Latin America and the Caribbean: Refrigerator Or Freezer Market 2024

Refrigerator Or Freezer Market Size in Latin America and the Caribbean

After two years of decline, the Latin American refrigerator or freezer market increased by 40% to $X in 2022. In general, consumption, however, recorded a pronounced reduction. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Refrigerator Or Freezer Production in Latin America and the Caribbean

In value terms, refrigerator or freezer production stood at $X in 2022 estimated in export price. Over the period under review, production, however, recorded a deep setback. The pace of growth was the most pronounced in 2016 when the production volume increased by 465%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Refrigerator Or Freezer Exports

Exports in Latin America and the Caribbean

In 2022, shipments abroad of furniture designed to receive refrigerating or freezing equipment decreased by -25.9% to X units, falling for the second consecutive year after two years of growth. Overall, exports recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when exports increased by 99%. Over the period under review, the exports hit record highs at X units in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, refrigerator or freezer exports reduced sharply to $X in 2022. In general, exports, however, posted a mild expansion. The pace of growth was the most pronounced in 2017 with an increase of 104% against the previous year. Over the period under review, the exports hit record highs at $X in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

Exports by Country

Mexico represented the main exporting country with an export of about X units, which reached 66% of total exports. It was distantly followed by Brazil (X units), achieving a 23% share of total exports. Costa Rica (X units) and Argentina (X units) followed a long way behind the leaders.

Mexico was also the fastest-growing in terms of the furniture designed to receive refrigerating or freezing equipment exports, with a CAGR of +12.2% from 2012 to 2022. At the same time, Brazil (+5.8%) and Costa Rica (+5.2%) displayed positive paces of growth. By contrast, Argentina (-22.5%) illustrated a downward trend over the same period. Mexico (+45 p.p.), Brazil (+9.9 p.p.) and Costa Rica (+1.6 p.p.) significantly strengthened its position in terms of the total exports, while Argentina saw its share reduced by -35.7% from 2012 to 2022, respectively.

In value terms, Mexico ($X) remains the largest refrigerator or freezer supplier in Latin America and the Caribbean, comprising 57% of total exports. The second position in the ranking was held by Brazil ($X), with a 29% share of total exports. It was followed by Costa Rica, with a 7.7% share.

From 2012 to 2022, the average annual growth rate of value in Mexico stood at +16.2%. The remaining exporting countries recorded the following average annual rates of exports growth: Brazil (+5.3% per year) and Costa Rica (+5.5% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per unit in 2022, surging by 11% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.3%. The pace of growth was the most pronounced in 2015 an increase of 27% against the previous year. The level of export peaked at $X per unit in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Costa Rica ($X per unit), while Argentina ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+3.5%), while the other leaders experienced mixed trends in the export price figures.

Refrigerator Or Freezer Imports

Imports in Latin America and the Caribbean

In 2022, supplies from abroad of furniture designed to receive refrigerating or freezing equipment increased by 42% to X units, rising for the second year in a row after seven years of decline. In general, imports, however, recorded a perceptible setback. Over the period under review, imports reached the peak figure at X units in 2013; however, from 2014 to 2022, imports failed to regain momentum.

In value terms, refrigerator or freezer imports soared to $X in 2022. Overall, imports, however, showed a noticeable setback. The level of import peaked at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Argentina (X units), distantly followed by Mexico (X units), Colombia (X units), the Dominican Republic (X units) and Chile (X units) were the main importers of furniture designed to receive refrigerating or freezing equipment, together creating 73% of total imports. Paraguay (X units), Ecuador (X units), Venezuela (X units), Uruguay (X units), Cuba (X units), Panama (X units), Jamaica (X units) and Peru (X units) held a relatively small share of total imports.

From 2012 to 2022, the biggest increases were recorded for Panama (with a CAGR of +63.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest refrigerator or freezer importing markets in Latin America and the Caribbean were Argentina ($X), the Dominican Republic ($X) and Colombia ($X), together accounting for 46% of total imports. Chile, Mexico, Ecuador, Paraguay, Uruguay, Jamaica, Venezuela, Panama, Cuba and Peru lagged somewhat behind, together comprising a further 41%.

In terms of the main importing countries, Panama, with a CAGR of +70.9%, saw the highest growth rate of 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

In 2022, the import price in Latin America and the Caribbean amounted to $X per unit, reducing by -3.9% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.0%. The pace of growth appeared the most rapid in 2017 an increase of 8%. The level of import peaked at $X per unit in 2020; however, from 2021 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the Dominican Republic ($X per unit), while Mexico ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Peru (+8.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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