MENA: Refrigerator Or Freezer Market 2024

Refrigerator Or Freezer Market Size in MENA

The MENA's refrigerator or freezer market dropped to $X in 2022, shrinking by -5.2% against the previous year. In general, consumption, however, saw a noticeable shrinkage. As a result, consumption reached the peak level of $X. From 2020 to 2022, the growth of the market failed to regain momentum.

Refrigerator Or Freezer Production in MENA

In value terms, refrigerator or freezer production dropped notably to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a buoyant increase. The pace of growth was the most pronounced in 2021 with an increase of 67% against the previous year. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Refrigerator Or Freezer Exports

Exports in MENA

In 2022, shipments abroad of furniture designed to receive refrigerating or freezing equipment increased by 9.4% to X units, rising for the second year in a row after three years of decline. Over the period under review, exports saw a prominent increase. The growth pace was the most rapid in 2016 when exports increased by 75%. Over the period under review, the exports hit record highs at X units in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, refrigerator or freezer exports rose to $X in 2022. Overall, exports showed a remarkable increase. The most prominent rate of growth was recorded in 2016 with an increase of 119%. The level of export peaked in 2022 and is expected to retain growth in years to come.

Exports by Country

Turkey prevails in exports structure, resulting at X units, which was approx. 83% of total exports in 2022. It was distantly followed by the United Arab Emirates (X units), mixing up a 7.2% share of total exports. Lebanon (X units) and Kuwait (X units) took a little share of total exports.

Exports from Turkey increased at an average annual rate of +19.8% from 2012 to 2022. At the same time, Kuwait (+46.5%) and Lebanon (+17.9%) displayed positive paces of growth. Moreover, Kuwait emerged as the fastest-growing exporter exported in MENA, with a CAGR of +46.5% from 2012-2022. By contrast, the United Arab Emirates (-4.6%) illustrated a downward trend over the same period. Turkey (+42 p.p.), Kuwait (+2.2 p.p.) and Lebanon (+1.8 p.p.) significantly strengthened its position in terms of the total exports, while the United Arab Emirates saw its share reduced by -27.5% from 2012 to 2022, respectively.

In value terms, Turkey ($X) remains the largest refrigerator or freezer supplier in MENA, comprising 81% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with an 8.8% share of total exports. It was followed by Lebanon, with a 5.1% share.

From 2012 to 2022, the average annual growth rate of value in Turkey stood at +20.2%. The remaining exporting countries recorded the following average annual rates of exports growth: the United Arab Emirates (-0.7% per year) and Lebanon (+20.8% per year).

Export Prices by Country

In 2022, the export price in MENA amounted to $X per unit, dropping by -4.1% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.1%. The pace of growth was the most pronounced in 2020 an increase of 27% against the previous year. Over the period under review, the export prices attained the peak figure at $X per unit in 2021, and then declined slightly in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Lebanon ($X per unit), while Kuwait ($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 (+4.1%), while the other leaders experienced more modest paces of growth.

Refrigerator Or Freezer Imports

Imports in MENA

In 2022, overseas purchases of furniture designed to receive refrigerating or freezing equipment increased by 9.8% to X units, rising for the second year in a row after five years of decline. Overall, imports, however, showed a mild contraction. The growth pace was the most rapid in 2013 with an increase of 41%. The volume of import peaked at X units in 2015; however, from 2016 to 2022, imports failed to regain momentum.

In value terms, refrigerator or freezer imports shrank remarkably to $X in 2022. In general, imports, however, recorded a noticeable descent. The most prominent rate of growth was recorded in 2020 when imports increased by 53% against the previous year. As a result, imports reached the peak of $X. From 2021 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, Algeria (X units) and Tunisia (X units) were the major importers of furniture designed to receive refrigerating or freezing equipment in MENA, together creating 56% of total imports. The United Arab Emirates (X units) held the next position in the ranking, followed by Iraq (X units) and Turkey (X units). All these countries together held near 25% share of total imports. The following importers - Morocco (X units) and Oman (X units) - together made up 7.2% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Algeria (with a CAGR of +39.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Algeria ($X), Tunisia ($X) and Turkey ($X) were the countries with the highest levels of imports in 2022, with a combined 56% share of total imports.

Among the main importing countries, Algeria, with a CAGR of +24.4%, 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

The import price in MENA stood at $X per unit in 2022, waning by -42.2% against the previous year. Over the period under review, the import price showed a mild curtailment. The pace of growth was the most pronounced in 2020 when the import price increased by 99%. As a result, import price attained the peak level of $X per unit. From 2021 to 2022, the import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Turkey ($X per unit), while Iraq ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Morocco (+6.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform