Iraq: Commercial Refrigeration Equipment Market 2024

Commercial Refrigeration Equipment Market Size in Iraq

The Iraqi commercial refrigeration equipment market surged to $X in 2021, increasing by 32% 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, consumption recorded strong growth. As a result, consumption attained the peak level of $X. From 2016 to 2021, the growth of the market remained at a lower figure.

Commercial Refrigeration Equipment Exports

Exports from Iraq

In 2021, approx. X units of refrigerating and freezing equipment and heat pumps (except household type equipment) were exported from Iraq; waning by -29.7% compared with 2020 figures. In general, exports showed a drastic downturn. The most prominent rate of growth was recorded in 2020 with an increase of 39%. Over the period under review, the exports reached the peak figure at X units in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, commercial refrigeration equipment exports reduced rapidly to $X in 2021. Overall, exports faced a abrupt shrinkage. The most prominent rate of growth was recorded in 2020 when exports increased by 23%. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Turkey (X units), Romania (X units) and Iran (X units) were the main destinations of commercial refrigeration equipment exports from Iraq, together accounting for 91% of total exports. These countries were followed by the Netherlands, which accounted for a further 4.1%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the Netherlands (with a CAGR of 0.0%), while the other leaders experienced mixed trend patterns.

In value terms, Romania ($X), Iran ($X) and Turkey ($X) constituted the largest markets for commercial refrigeration equipment exported from Iraq worldwide, together comprising 85% of total exports. These countries were followed by the Netherlands, which accounted for a further 4.8%.

In terms of the main countries of destination, the Netherlands, with a CAGR of +1,292.9%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2021, the average commercial refrigeration equipment export price amounted to $X per unit, with an increase of 8.7% against the previous year. In general, the export price, however, continues to indicate a noticeable decline. The growth pace was the most rapid in 2016 when the average export price increased by 12% against the previous year. The export price peaked at $X per unit in 2013; however, from 2014 to 2021, the export prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Iran (-3.0%).

Commercial Refrigeration Equipment Imports

Imports into Iraq

In 2021, purchases abroad of refrigerating and freezing equipment and heat pumps (except household type equipment) increased by 26% to X units, rising for the fourth year in a row after two years of decline. Overall, imports showed buoyant growth. The most prominent rate of growth was recorded in 2015 with an increase of 94% against the previous year. As a result, imports attained the peak of X units. From 2016 to 2021, the growth of imports remained at a lower figure.

In value terms, commercial refrigeration equipment imports soared to $X in 2021. In general, imports recorded resilient growth. The growth pace was the most rapid in 2015 when imports increased by 74% against the previous year. Imports peaked in 2021 and are likely to see gradual growth in the near future.

Imports by Country

In 2021, Turkey (X units) constituted the largest commercial refrigeration equipment supplier to Iraq, accounting for a 48% share of total imports. Moreover, commercial refrigeration equipment imports from Turkey exceeded the figures recorded by the second-largest supplier, China (X units), fourfold. The United Arab Emirates (X units) ranked third in terms of total imports with an 11% share.

From 2012 to 2021, the average annual growth rate of volume from Turkey totaled +6.3%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-0.9% per year) and the United Arab Emirates (+20.0% per year).

In value terms, Turkey ($X) constituted the largest supplier of refrigerating and freezing equipment and heat pumps (except household type equipment) to Iraq, comprising 43% of total imports. The second position in the ranking was held by China ($X), with a 15% share of total imports. It was followed by the United Arab Emirates, with a 6.4% share.

From 2012 to 2021, the average annual growth rate of value from Turkey amounted to +9.1%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+5.9% per year) and the United Arab Emirates (+12.7% per year).

Import Prices by Country

In 2021, the average commercial refrigeration equipment import price amounted to $X per unit, surging by 9.4% against the previous year. Overall, import price indicated tangible growth from 2012 to 2021: its price increased at an average annual rate of +2.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, commercial refrigeration equipment import price decreased by -8.0% against 2017 indices. The growth pace was the most rapid in 2016 when the average import price increased by 49%. The import price peaked at $X per unit in 2017; however, from 2018 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Lebanon (+8.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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