ASEAN: Refrigerator Or Freezer Market 2024

Refrigerator Or Freezer Market Size in ASEAN

The ASEAN refrigerator or freezer market shrank significantly to $X in 2022, waning by -30.2% against the previous year. Over the period under review, consumption continues to indicate a abrupt slump. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market remained at a lower figure.

Refrigerator Or Freezer Production in ASEAN

In value terms, refrigerator or freezer production rose modestly to $X in 2022 estimated in export price. Overall, production, however, posted a measured increase. The most prominent rate of growth was recorded in 2014 with an increase of 849% against the previous year. Over the period under review, production reached the peak level at $X in 2017; however, from 2018 to 2022, production failed to regain momentum.

Refrigerator Or Freezer Exports

Exports in ASEAN

In 2022, shipments abroad of furniture designed to receive refrigerating or freezing equipment decreased by -27.1% to X units, falling for the sixth year in a row after three years of growth. Over the period under review, exports recorded a perceptible decrease. The most prominent rate of growth was recorded in 2015 with an increase of 68% against the previous year. Over the period under review, the exports attained the peak figure at X units in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, refrigerator or freezer exports contracted rapidly to $X in 2022. In general, exports, however, continue to indicate a temperate increase. The pace of growth was the most pronounced in 2014 with an increase of 59%. The level of export peaked at $X in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

Exports by Country

Malaysia (X units) and Thailand (X units) prevails in exports structure, together creating 91% of total exports. The Philippines (X units), Cambodia (X units) and Vietnam (X units) held a relatively small share of total exports.

From 2012 to 2022, the biggest increases were recorded for Cambodia (with a CAGR of +53.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest refrigerator or freezer supplying countries in ASEAN were Malaysia ($X), Thailand ($X) and Cambodia ($X), with a combined 96% share of total exports.

Among the main exporting countries, Cambodia, with a CAGR of +58.4%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in ASEAN stood at $X per unit in 2022, increasing by 15% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +4.9%. The pace of growth appeared the most rapid in 2014 when the export price increased by 16% against the previous year. The level of export peaked in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Cambodia ($X per unit), while Vietnam ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+4.7%), while the other leaders experienced more modest paces of growth.

Refrigerator Or Freezer Imports

Imports in ASEAN

For the sixth year in a row, ASEAN recorded decline in supplies from abroad of furniture designed to receive refrigerating or freezing equipment, which decreased by -15.6% to X units in 2022. In general, imports saw a noticeable descent. The growth pace was the most rapid in 2013 with an increase of 23%. The volume of import peaked at X units in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

In value terms, refrigerator or freezer imports fell to $X in 2022. Over the period under review, imports saw a pronounced slump. The most prominent rate of growth was recorded in 2018 with an increase of 13%. The level of import peaked at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

Indonesia (X units) and Thailand (X units) represented roughly 61% of total imports in 2022. Malaysia (X units) held a 16% share (based on physical terms) of total imports, which put it in second place, followed by Vietnam (13%). The Philippines (X units), Singapore (X units) and Cambodia (X units) took a minor share of total imports.

From 2012 to 2022, the biggest increases were recorded for Cambodia (with a CAGR of +44.6%), while purchases for the other leaders experienced mixed trends in the imports figures.

In value terms, Thailand ($X), Indonesia ($X) and Malaysia ($X) appeared to be the countries with the highest levels of imports in 2022, together comprising 80% of total imports. Vietnam, the Philippines, Singapore and Cambodia lagged somewhat behind, together comprising a further 20%.

Cambodia, with a CAGR of +32.0%, recorded 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 leaders experienced mixed trends in the imports figures.

Import Prices by Country

In 2022, the import price in ASEAN amounted to $X per unit, growing by 9.5% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the import price increased by 20%. Over the period under review, import prices reached the peak figure at $X per unit in 2012; afterwards, it flattened through to 2022.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the Philippines ($X per unit), while Cambodia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+10.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform