Middle East: Refrigerator Or Freezer Market 2024

Refrigerator Or Freezer Market Size in the Middle East

The Middle Eastern refrigerator or freezer market fell to $X in 2022, waning by -8.3% against the previous year. Overall, consumption saw a noticeable downturn. As a result, consumption attained the peak level of $X. From 2020 to 2022, the growth of the market remained at a lower figure.

Refrigerator Or Freezer Production in the Middle East

In value terms, refrigerator or freezer production reduced sharply to $X in 2022 estimated in export price. Over the period under review, production recorded strong growth. The most prominent rate of growth was recorded in 2021 with an increase of 68% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Refrigerator Or Freezer Exports

Exports in the Middle East

In 2022, overseas shipments of furniture designed to receive refrigerating or freezing equipment increased by 12% to X units, rising for the second year in a row after three years of decline. In general, exports enjoyed strong growth. The pace of growth was the most pronounced in 2016 when exports increased by 82%. The volume of export peaked at X units in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, refrigerator or freezer exports totaled $X in 2022. Over the period under review, exports enjoyed buoyant growth. The pace of growth was the most pronounced in 2016 with an increase of 127%. Over the period under review, the exports reached the peak figure in 2022 and are expected to retain growth in years to come.

Exports by Country

Turkey prevails in exports structure, accounting for X units, which was near 84% of total exports in 2022. It was distantly followed by the United Arab Emirates (X units), achieving a 7.2% share of total exports. Lebanon (X units) and Kuwait (X units) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to refrigerator or freezer exports from Turkey stood at +19.8%. 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 the Middle East, 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. From 2012 to 2022, the share of Turkey, Kuwait and Lebanon increased by +41, +2.2 and +1.7 percentage points, respectively.

In value terms, Turkey ($X) remains the largest refrigerator or freezer supplier in the Middle East, comprising 82% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with an 8.8% share of total exports. It was followed by Lebanon, with a 5.2% share.

In Turkey, refrigerator or freezer exports expanded at an average annual rate of +20.2% over the period from 2012-2022. 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 the Middle East amounted to $X per unit, which is down by -4.3% against the previous year. Over the last decade, it increased at an average annual rate of +2.1%. The pace of growth appeared the most rapid in 2020 when the export price increased by 28%. Over the period under review, the export prices hit record highs at $X per unit in 2021, and then declined in the following year.

Prices varied noticeably by country of origin: 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 the Middle East

In 2022, the amount of furniture designed to receive refrigerating or freezing equipment imported in the Middle East dropped markedly to X units, which is down by -16.6% against the year before. Overall, imports, however, recorded tangible growth. The growth pace was the most rapid in 2021 when imports increased by 169% against the previous year. Over the period under review, imports hit record highs at X units in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, refrigerator or freezer imports dropped notably to $X in 2022. In general, imports saw a pronounced contraction. The most prominent rate of growth was recorded in 2020 with an increase of 101% against the previous year. As a result, imports reached the peak of $X. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

The United Arab Emirates (X units) and Iraq (X units) represented roughly 54% of total imports in 2022. It was distantly followed by Turkey (X units), Oman (X units), Kuwait (X units), Israel (X units) and Bahrain (X units), together creating a 40% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Iraq (with a CAGR of +30.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X), the United Arab Emirates ($X) and Israel ($X) were the countries with the highest levels of imports in 2022, with a combined 59% share of total imports. Oman, Iraq, Kuwait and Bahrain lagged somewhat behind, together accounting for a further 26%.

In terms of the main importing countries, Iraq, with a CAGR of +19.4%, 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 the Middle East stood at $X per unit in 2022, falling by -50.4% against the previous year. Overall, the import price saw a abrupt curtailment. The most prominent rate of growth was recorded in 2020 when the import price increased by 392% against the previous year. 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 Israel (+2.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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