-combined refrigerator-freezer per capita consumption in 2022 were Turkey (59 units per 1000 persons), China (53 units per 1000 persons) and Japan (51 units per 1000 persons).

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +3.1%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Household Refrigerators And Freezers (Not Combined)

Global non-combined refrigerator-freezer production stood at 209M units in 2022, remaining stable against the previous year. In general, production recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of 7.2% against the previous year. Global production peaked at 212M units in 2020; however, from 2021 to 2022, production remained at a lower figure.

In value terms, non-combined refrigerator-freezer production shrank to $41.9B in 2022 estimated in export price. Over the period under review, production continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 25% against the previous year. Global production peaked at $68B in 2019; however, from 2020 to 2022, production remained at a lower figure.

Production By Country

China (112M units) constituted the country with the largest volume of non-combined refrigerator-freezer production, accounting for 53% of total volume. Moreover, non-combined refrigerator-freezer production in China exceeded the figures recorded by the second-largest producer, India (18M units), sixfold. The United States (8.2M units) ranked third in terms of total production with a 3.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China totaled +2.8%. The remaining producing countries recorded the following average annual rates of production growth: India (+3.6% per year) and the United States (-5.0% per year).

Imports

World Imports of Household Refrigerators And Freezers (Not Combined)

In 2022, after two years of growth, there was significant decline in overseas purchases of household refrigerators and freezers (not combined), when their volume decreased by -8.6% to 50M units. The total import volume increased at an average annual rate of +3.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2020 when imports increased by 23%. Over the period under review, global imports hit record highs at 55M units in 2021, and then fell in the following year.

In value terms, non-combined refrigerator-freezer imports reduced to $9.7B in 2022. The total import value increased at an average annual rate of +2.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 when imports increased by 22%. As a result, imports reached the peak of $10.1B, and then fell slightly in the following year.

Imports By Country

In 2022, the United States (8.8M units), distantly followed by Germany (2.7M units), the UK (2.6M units) and France (2.3M units) were the main importers of household refrigerators and freezers (not combined), together constituting 33% of total imports. The Netherlands (1.8M units), the United Arab Emirates (1.6M units), Belgium (1.3M units), Russia (1.2M units), Canada (1M units), Spain (1M units), India (1M units), Italy (1M units) and Mexico (1M units) held a relatively small share of total imports.

Imports into the United States increased at an average annual rate of +6.5% from 2012 to 2022. At the same time, India (+16.2%), Mexico (+12.0%), the United Arab Emirates (+11.1%), Germany (+5.2%), the Netherlands (+5.1%), Russia (+4.2%), Belgium (+4.1%) and Canada (+3.7%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing importer imported in the world, with a CAGR of +16.2% from 2012-2022. Spain and the UK experienced a relatively flat trend pattern. By contrast, Italy (-1.3%) and France (-2.3%) illustrated a downward trend over the same period. While the share of the United States (+5 p.p.) and the United Arab Emirates (+1.7 p.p.) increased significantly in terms of the global imports from 2012-2022, the share of the UK (-2.1 p.p.) and France (-3.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($1.4B) constitutes the largest market for imported household refrigerators and freezers (not combined) worldwide, comprising 14% of global imports. The second position in the ranking was taken by Germany ($565M), with a 5.8% share of global imports. It was followed by the Netherlands, with a 4.4% share.

In the United States, non-combined refrigerator-freezer imports increased at an average annual rate of +8.7% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Germany (+2.8% per year) and the Netherlands (+6.9% per year).

Imports By Type

Refrigerators; for household use, compression-type, electric or other was the largest type of household refrigerators and freezers (not combined) in the world, with the volume of imports recording 25M units, which was approx. 50% of total imports in 2022. Freezers (13M units) took a 25% share (based on physical terms) of total imports, which put it in second place, followed by freezers (16%) and refrigerators; household, electric or not, other than compression or absorption-type (8.4%).

From 2012 to 2022, the biggest increases were recorded for freezers (with a CAGR of +5.5%), while purchases for the other products experienced more modest paces of growth.

In value terms, the largest types of imported household refrigerators and freezers (not combined) were refrigerators; for household use, compression-type, electric or other ($4.5B), freezers ($2.5B) and freezers ($2.1B), with a combined 94% share of global imports.

In terms of the main imported products, freezers, with a CAGR of +5.8%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other products experienced more modest paces of growth.

Import Prices By Type

In 2022, the average non-combined refrigerator-freezer import price amounted to $194 per unit, increasing by 4.5% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 16%. Over the period under review, average import prices hit record highs at $204 per unit in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by the product type; the product with the highest price was freezers ($318 per unit), while the price for refrigerators; household, electric or not, other than compression or absorption-type ($140 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by freezers; of the upright type, not exceeding 900l capacity (+0.3%), while the other products experienced a decline in the import price figures.

Import Prices By Country

In 2022, the average non-combined refrigerator-freezer import price amounted to $194 per unit, surging by 4.5% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 an increase of 16% against the previous year. Global import price peaked at $204 per unit in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Canada ($253 per unit), while Russia ($121 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Canada (+3.4%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Household Refrigerators And Freezers (Not Combined)

After two years of growth, shipments abroad of household refrigerators and freezers (not combined) decreased by -15.1% to 57M units in 2022. In general, total exports indicated a perceptible expansion from 2012 to 2022: its volume increased at an average annual rate of +2.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 with an increase of 38% against the previous year. The global exports peaked at 67M units in 2021, and then contracted notably in the following year.

In value terms, non-combined refrigerator-freezer exports declined to $9.3B in 2022. The total export value increased at an average annual rate of +1.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 when exports increased by 19%. As a result, the exports attained the peak of $10.2B, and then reduced in the following year.

Exports By Country

China dominates exports structure, amounting to 37M units, which was approx. 64% of total exports in 2022. Thailand (3.7M units) took a 6.5% share (based on physical terms) of total exports, which put it in second place, followed by Turkey (5.2%). Germany (1.5M units), Italy (1.3M units) and the Netherlands (0.9M units) took a little share of total exports.

Exports from China increased at an average annual rate of +4.4% from 2012 to 2022. At the same time, the Netherlands (+8.5%) and Thailand (+1.9%) displayed positive paces of growth. Moreover, the Netherlands emerged as the fastest-growing exporter exported in the world, with a CAGR of +8.5% from 2012-2022. By contrast, Turkey (-1.7%), Italy (-2.0%) and Germany (-3.6%) illustrated a downward trend over the same period. China (+13 p.p.) significantly strengthened its position in terms of the global exports, while Germany and Turkey saw its share reduced by -2.1% and -2.4% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($3.6B) remains the largest non-combined refrigerator-freezer supplier worldwide, comprising 39% of global exports. The second position in the ranking was taken by Thailand ($891M), with a 9.6% share of global exports. It was followed by Germany, with a 6.9% share.

From 2012 to 2022, the average annual growth rate of value in China stood at +4.2%. In the other countries, the average annual rates were as follows: Thailand (+1.9% per year) and Germany (-0.4% per year).

Exports By Type

Refrigerators; for household use, compression-type, electric or other represented the largest exported product with an export of about 28M units, which accounted for 49% of total exports. Freezers (13M units) took the second position in the ranking, distantly followed by refrigerators; household, electric or not, other than compression or absorption-type (8.3M units) and freezers (7.6M units). All these products together took approx. 51% share of total exports.

Refrigerators; for household use, compression-type, electric or other experienced a relatively flat trend pattern with regard to volume of exports. At the same time, freezers (+4.6%), refrigerators; household, electric or not, other than compression or absorption-type (+3.9%) and freezers (+3.6%) displayed positive paces of growth. Moreover, freezers emerged as the fastest-growing type exported in the world, with a CAGR of +4.6% from 2012-2022. From 2012 to 2022, the share of freezers, freezers and refrigerators; household, electric or not, other than compression or absorption-type increased by +3.1, +2.8 and +2.2 percentage points, respectively.

In value terms, refrigerators; for household use, compression-type, electric or other ($4.6B) remains the largest type of household refrigerators and freezers (not combined) supplied worldwide, comprising 49% of global exports. The second position in the ranking was held by freezers ($2.2B), with a 24% share of global exports. It was followed by freezers, with a 21% share.

From 2012 to 2022, the average annual growth rate of the value of refrigerators; for household use, compression-type, electric or other exports was relatively modest. With regard to the other exported products, the following average annual rates of growth were recorded: freezers (+4.8% per year) and freezers (+1.9% per year).

Export Prices By Type

In 2022, the average non-combined refrigerator-freezer export price amounted to $163 per unit, growing by 6.8% against the previous year. In general, the export price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the average export price increased by 18% against the previous year. Over the period under review, the average export prices hit record highs at $200 per unit in 2016; however, from 2017 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by the product type; the product with the highest price was freezers ($290 per unit), while the average price for exports of refrigerators; household, electric or not, other than compression or absorption-type ($69 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by freezers; of the upright type, not exceeding 900l capacity (+0.2%), while the other products experienced a decline in the export price figures.

Export Prices By Country

In 2022, the average non-combined refrigerator-freezer export price amounted to $163 per unit, rising by 6.8% against the previous year. Overall, the export price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average export price increased by 18%. The global export price peaked at $200 per unit in 2016; however, from 2017 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Germany ($417 per unit), while China ($99 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+3.3%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform