Cyprus: Refrigerator And Freezer Market 2020

Refrigerator And Freezer Market Size in Cyprus

The revenue of the refrigerator and freezer market in Cyprus amounted to $X in 2018, going up by X% 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). Over the period under review, refrigerator and freezer consumption, however, continues to indicate a deep shrinkage. The growth pace was the most rapid in 2016 when the market value increased by X% year-to-year. Over the period under review, the refrigerator and freezer market attained its maximum level at $X in 2007; however, from 2008 to 2018, consumption remained at a lower figure.

Refrigerator And Freezer Exports

Exports from Cyprus

In 2018, approx. X tons of refrigerators and freezers were exported from Cyprus; growing by X% against the previous year. Over the period under review, refrigerator and freezer exports, however, continue to indicate an abrupt downturn. The growth pace was the most rapid in 2009 with an increase of X% year-to-year. In that year, refrigerator and freezer exports reached their peak of X tons. From 2010 to 2018, the growth of refrigerator and freezer exports remained at a lower figure.

In value terms, refrigerator and freezer exports totaled $X in 2018. Overall, refrigerator and freezer exports, however, continue to indicate a deep decrease. The pace of growth was the most pronounced in 2009 when exports increased by X% year-to-year. In that year, refrigerator and freezer exports attained their peak of $X. From 2010 to 2018, the growth of refrigerator and freezer exports remained at a somewhat lower figure.

Exports by Country

China represented the key exporter of refrigerators and freezers in the world, with the volume of exports finishing at X tons, which was approx. X% of total exports in 2018. It was distantly followed by Mexico (X tons), Thailand (X tons), Turkey (X tons) and South Korea (X tons), together mixing up a X% share of total exports. Poland (X tons), Germany (X tons), Italy (X tons), Romania (X tons) and Hungary (X tons) followed a long way behind the leaders.

China was also the fastest-growing in terms of the refrigerators and freezers exports, with a CAGR of +X% from 2007 to 2018. At the same time, Romania (+X%), Mexico (+X%), Thailand (+X%), Poland (+X%) and Turkey (+X%) displayed positive paces of growth. By contrast, Germany (-X%), South Korea (-X%), Hungary (-X%) and Italy (-X%) illustrated a downward trend over the same period. While the share of China (+X p.p.), Mexico (+X p.p.), Thailand (+X p.p.), Turkey (+X p.p.) and Poland (+X p.p.) increased significantly in terms of the global exports from 2007-2018, the share of Italy (-X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest refrigerator and freezer markets from Cyprus were China ($X), Mexico ($X) and Thailand ($X), with a combined X% share of total exports.

In terms of the main exporting countries, Mexico experienced the highest growth rate of exports, over the last eleven-year period, while the other leaders experienced more modest paces of growth.

Export Prices by Country

The refrigerator and freezer export price in Cyprus stood at $X per ton in 2018, declining by -X% against the previous year. Over the period under review, the export price indicated a temperate increase from 2007 to 2018: its price increased at an average annual rate of +X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2018 figures, refrigerator and freezer export price decreased by -X% against 2015 indices. The most prominent rate of growth was recorded in 2014 when the export price increased by X% against the previous year. Over the period under review, the export prices for refrigerators and freezers attained their peak figure at $X per ton in 2015; however, from 2016 to 2018, export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2018, the country with the highest price was Germany ($X per ton), while China ($X per ton) was amongst the lowest.

From 2007 to 2018, the most notable rate of growth in terms of prices was attained by Mexico, while the other leaders experienced more modest paces of growth.

Refrigerator And Freezer Imports

Imports into Cyprus

In 2018, the amount of refrigerators and freezers imported into Cyprus amounted to X tons, jumping by X% against the previous year. Over the period under review, refrigerator and freezer imports, however, continue to indicate a drastic setback. The pace of growth was the most pronounced in 2016 with an increase of X% against the previous year. Cyprus imports peaked at X tons in 2007; however, from 2008 to 2018, imports failed to regain their momentum.

In value terms, refrigerator and freezer imports stood at $X in 2018. In general, refrigerator and freezer imports, however, continue to indicate a deep slump. The most prominent rate of growth was recorded in 2016 with an increase of X% against the previous year. Cyprus imports peaked at $X in 2007; however, from 2008 to 2018, imports failed to regain their momentum.

Imports by Country

The U.S. was the largest importer of refrigerators and freezers in the world, with the volume of imports reaching X tons, which was approx. X% of total imports in 2018. It was distantly followed by the UK (X tons), mixing up a X% share of total imports. France (X tons), Germany (X tons), Japan (X tons), Italy (X tons), Australia (X tons), Russia (X tons), Spain (X tons), Canada (X tons), Sweden (X tons) and the Netherlands (X tons) held a minor share of total imports.

From 2007 to 2018, average annual rates of growth with regard to refrigerator and freezer imports into the U.S. stood at +X%. At the same time, Australia (+X%), Germany (+X%), Sweden (+X%), the UK (+X%), Japan (+X%) and Italy (+X%) displayed positive paces of growth. Moreover, Australia emerged as the fastest-growing importer in the world, with a CAGR of +X% from 2007-2018. France, Russia and Spain experienced a relatively flat trend pattern. By contrast, the Netherlands (-X%) and Canada (-X%) illustrated a downward trend over the same period. The U.S. (+X p.p.) significantly strengthened its position in terms of the global imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the U.S. ($X) constitutes the largest market for imported refrigerators and freezers into Cyprus, comprising X% of global imports. The second position in the ranking was occupied by Germany ($X), with a X% share of global imports. It was followed by France, with a X% share.

In the U.S., refrigerator and freezer imports increased at an average annual rate of +X% over the period from 2007-2018. The remaining importing countries recorded the following average annual rates of imports growth: Germany (+X% per year) and France (-X% per year).

Import Prices by Country

In 2018, the refrigerator and freezer import price in Cyprus amounted to $X per ton, growing by X% against the previous year. Overall, the refrigerator and freezer import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the import price increased by X% y-o-y. Cyprus import price peaked at $X per ton in 2009; however, from 2010 to 2018, import prices failed to regain their momentum.

Average prices varied somewhat amongst the major importing countries. In 2018, major importing countries recorded the following prices: in Canada ($X per ton) and Japan ($X per ton), while the UK ($X per ton) and Russia ($X per ton) were amongst the lowest.

From 2007 to 2018, the most notable rate of growth in terms of prices was attained by Canada, while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform