GCC: Refrigerator Or Freezer Market 2024

Refrigerator Or Freezer Market Size in GCC

The GCC refrigerator or freezer market shrank markedly to $X in 2022, with a decrease of -29.2% against the previous year. In general, consumption saw a abrupt contraction. Over the period under review, the market hit record highs at $X in 2016; however, from 2017 to 2022, consumption remained at a lower figure.

Refrigerator Or Freezer Production in GCC

In value terms, refrigerator or freezer production contracted to $X in 2022 estimated in export price. Over the period under review, production showed a abrupt decline. The pace of growth was the most pronounced in 2018 when the production volume increased by 114% against the previous year. Over the period under review, production reached the maximum level at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Refrigerator Or Freezer Exports

Exports in GCC

For the fourth year in a row, GCC recorded decline in overseas shipments of furniture designed to receive refrigerating or freezing equipment, which decreased by -11.2% to X units in 2022. In general, exports continue to indicate a perceptible slump. The growth pace was the most rapid in 2015 with an increase of 77% against the previous year. Over the period under review, the exports attained the maximum at X units in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, refrigerator or freezer exports fell to $X in 2022. Over the period under review, exports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when exports increased by 43%. As a result, the exports attained the peak of $X. From 2019 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

The United Arab Emirates was the major exporter of furniture designed to receive refrigerating or freezing equipment in GCC, with the volume of exports resulting at X units, which was approx. 66% of total exports in 2022. Kuwait (X units) took the second position in the ranking, distantly followed by Saudi Arabia (X units). All these countries together held near 30% share of total exports. Bahrain (X units) held a minor share of total exports.

Exports from the United Arab Emirates decreased at an average annual rate of -4.6% from 2012 to 2022. At the same time, Kuwait (+46.5%) displayed positive paces of growth. Moreover, Kuwait emerged as the fastest-growing exporter exported in GCC, with a CAGR of +46.5% from 2012-2022. By contrast, Bahrain (-7.5%) and Saudi Arabia (-13.3%) illustrated a downward trend over the same period. Kuwait (+21 p.p.) significantly strengthened its position in terms of the total exports, while Bahrain, the United Arab Emirates and Saudi Arabia saw its share reduced by -1.9%, -4.9% and -14.6% from 2012 to 2022, respectively.

In value terms, the United Arab Emirates ($X) remains the largest refrigerator or freezer supplier in GCC, comprising 75% of total exports. The second position in the ranking was taken by Kuwait ($X), with a 15% share of total exports. It was followed by Saudi Arabia, with a 7.4% share.

In the United Arab Emirates, refrigerator or freezer exports remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: Kuwait (+46.6% per year) and Saudi Arabia (-6.6% per year).

Export Prices by Country

In 2022, the export price in GCC amounted to $X per unit, stabilizing at the previous year. Export price indicated a noticeable increase from 2012 to 2022: its price increased at an average annual rate of +4.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refrigerator or freezer export price increased by +66.5% against 2019 indices. The pace of growth was the most pronounced in 2021 when the export price increased by 30%. Over the period under review, the export prices attained the maximum in 2022 and is likely to see gradual growth in the near future.

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 the United Arab Emirates ($X per unit), while Bahrain ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+7.8%), while the other leaders experienced more modest paces of growth.

Refrigerator Or Freezer Imports

Imports in GCC

In 2022, the amount of furniture designed to receive refrigerating or freezing equipment imported in GCC declined rapidly to X units, waning by -32.1% against the previous year. Overall, imports, however, showed temperate growth. The growth pace was the most rapid in 2021 with an increase of 152% against the previous year. The volume of import peaked at X units in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, refrigerator or freezer imports declined notably to $X in 2022. Over the period under review, imports saw a abrupt shrinkage. The growth pace was the most rapid in 2020 when imports increased by 120% against the previous year. As a result, imports attained the peak of $X. From 2021 to 2022, the growth of imports remained at a lower figure.

Imports by Country

The United Arab Emirates was the key importer of furniture designed to receive refrigerating or freezing equipment in GCC, with the volume of imports reaching X units, which was near 61% of total imports in 2022. Oman (X units) held the second position in the ranking, followed by Kuwait (X units) and Bahrain (X units). All these countries together held approx. 39% share of total imports.

Imports into the United Arab Emirates increased at an average annual rate of +6.9% from 2012 to 2022. At the same time, Bahrain (+9.5%) and Kuwait (+3.0%) displayed positive paces of growth. Moreover, Bahrain emerged as the fastest-growing importer imported in GCC, with a CAGR of +9.5% from 2012-2022. By contrast, Oman (-3.7%) illustrated a downward trend over the same period. The United Arab Emirates (+20 p.p.) and Bahrain (+4.4 p.p.) significantly strengthened its position in terms of the total imports, while Oman saw its share reduced by -14.2% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported furniture designed to receive refrigerating or freezing equipment in GCC, comprising 48% of total imports. The second position in the ranking was held by Oman ($X), with an 18% share of total imports. It was followed by Kuwait, with a 12% share.

From 2012 to 2022, the average annual growth rate of value in the United Arab Emirates amounted to +5.2%. The remaining importing countries recorded the following average annual rates of imports growth: Oman (-3.1% per year) and Kuwait (-4.4% per year).

Import Prices by Country

In 2022, the import price in GCC amounted to $X per unit, which is down by -63% against the previous year. In general, the import price continues to indicate a abrupt decrease. The pace of growth was the most pronounced in 2020 when the import price increased by 561% against the previous year. As a result, import price attained the peak level of $X per unit. From 2021 to 2022, the import prices remained at a somewhat lower figure.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Oman ($X per unit) and Kuwait ($X per unit), while Bahrain ($X per unit) and the United Arab Emirates ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Oman (+0.7%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform