Guatemala: Combined Refrigerator-Freezer Market 2024

Combined Refrigerator-Freezer Market Size in Guatemala

For the fourth consecutive year, the Guatemalan combined refrigerator-freezer market recorded growth in sales value, which increased by 11% to $X in 2022. Over the period under review, consumption, however, recorded prominent growth. Over the period under review, the market attained the maximum level in 2022 and is likely to see gradual growth in the near future.

Combined Refrigerator-Freezer Exports

Exports from Guatemala

In 2022, after two years of growth, there was significant decline in shipments abroad of combined refrigerators-freezers, when their volume decreased by -77.9% to X units. Overall, exports saw a dramatic shrinkage. The pace of growth was the most pronounced in 2021 when exports increased by 1,335% against the previous year. Over the period under review, the exports hit record highs at X units in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, combined refrigerator-freezer exports contracted rapidly to $X in 2022. Over the period under review, exports faced a deep reduction. The pace of growth appeared the most rapid in 2021 when exports increased by 1,441% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Jamaica (X units), Trinidad and Tobago (X units) and the Dominican Republic (X units) were the main destinations of combined refrigerator-freezer exports from Guatemala, together accounting for 88% 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 the Dominican Republic (with a CAGR of +66.0%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for combined refrigerator-freezer exported from Guatemala were Jamaica ($X), Trinidad and Tobago ($X) and the Dominican Republic ($X), with a combined 88% share of total exports.

The Dominican Republic, with a CAGR of +117.3%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination 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 combined refrigerator-freezer export price amounted to $X per unit, rising by 6.6% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.5%. The growth pace was the most rapid in 2017 when the average export price increased by 13% against the previous year. The export price peaked in 2022 and is likely to see steady growth in the immediate term.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Honduras ($X per unit) and Nicaragua ($X per unit), while the average price for exports to Costa Rica ($X per unit) and El Salvador ($X per unit) were 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 (+30.9%), while the prices for the other major destinations experienced more modest paces of growth.

Combined Refrigerator-Freezer Imports

Imports into Guatemala

In 2022, supplies from abroad of combined refrigerators-freezers decreased by -1.9% to X units for the first time since 2018, thus ending a three-year rising trend. Over the period under review, imports, however, saw a resilient expansion. The most prominent rate of growth was recorded in 2021 with an increase of 36% against the previous year. As a result, imports reached the peak of X units, and then dropped modestly in the following year.

In value terms, combined refrigerator-freezer imports rose markedly to $X in 2022. In general, imports, however, enjoyed resilient growth. The most prominent rate of growth was recorded in 2021 when imports increased by 45%. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the immediate term.

Imports by Country

Mexico (X units), Colombia (X units) and China (X units) were the main suppliers of combined refrigerator-freezer imports to Guatemala, together accounting for 97% of total imports.

From 2012 to 2022, the biggest increases were recorded for Colombia (with a CAGR of +115.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest combined refrigerator-freezer suppliers to Guatemala were Mexico ($X), Colombia ($X) and China ($X), with a combined 97% share of total imports.

In terms of the main suppliers, Colombia, with a CAGR of +117.5%, saw the highest rates of growth with regard to 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

The average combined refrigerator-freezer import price stood at $X per unit in 2022, increasing by 14% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.0%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Colombia ($X per unit) and China ($X per unit), while the price for the United States ($X per unit) and Mexico ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+1.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform