Costa Rica: Refrigerator Or Freezer Market 2024

Refrigerator Or Freezer Market Size in Costa Rica

In 2022, the Costa Rican refrigerator or freezer market increased by 21% to $X for the first time since 2019, thus ending a two-year declining trend. Over the period under review, consumption, however, continues to indicate a abrupt decline. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market failed to regain momentum.

Refrigerator Or Freezer Production in Costa Rica

In value terms, refrigerator or freezer production surged to $X in 2022 estimated in export price. Overall, production continues to indicate a resilient expansion. The most prominent rate of growth was recorded in 2015 with an increase of 142% against the previous year. Refrigerator or freezer production peaked at $X in 2016; however, from 2017 to 2022, production failed to regain momentum.

Refrigerator Or Freezer Exports

Exports from Costa Rica

Refrigerator or freezer exports from Costa Rica rose significantly to X units in 2022, increasing by 8.7% compared with the previous year. Overall, exports showed buoyant growth. The growth pace was the most rapid in 2020 with an increase of 562% against the previous year. The exports peaked at X units in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, refrigerator or freezer exports surged to $X in 2022. Over the period under review, exports saw prominent growth. The growth pace was the most rapid in 2020 with an increase of 375%. Over the period under review, the exports attained the peak figure at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Guatemala (X units), Honduras (X units) and El Salvador (X units) were the main destinations of refrigerator or freezer exports from Costa Rica, together accounting for 93% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Honduras (with a CAGR of +12.7%), while the other leaders experienced more modest paces of growth.

In value terms, Guatemala ($X), Honduras ($X) and El Salvador ($X) constituted the largest markets for refrigerator or freezer exported from Costa Rica worldwide, together comprising 91% of total exports.

In terms of the main countries of destination, Honduras, with a CAGR of +11.2%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average refrigerator or freezer export price amounted to $X per unit, with an increase of 12% against the previous year. Overall, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 an increase of 45% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per unit in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the Dominican Republic (+10.8%), while the prices for the other major destinations experienced more modest paces of growth.

Refrigerator Or Freezer Imports

Imports into Costa Rica

In 2022, approx. X units of furniture designed to receive refrigerating or freezing equipment were imported into Costa Rica; waning by -35.3% on the previous year. Over the period under review, imports continue to indicate a drastic downturn. The pace of growth was the most pronounced in 2017 when imports increased by 105%. Imports peaked at X units in 2013; however, from 2014 to 2022, imports failed to regain momentum.

In value terms, refrigerator or freezer imports fell rapidly to $X in 2022. Overall, imports showed a abrupt decrease. The pace of growth appeared the most rapid in 2021 when imports increased by 123%. Over the period under review, imports hit record highs at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

Guatemala (X units), the United States (X units) and Brazil (X units) were the main suppliers of refrigerator or freezer imports to Costa Rica, together comprising 83% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Brazil (with a CAGR of +40.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) constituted the largest supplier of furniture designed to receive refrigerating or freezing equipment to Costa Rica, comprising 45% of total imports. The second position in the ranking was taken by Brazil ($X), with a 22% share of total imports. It was followed by Guatemala, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States stood at -21.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (+41.1% per year) and Guatemala (-11.9% per year).

Import Prices by Country

The average refrigerator or freezer import price stood at $X per unit in 2022, surging by 12% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.5%. The most prominent rate of growth was recorded in 2016 when the average import price increased by 19% against the previous year. The import price peaked in 2022 and is likely to continue growth in the near future.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was China ($X per unit), while the price for Mexico ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+21.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform