Ghana: Refrigerator Or Freezer Market 2024

Refrigerator Or Freezer Market Size in Ghana

The Ghanian refrigerator or freezer market fell dramatically to $X in 2022, which is down by -25% against the previous year. Overall, consumption saw a abrupt setback. Refrigerator or freezer consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Refrigerator Or Freezer Production in Ghana

In value terms, refrigerator or freezer production contracted sharply to $X in 2022 estimated in export price. Overall, production saw a abrupt descent. The growth pace was the most rapid in 2019 with an increase of 239% against the previous year. Refrigerator or freezer production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Refrigerator Or Freezer Exports

Exports from Ghana

In 2022, shipments abroad of furniture designed to receive refrigerating or freezing equipment decreased by -0.3% to X units for the first time since 2017, thus ending a four-year rising trend. Over the period under review, exports continue to indicate a abrupt setback. The pace of growth was the most pronounced in 2013 with an increase of 535% against the previous year. As a result, the exports attained the peak of X units. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, refrigerator or freezer exports declined markedly to $X in 2022. In general, exports saw a precipitous decrease. The most prominent rate of growth was recorded in 2019 when exports increased by 359%. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

Cote d'Ivoire (X units) was the main destination for refrigerator or freezer exports from Ghana, with a approx. 100% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to Cote d'Ivoire totaled -17.0%.

In value terms, Cote d'Ivoire ($X) also remains the key foreign market for furniture designed to receive refrigerating or freezing equipment exports from Ghana.

From 2012 to 2022, the average annual growth rate of value to Cote d'Ivoire stood at -32.0%.

Export Prices by Country

In 2022, the average refrigerator or freezer export price amounted to $X per unit, shrinking by -15.2% against the previous year. Overall, the export price saw a drastic downturn. The most prominent rate of growth was recorded in 2019 when the average export price increased by 231% against the previous year. Over the period under review, the average export prices hit record highs at $X per unit in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for Cote d'Ivoire.

From 2012 to 2022, the rate of growth in terms of prices for Cote d'Ivoire amounted to -18.0% per year.

Refrigerator Or Freezer Imports

Imports into Ghana

In 2022, the amount of furniture designed to receive refrigerating or freezing equipment imported into Ghana fell significantly to X units, dropping by -43.3% on 2021 figures. Overall, imports, however, recorded significant growth. The most prominent rate of growth was recorded in 2013 when imports increased by 1,197% against the previous year. Imports peaked at X units in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, refrigerator or freezer imports surged to $X in 2022. In general, imports, however, showed significant growth. The most prominent rate of growth was recorded in 2013 with an increase of 724% against the previous year. Imports peaked at $X in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, the United Arab Emirates (X units) constituted the largest refrigerator or freezer supplier to Ghana, accounting for a 29% share of total imports. Moreover, refrigerator or freezer imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, South Korea (X units), twofold. The Netherlands (X units) ranked third in terms of total imports with a 7.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United Arab Emirates totaled +43.6%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+37.9% per year) and the Netherlands (+54.5% per year).

In value terms, the largest refrigerator or freezer suppliers to Ghana were the United Arab Emirates ($X), Turkey ($X) and South Korea ($X), with a combined 11% share of total imports. South Africa, Lebanon, Portugal, the Netherlands, Italy, China, the United States and Belgium lagged somewhat behind, together comprising a further 6.9%.

The Netherlands, with a CAGR of +64.2%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average refrigerator or freezer import price stood at $X per unit in 2022, picking up by 126% against the previous year. Overall, the import price continues to indicate a noticeable increase. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was South Africa ($X per unit), while the price for the Netherlands ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+10.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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