Latin America and the Caribbean: Commercial Refrigeration Equipment Market 2024

Commercial Refrigeration Equipment Market Size in Latin America and the Caribbean

The Latin American commercial refrigeration equipment market expanded significantly to $X in 2021, growing by 9.1% against the previous year. In general, consumption saw a relatively flat trend pattern. Over the period under review, the market reached the maximum level at $X in 2014; afterwards, it flattened through to 2021.

Commercial Refrigeration Equipment Production in Latin America and the Caribbean

In value terms, commercial refrigeration equipment production declined to $X in 2021 estimated in export price. Over the period under review, production, however, showed a mild decline. The most prominent rate of growth was recorded in 2020 with an increase of 4.8% against the previous year. Over the period under review, production attained the maximum level at $X in 2014; however, from 2015 to 2021, production failed to regain momentum.

Commercial Refrigeration Equipment Exports

Exports in Latin America and the Caribbean

In 2021, approx. X units of refrigerating and freezing equipment and heat pumps (except household type equipment) were exported in Latin America and the Caribbean; growing by 10% on 2020. In general, exports, however, continue to indicate a mild slump. The pace of growth appeared the most rapid in 2019 when exports increased by 11%. The volume of export peaked at X units in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

In value terms, commercial refrigeration equipment exports skyrocketed to $X in 2021. The total export value increased at an average annual rate of +2.2% over the period from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Mexico prevails in exports structure, amounting to X units, which was near 85% of total exports in 2021. It was distantly followed by Brazil (X units), mixing up an 8.5% share of total exports. Guatemala (X units) followed a long way behind the leaders.

Exports from Mexico decreased at an average annual rate of -1.0% from 2012 to 2021. At the same time, Guatemala (+4.8%) and Brazil (+4.6%) displayed positive paces of growth. Moreover, Guatemala emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +4.8% from 2012-2021. While the share of Brazil (+3.3 p.p.) and Guatemala (+1.6 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) remains the largest commercial refrigeration equipment supplier in Latin America and the Caribbean, comprising 89% of total exports. The second position in the ranking was taken by Guatemala ($X), with a 4.3% share of total exports.

In Mexico, commercial refrigeration equipment exports increased at an average annual rate of +3.0% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Guatemala (+4.8% per year) and Brazil (+2.2% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per unit in 2021, increasing by 14% against the previous year. Over the last nine-year period, it increased at an average annual rate of +3.4%. The pace of growth was the most pronounced in 2018 when the export price increased by 15% against the previous year. The level of export peaked in 2021 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Guatemala ($X per unit), while Brazil ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mexico (+4.1%), while the other leaders experienced a decline in the export price figures.

Commercial Refrigeration Equipment Imports

Imports in Latin America and the Caribbean

In 2021, the amount of refrigerating and freezing equipment and heat pumps (except household type equipment) imported in Latin America and the Caribbean surged to X units, picking up by 33% on 2020. In general, imports continue to indicate a relatively flat trend pattern. The volume of import peaked at X units in 2013; however, from 2014 to 2021, imports failed to regain momentum.

In value terms, commercial refrigeration equipment imports surged to $X in 2021. The total import value increased at an average annual rate of +1.1% from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Mexico (X units) and Brazil (X units) represented roughly 42% of total imports in 2021. Chile (X units) held the next position in the ranking, followed by Ecuador (X units) and Peru (X units). All these countries together held near 19% share of total imports. Argentina (X units), Panama (X units), Colombia (X units), El Salvador (X units), Guatemala (X units), Paraguay (X units), Uruguay (X units) and Honduras (X units) took a relatively small share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Guatemala (with a CAGR of +17.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Mexico ($X) constitutes the largest market for imported refrigerating and freezing equipment and heat pumps (except household type equipment) in Latin America and the Caribbean, comprising 27% of total imports. The second position in the ranking was taken by Brazil ($X), with a 13% share of total imports. It was followed by Chile, with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Mexico was relatively modest. In the other countries, the average annual rates were as follows: Brazil (+0.7% per year) and Chile (+5.1% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per unit in 2021, surging by 7.2% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The level of import peaked at $X per unit in 2014; however, from 2015 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Chile ($X per unit), while El Salvador ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Panama (+4.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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