Asia-Pacific: Refrigerator Or Freezer Market 2024

Refrigerator Or Freezer Market Size in Asia-Pacific

The Asia-Pacific refrigerator or freezer market fell to $X in 2022, which is down by -6.7% against the previous year. Overall, consumption continues to indicate a pronounced contraction. As a result, consumption attained the peak level of $X. From 2015 to 2022, the growth of the market remained at a lower figure.

Refrigerator Or Freezer Production in Asia-Pacific

In value terms, refrigerator or freezer production contracted modestly to $X in 2022 estimated in export price. Over the period under review, production recorded a mild shrinkage. The growth pace was the most rapid in 2014 with an increase of 57% against the previous year. As a result, production reached the peak level of $X. From 2015 to 2022, production growth failed to regain momentum.

Refrigerator Or Freezer Exports

Exports in Asia-Pacific

In 2022, approx. X units of furniture designed to receive refrigerating or freezing equipment were exported in Asia-Pacific; reducing by -10.2% against the year before. The total export volume increased at an average annual rate of +2.4% 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 2019 with an increase of 26% against the previous year. Over the period under review, the exports attained the maximum at X units in 2021, and then declined in the following year.

In value terms, refrigerator or freezer exports reduced to $X in 2022. The total export value increased at an average annual rate of +1.5% 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 2015 with an increase of 19% against the previous year. The level of export peaked at $X in 2021, and then shrank in the following year.

Exports by Country

China was the largest exporting country with an export of about X units, which amounted to 61% of total exports. South Korea (X units) held a 15% share (based on physical terms) of total exports, which put it in second place, followed by Malaysia (10%) and Thailand (8.1%). 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%) and South Korea (+19.2%) displayed positive paces of growth. Moreover, Malaysia emerged as the fastest-growing exporter exported in Asia-Pacific, 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. While the share of South Korea (+12 p.p.), China (+11 p.p.) and Malaysia (+8.2 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Taiwan (Chinese) (-4.3 p.p.) and Thailand (-19.7 p.p.) displayed negative dynamics.

In value terms, China ($X) remains the largest refrigerator or freezer supplier in Asia-Pacific, comprising 46% of total exports. The second position in the ranking was taken by Malaysia ($X), with a 22% share of total exports. It was followed by Thailand, with a 15% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China stood at +2.7%. In the other countries, the average annual rates were as follows: Malaysia (+26.2% per year) and Thailand (-5.5% per year).

Export Prices by Country

In 2022, the export price in Asia-Pacific amounted to $X per unit, standing approx. at the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the export price increased by 9.6% against the previous year. The level of export peaked at $X per unit in 2016; however, from 2017 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, 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-Pacific

In 2022, imports of furniture designed to receive refrigerating or freezing equipment in Asia-Pacific declined dramatically to X units, reducing by -18.3% compared with the previous year's figure. In general, imports showed a relatively flat trend pattern. The growth pace was the most rapid in 2013 with an increase of 31% 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 declined to $X in 2022. Over the period under review, imports continue to indicate a pronounced decrease. The pace of growth was the most pronounced in 2013 when imports increased by 22% against the previous year. As a result, imports reached the peak of $X. From 2014 to 2022, the growth of imports remained at a lower figure.

Imports by Country

South Korea was the major importing country with an import of around X units, which recorded 32% of total imports. Indonesia (X units) held the second position in the ranking, followed by Thailand (X units), Hong Kong SAR (X units), Malaysia (X units), Taiwan (Chinese) (X units) and Vietnam (X units). All these countries together took near 53% share of total imports.

South Korea was also the fastest-growing in terms of the furniture designed to receive refrigerating or freezing equipment imports, with a CAGR of +17.7% from 2012 to 2022. At the same time, Hong Kong SAR (+8.3%) and Indonesia (+1.6%) displayed positive paces of growth. Malaysia experienced a relatively flat trend pattern. By contrast, Taiwan (Chinese) (-4.9%), Thailand (-5.9%) and Vietnam (-10.1%) illustrated a downward trend over the same period. While the share of South Korea (+26 p.p.), Hong Kong SAR (+4 p.p.) and Indonesia (+2.1 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Taiwan (Chinese) (-3.8 p.p.), Vietnam (-10.9 p.p.) and Thailand (-11.3 p.p.) displayed negative dynamics. 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-Pacific were Thailand ($X), South Korea ($X) and Indonesia ($X), together accounting for 53% of total imports.

South Korea, with a CAGR of +14.3%, saw the highest rates of growth with regard to the value of imports, among the main importing countries 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-Pacific stood at $X per unit in 2022, with an increase of 17% against the previous year. Over the period under review, the import price, however, saw a perceptible slump. Over the period under review, import prices attained the peak figure at $X per unit in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Thailand ($X per unit), while South Korea ($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 (+1.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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