Colombia: Commercial Refrigeration Equipment Market 2024

Commercial Refrigeration Equipment Market Size in Colombia

The Colombian commercial refrigeration equipment market amounted to $X in 2021, therefore, remained relatively stable 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 showed a pronounced descent. Over the period under review, the market hit record highs at $X in 2013; however, from 2014 to 2021, consumption remained at a lower figure.

Commercial Refrigeration Equipment Exports

Exports from Colombia

In 2021, shipments abroad of refrigerating and freezing equipment and heat pumps (except household type equipment) increased by 201% to X units for the first time since 2016, thus ending a four-year declining trend. In general, exports continue to indicate a relatively flat trend pattern. Over the period under review, the exports reached the peak figure at X units in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

In value terms, commercial refrigeration equipment exports soared to $X in 2021. Over the period under review, exports enjoyed a pronounced expansion. The exports peaked at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

Ecuador (X units) was the main destination for commercial refrigeration equipment exports from Colombia, accounting for a 40% share of total exports. Moreover, commercial refrigeration equipment exports to Ecuador exceeded the volume sent to the second major destination, Costa Rica (X units), threefold. The third position in this ranking was taken by the Dominican Republic (X units), with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Ecuador amounted to -2.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Costa Rica (+47.4% per year) and the Dominican Republic (+28.3% per year).

In value terms, Ecuador ($X) remains the key foreign market for refrigerating and freezing equipment and heat pumps (except household type equipment) exports from Colombia, comprising 44% of total exports. The second position in the ranking was taken by Panama ($X), with a 9.8% share of total exports. It was followed by Costa Rica, with an 8.7% share.

From 2012 to 2021, the average annual growth rate of value to Ecuador was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Panama (+9.9% per year) and Costa Rica (+36.0% per year).

Export Prices by Country

The average commercial refrigeration equipment export price stood at $X per unit in 2021, picking up by 21% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.1%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Venezuela ($X per unit), while the average price for exports to Bolivia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Venezuela (+8.9%), while the prices for the other major destinations experienced more modest paces of growth.

Commercial Refrigeration Equipment Imports

Imports into Colombia

Commercial refrigeration equipment imports into Colombia rose markedly to X units in 2021, increasing by 10% compared with 2020 figures. Over the period under review, imports, however, showed a pronounced contraction. The most prominent rate of growth was recorded in 2013 with an increase of 12% against the previous year. As a result, imports attained the peak of X units. From 2014 to 2021, the growth of imports remained at a lower figure.

In value terms, commercial refrigeration equipment imports rose rapidly to $X in 2021. Overall, imports, however, saw a noticeable descent. The most prominent rate of growth was recorded in 2013 when imports increased by 15%. As a result, imports attained the peak of $X. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

China (X units), the United States (X units) and South Korea (X units) were the main suppliers of commercial refrigeration equipment imports to Colombia, with a combined 60% share of total imports. Spain, Italy, Mexico, Germany, Canada, Portugal, Denmark, Brazil, Ireland and Chile lagged somewhat behind, together comprising a further 34%.

From 2012 to 2021, the biggest increases were recorded for Ireland (with a CAGR of +36.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest commercial refrigeration equipment suppliers to Colombia were China ($X), the United States ($X) and Italy ($X), with a combined 52% share of total imports. Spain, Portugal, South Korea, Denmark, Mexico, Canada, Brazil, Germany, Ireland and Chile lagged somewhat behind, together accounting for a further 40%.

In terms of the main suppliers, Ireland, with a CAGR of +35.3%, saw 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

In 2021, the average commercial refrigeration equipment import price amounted to $X per unit, picking up by 4.2% against the previous year. Over the period under review, the import price, however, continues to indicate a slight reduction. The import price peaked at $X per unit in 2013; however, from 2014 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Chile ($X per unit), while the price for Germany ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Canada (+3.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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