Refrigerator Or Freezer Market

The article discusses the projected growth of the global refrigerator or freezer market from 2022 to 2030. It highlights the expected increase in market volume and value, with a forecasted CAGR of +1.8% and +3.3% respectively. The article also provides insights into the consumption trends, production volume, import and export patterns, and price fluctuations in various countries. Countries like the United States, China, and India are expected to drive significant growth in the market.

Market Forecast

Driven by rising demand for refrigerator or freezer worldwide, the market is expected to start an upward consumption trend over the next eight years. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +1.8% for the period from 2022 to 2030, which is projected to bring the market volume to 124M units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.3% for the period from 2022 to 2030, which is projected to bring the market value to $530M (in nominal prices) by the end of 2030.

Consumption

World Consumption of Furniture Designed To Receive Refrigerating Or Freezing Equipment

In 2022, approx. 107M units of furniture designed to receive refrigerating or freezing equipment were consumed worldwide; growing by 6.5% compared with 2021. In general, consumption, however, saw a perceptible decrease. Global consumption peaked at 149M units in 2014; however, from 2015 to 2022, consumption failed to regain momentum.

The global refrigerator or freezer market size rose slightly to $410M in 2022, growing by 1.5% against 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). Over the period under review, consumption, however, recorded a pronounced decline. Over the period under review, the global market reached the peak level at $662M in 2014; however, from 2015 to 2022, consumption stood at a somewhat lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were the United States (14M units), China (12M units) and India (6M units), together accounting for 30% of global consumption. Tunisia, Portugal, Vietnam, Argentina, Mexico, Democratic Republic of the Congo, Pakistan, Spain, South Korea and the UK lagged somewhat behind, together accounting for a further 28%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Democratic Republic of the Congo (with a CAGR of +28.0%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($47M) led the market, alone. The second position in the ranking was held by China ($22M). It was followed by India.

In the United States, the refrigerator or freezer market expanded at an average annual rate of +4.6% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of market growth: China (-4.8% per year) and India (-0.8% per year).

The countries with the highest levels of refrigerator or freezer per capita consumption in 2022 were Tunisia (412 units per 1000 persons), Portugal (362 units per 1000 persons) and Argentina (65 units per 1000 persons).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Democratic Republic of the Congo (with a CAGR of +24.1%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Furniture Designed To Receive Refrigerating Or Freezing Equipment

In 2022, approx. 88M units of furniture designed to receive refrigerating or freezing equipment were produced worldwide; dropping by -4.4% compared with 2021 figures. In general, production saw a noticeable decline. The most prominent rate of growth was recorded in 2019 when the production volume increased by 23%. Over the period under review, global production hit record highs at 121M units in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

In value terms, refrigerator or freezer production shrank to $948M in 2022 estimated in export price. Over the period under review, production, however, recorded a slight expansion. The growth pace was the most rapid in 2019 with an increase of 55%. As a result, production reached the peak level of $1.7B. From 2020 to 2022, global production growth remained at a somewhat lower figure.

Production By Country

China (26M units) constituted the country with the largest volume of refrigerator or freezer production, comprising approx. 30% of total volume. Moreover, refrigerator or freezer production in China exceeded the figures recorded by the second-largest producer, the United States (8.1M units), threefold. The third position in this ranking was taken by Germany (7.1M units), with an 8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China was relatively modest. In the other countries, the average annual rates were as follows: the United States (-7.4% per year) and Germany (+6.6% per year).

Imports

World Imports of Furniture Designed To Receive Refrigerating Or Freezing Equipment

In 2022, the amount of furniture designed to receive refrigerating or freezing equipment imported worldwide rose significantly to 104M units, surging by 11% compared with the previous year's figure. The total import volume increased at an average annual rate of +2.3% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 when imports increased by 26%. Global imports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, refrigerator or freezer imports soared to $317M in 2022. The total import value increased at an average annual rate of +2.6% over the period from 2012 to 2022; 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 26% against the previous year. Global imports peaked in 2022 and are likely to see gradual growth in the immediate term.

Imports By Country

In 2022, Portugal (13M units) and the United States (11M units) were the largest importers of furniture designed to receive refrigerating or freezing equipmentacross the globe, together generating 23% of total imports. It was followed by Spain (6.5M units), South Korea (5.9M units), Italy (4.9M units) and Tunisia (4.9M units), together generating a 21% share of total imports. Canada (4.3M units), Vietnam (3.3M units), France (2.9M units), Democratic Republic of the Congo (2.7M units), the UK (2.5M units), Thailand (2.5M units) and Argentina (2.3M units) took a relatively small share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Argentina (with a CAGR of +28.3%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($38M), Italy ($23M) and Canada ($20M) appeared to be the countries with the highest levels of imports in 2022, together accounting for 25% of global imports.

Italy, with a CAGR of +24.3%, saw the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average refrigerator or freezer import price amounted to $3 per unit, surging by 8.9% against the previous year. Overall, the import price showed a relatively flat trend pattern. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the UK ($5.8 per unit), while Democratic Republic of the Congo ($0.4 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+6.3%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Furniture Designed To Receive Refrigerating Or Freezing Equipment

In 2022, the amount of furniture designed to receive refrigerating or freezing equipment exported worldwide contracted modestly to 85M units, flattening at the previous year. The total export volume increased at an average annual rate of +4.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 26% against the previous year. As a result, the exports attained the peak of 86M units, leveling off in the following year.

In value terms, refrigerator or freezer exports expanded sharply to $253M in 2022. The total export value increased at an average annual rate of +2.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 30%. The global exports peaked in 2022 and are expected to retain growth in the near future.

Exports By Country

Portugal (16M units) and China (15M units) represented roughly 36% of total exports in 2022. Germany (7.8M units) ranks next in terms of the total exports with a 9.1% share, followed by the United States (6.7%), Italy (5.1%), Turkey (5.1%) and Spain (4.8%). South Korea (3.5M units), Canada (2.9M units), Russia (2.8M units), France (2.7M units), Malaysia (2.6M units) and South Africa (2M units) held a minor share of total exports.

From 2012 to 2022, the biggest increases were recorded for Canada (with a CAGR of +31.1%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, Germany ($29M), China ($27M) and Portugal ($25M) constituted the countries with the highest levels of exports in 2022, with a combined 32% share of global exports. The United States, Italy, Malaysia, Spain, Turkey, Canada, France, Russia, South Africa and South Korea lagged somewhat behind, together comprising a further 47%.

Malaysia, with a CAGR of +29.3%, recorded the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average refrigerator or freezer export price amounted to $3 per unit, increasing by 6.7% against the previous year. Overall, the export price, however, recorded a noticeable downturn. The global export price peaked at $3.6 per unit in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Malaysia ($6.6 per unit), while South Korea ($1 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+7.0%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform