Canada: Commercial Refrigeration Equipment Market 2024

Commercial Refrigeration Equipment Market Size in Canada

The Canadian commercial refrigeration equipment market soared to $X in 2021, picking up by 34% 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). In general, consumption recorded strong growth. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Commercial Refrigeration Equipment Exports

Exports from Canada

Commercial refrigeration equipment exports from Canada expanded modestly to X units in 2021, growing by 2.7% against the previous year. Over the period under review, total exports indicated strong growth from 2012 to 2021: its volume increased at an average annual rate of +6.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -7.7% against 2017 indices. The most prominent rate of growth was recorded in 2014 with an increase of 20% against the previous year. Over the period under review, the exports hit record highs at X units in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

In value terms, commercial refrigeration equipment exports rose rapidly to $X in 2021. In general, total exports indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +7.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2015 when exports increased by 20%. Over the period under review, the exports attained the peak figure at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X units) was the main destination for commercial refrigeration equipment exports from Canada, with a 84% share of total exports. It was followed by the Netherlands (X units), with a 2.4% share of total exports. The third position in this ranking was held by Brazil (X units), with a 2.1% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States totaled +6.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+90.0% per year) and Brazil (+123.5% per year).

In value terms, the United States ($X) remains the key foreign market for refrigerating and freezing equipment and heat pumps (except household type equipment) exports from Canada, comprising 86% of total exports. The second position in the ranking was taken by the Netherlands ($X), with a 2% share of total exports. It was followed by Brazil, with a 1.8% share.

From 2012 to 2021, the average annual growth rate of value to the United States totaled +7.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+77.2% per year) and Brazil (+132.0% per year).

Export Prices by Country

In 2021, the average commercial refrigeration equipment export price amounted to $X per unit, picking up by 8.6% against the previous year. Over the last nine years, it increased at an average annual rate of +1.1%. The growth pace was the most rapid in 2018 an increase of 13%. Over the period under review, the average export prices hit record highs in 2021 and is likely to see gradual growth in the immediate term.

Average prices varied somewhat for the major foreign markets. In 2021, amid the top suppliers, the highest price was recorded for prices to the United States ($X per unit) and Brazil ($X per unit), while the average price for exports to Thailand ($X per unit) and the Netherlands ($X per unit) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Thailand (+4.4%), while the prices for the other major destinations experienced more modest paces of growth.

Commercial Refrigeration Equipment Imports

Imports into Canada

In 2021, the amount of refrigerating and freezing equipment and heat pumps (except household type equipment) imported into Canada surged to X units, with an increase of 22% on 2020 figures. In general, imports posted a prominent expansion. The pace of growth appeared the most rapid in 2015 with an increase of 34%. Over the period under review, imports reached the maximum in 2021 and are likely to see gradual growth in years to come.

In value terms, commercial refrigeration equipment imports surged to $X in 2021. Over the period under review, total imports indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +8.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

The United States (X units), Mexico (X units) and China (X units) were the main suppliers of commercial refrigeration equipment imports to Canada, together comprising 82% of total imports. These countries were followed by South Korea, Thailand and Italy, which together accounted for a further 14%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Thailand (with a CAGR of +66.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest commercial refrigeration equipment suppliers to Canada were the United States ($X), Mexico ($X) and China ($X), together accounting for 83% of total imports. South Korea, Thailand and Italy lagged somewhat behind, together accounting for a further 13%.

Thailand, with a CAGR of +66.7%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average commercial refrigeration equipment import price amounted to $X per unit, picking up by 7.8% against the previous year. Over the period under review, the import price, however, saw a mild curtailment. The import price peaked at $X per unit in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In 2021, amid the top importers, the highest price was recorded for prices from Italy ($X per unit) and China ($X per unit), while the price for South Korea ($X per unit) and Thailand ($X per unit) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+0.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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