ASEAN: Combined Refrigerator-Freezer Market 2025

Combined Refrigerator-Freezer Market Size in ASEAN

The ASEAN combined refrigerator-freezer market expanded remarkably to $X in 2022, surging by 8.4% against the previous year. The market value increased at an average annual rate of +1.5% over the period from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market failed to regain momentum.

Combined Refrigerator-Freezer Production in ASEAN

In value terms, combined refrigerator-freezer production expanded markedly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.2% over the period from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. The growth pace was the most rapid in 2020 when the production volume increased by 32% against the previous year. As a result, production attained the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

Combined Refrigerator-Freezer Exports

Exports in ASEAN

In 2022, overseas shipments of combined refrigerators-freezers decreased by -14.6% to X units for the first time since 2018, thus ending a three-year rising trend. Over the period under review, exports, however, enjoyed a buoyant expansion. The pace of growth appeared the most rapid in 2020 when exports increased by 77% against the previous year. Over the period under review, the exports reached the maximum at X units in 2021, and then contracted in the following year.

In value terms, combined refrigerator-freezer exports declined to $X in 2022. The total export value increased at an average annual rate of +2.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2020 when exports increased by 22% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2021, and then reduced in the following year.

Exports by Country

Thailand represented the major exporting country with an export of about X units, which accounted for 88% of total exports. It was distantly followed by Indonesia (X units), committing an 11% share of total exports.

Thailand was also the fastest-growing in terms of the combined refrigerators-freezers exports, with a CAGR of +11.2% from 2012 to 2022. Indonesia experienced a relatively flat trend pattern. While the share of Thailand (+18 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Indonesia (-15.9 p.p.) displayed negative dynamics.

In value terms, Thailand ($X) remains the largest combined refrigerator-freezer supplier in ASEAN, comprising 71% of total exports. The second position in the ranking was held by Indonesia ($X), with a 26% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Thailand stood at +2.7%.

Export Prices by Country

The export price in ASEAN stood at $X per unit in 2022, almost unchanged from the previous year. Overall, the export price, however, showed a deep setback. The most prominent rate of growth was recorded in 2018 an increase of 17%. As a result, the export price attained the peak level of $X per unit. From 2019 to 2022, the export prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Indonesia ($X per unit), while Thailand stood at $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+3.0%).

Combined Refrigerator-Freezer Imports

Imports in ASEAN

After seven years of growth, supplies from abroad of combined refrigerators-freezers decreased by -2.8% to X units in 2022. Overall, imports, however, posted a resilient increase. The most prominent rate of growth was recorded in 2017 with an increase of 46% against the previous year. Over the period under review, imports hit record highs at X units in 2021, and then shrank modestly in the following year.

In value terms, combined refrigerator-freezer imports expanded slightly to $X in 2022. Over the period under review, imports, however, enjoyed a remarkable increase. The most prominent rate of growth was recorded in 2017 when imports increased by 40%. The level of import peaked in 2022 and is likely to see gradual growth in the near future.

Imports by Country

The Philippines (X units) and Vietnam (X units) represented the key importers of combined refrigerators-freezers in 2022, reaching approx. 37% and 26% of total imports, respectively. Malaysia (X units) took the next position in the ranking, followed by Thailand (X units) and Indonesia (X units). All these countries together took near 28% share of total imports. The following importers - Singapore (X units) and Cambodia (X units) - together made up 6.3% 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 Cambodia (with a CAGR of +28.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Vietnam ($X), the Philippines ($X) and Indonesia ($X) constituted the countries with the highest levels of imports in 2022, together accounting for 69% of total imports. Malaysia, Thailand, Singapore and Cambodia lagged somewhat behind, together comprising a further 30%.

In terms of the main importing countries, Cambodia, with a CAGR of +25.0%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in ASEAN stood at $X per unit in 2022, rising by 4.6% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2020 when the import price increased by 9.6% against the previous year. Over the period under review, import prices reached the peak figure at $X per unit in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Singapore ($X per unit), while the Philippines ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+3.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform