Asia: Refrigerator Or Freezer Market 2024

Refrigerator Or Freezer Market Size in Asia

The Asian refrigerator or freezer market contracted to $X in 2022, shrinking by -9.9% against the previous year. Over the period under review, consumption showed a pronounced slump. The level of consumption peaked at $X in 2014; however, from 2015 to 2022, consumption stood at a somewhat lower figure.

Refrigerator Or Freezer Production in Asia

In value terms, refrigerator or freezer production contracted remarkably to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate buoyant growth. The pace of growth appeared the most rapid in 2019 when the production volume increased by 55%. As a result, production reached the peak level of $X. From 2020 to 2022, production growth remained at a lower figure.

Refrigerator Or Freezer Exports

Exports in Asia

In 2022, the amount of furniture designed to receive refrigerating or freezing equipment exported in Asia contracted to X units, declining by -6.5% compared with 2021 figures. Total exports indicated noticeable growth from 2012 to 2022: its volume increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +20.8% against 2018 indices. The growth pace was the most rapid in 2021 with an increase of 19% against the previous year. As a result, the exports reached the peak of X units, and then declined in the following year.

In value terms, refrigerator or freezer exports fell to $X in 2022. The total export value increased at an average annual rate of +3.2% 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 when exports increased by 23% against the previous year. As a result, the exports attained the peak of $X, and then fell in the following year.

Exports by Country

China was the key exporting country with an export of about X units, which amounted to 50% of total exports. It was distantly followed by Turkey (X units), South Korea (X units), Malaysia (X units) and Thailand (X units), together making up a 42% share of total exports. Taiwan (Chinese) (X units) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to refrigerator or freezer exports from China stood at +4.6%. At the same time, Malaysia (+20.5%), Turkey (+19.8%) and South Korea (+19.2%) displayed positive paces of growth. Moreover, Malaysia emerged as the fastest-growing exporter exported in Asia, with a CAGR of +20.5% from 2012-2022. By contrast, Taiwan (Chinese) (-7.7%) and Thailand (-9.4%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Turkey, South Korea, Malaysia and China increased by +12, +9.2, +6.5 and +4.1 percentage points, respectively.

In value terms, China ($X) remains the largest refrigerator or freezer supplier in Asia, comprising 37% of total exports. The second position in the ranking was held by Malaysia ($X), with an 18% share of total exports. It was followed by Turkey, with a 16% share.

In China, refrigerator or freezer exports increased at an average annual rate of +2.7% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Malaysia (+26.2% per year) and Turkey (+20.2% per year).

Export Prices by Country

In 2022, the export price in Asia amounted to $X per unit, approximately equating the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when the export price increased by 8.5%. Over the period under review, the export prices reached the maximum at $X 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 Malaysia ($X per unit), while South Korea ($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 Asia

In 2022, the amount of furniture designed to receive refrigerating or freezing equipment imported in Asia dropped dramatically to X units, which is down by -19.1% compared with the previous year. Over the period under review, imports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 with an increase of 29% against the previous year. The volume of import peaked at X units in 2017; however, from 2018 to 2022, imports remained at a lower figure.

In value terms, refrigerator or freezer imports dropped significantly to $X in 2022. In general, imports continue to indicate a pronounced downturn. The most prominent rate of growth was recorded in 2016 when imports increased by 19%. The level of import peaked at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

South Korea was the key importer of furniture designed to receive refrigerating or freezing equipment in Asia, with the volume of imports resulting at X units, which was approx. 28% of total imports in 2022. Indonesia (X units) held a 12% share (based on physical terms) of total imports, which put it in second place, followed by Thailand (12%), Hong Kong SAR (6.3%), Malaysia (6%), Taiwan (Chinese) (5.1%) and Vietnam (5.1%). The following importers - the United Arab Emirates (X units), Kazakhstan (X units), Iraq (X units) and the Philippines (X units) - together made up 9.8% of total imports.

From 2012 to 2022, average annual rates of growth with regard to refrigerator or freezer imports into South Korea stood at +17.7%. At the same time, Iraq (+30.0%), Hong Kong SAR (+8.3%), the United Arab Emirates (+6.9%), Kazakhstan (+5.0%) and Indonesia (+1.6%) displayed positive paces of growth. Moreover, Iraq emerged as the fastest-growing importer imported in Asia, with a CAGR of +30.0% from 2012-2022. Malaysia experienced a relatively flat trend pattern. By contrast, Taiwan (Chinese) (-4.9%), Thailand (-5.9%), Vietnam (-10.1%) and the Philippines (-14.4%) illustrated a downward trend over the same period. South Korea (+22 p.p.), Hong Kong SAR (+3.3 p.p.), Iraq (+2.1 p.p.) and the United Arab Emirates (+1.6 p.p.) significantly strengthened its position in terms of the total imports, while Taiwan (Chinese), the Philippines, Vietnam and Thailand saw its share reduced by -3.7%, -6.2%, -10.2% and -10.9% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest refrigerator or freezer importing markets in Asia were Thailand ($X), South Korea ($X) and Indonesia ($X), with a combined 47% share of total imports. Malaysia, Taiwan (Chinese), Vietnam, Hong Kong SAR, the United Arab Emirates, the Philippines, Kazakhstan and Iraq lagged somewhat behind, together accounting for a further 29%.

Among the main importing countries, Iraq, with a CAGR of +19.4%, 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 Asia stood at $X per unit in 2022, stabilizing at the previous year. In general, the import price saw a pronounced setback. The most prominent rate of growth was recorded in 2018 an increase of 12%. The level of import peaked at $X 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 the Philippines ($X per unit), while Iraq ($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

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