Myanmar: Commercial Refrigeration Equipment Market 2024

Commercial Refrigeration Equipment Market Size in Myanmar

In 2021, the Myanmar's commercial refrigeration equipment market was finally on the rise to reach $X for the first time since 2017, thus ending a three-year declining trend. Over the period under review, consumption, however, recorded strong growth. Commercial refrigeration equipment consumption peaked at $X in 2017; however, from 2018 to 2021, consumption remained at a lower figure.

Commercial Refrigeration Equipment Exports

Exports from Myanmar

In 2021, overseas shipments of refrigerating and freezing equipment and heat pumps (except household type equipment) increased by 129% to X units, rising for the second year in a row after two years of decline. Overall, exports, however, saw a perceptible curtailment. The pace of growth appeared the most rapid in 2015 with an increase of 1,277%. The exports peaked at X units in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

In value terms, commercial refrigeration equipment exports surged to $X in 2021. In general, exports, however, showed a abrupt descent. The pace of growth appeared the most rapid in 2015 with an increase of 7,639%. The exports peaked at $X in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

Exports by Country

Malaysia (X units), Germany (X units) and Singapore (X units) were the main destinations of commercial refrigeration equipment exports from Myanmar, with a combined 78% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Singapore (with a CAGR of +34.1%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for commercial refrigeration equipment exported from Myanmar were Malaysia ($X), Singapore ($X) and Germany ($X), with a combined 79% share of total exports.

Singapore, with a CAGR of +57.4%, recorded the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average commercial refrigeration equipment export price stood at $X per unit in 2021, jumping by 20% against the previous year. In general, the export price, however, recorded a perceptible contraction. The most prominent rate of growth was recorded in 2015 when the average export price increased by 462%. As a result, the export price attained the peak level of $X per unit. From 2016 to 2021, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was India ($X per unit), while the average price for exports to Germany ($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 Singapore (+17.4%), while the prices for the other major destinations experienced more modest paces of growth.

Commercial Refrigeration Equipment Imports

Imports into Myanmar

In 2021, after two years of growth, there was significant decline in purchases abroad of refrigerating and freezing equipment and heat pumps (except household type equipment), when their volume decreased by -16.4% to X units. In general, imports, however, enjoyed a strong increase. The growth pace was the most rapid in 2016 when imports increased by 160%. As a result, imports attained the peak of X units. From 2017 to 2021, the growth of imports remained at a lower figure.

In value terms, commercial refrigeration equipment imports reached $X in 2021. Overall, imports, however, saw a prominent expansion. The most prominent rate of growth was recorded in 2016 when imports increased by 99.9%. Over the period under review, imports attained the maximum at $X in 2018; however, from 2019 to 2021, imports remained at a lower figure.

Imports by Country

China (X units), Thailand (X units) and Italy (X units) were the main suppliers of commercial refrigeration equipment imports to Myanmar, together comprising 60% of total imports. Taiwan (Chinese), Finland, Malaysia, India and Singapore lagged somewhat behind, together comprising a further 10%.

From 2012 to 2021, the biggest increases were recorded for Taiwan (Chinese) (with a CAGR of +63.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Thailand ($X) and India ($X) constituted the largest commercial refrigeration equipment suppliers to Myanmar, with a combined 62% share of total imports. Taiwan (Chinese), Italy, Malaysia, Finland and Singapore lagged somewhat behind, together accounting for a further 12%.

In terms of the main suppliers, Taiwan (Chinese), with a CAGR of +66.2%, recorded the highest rates of growth with regard to 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 average commercial refrigeration equipment import price stood at $X per unit in 2021, picking up by 35% against the previous year. Overall, import price indicated a noticeable expansion from 2012 to 2021: its price increased at an average annual rate of +4.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 an increase of 36%. As a result, import price reached the peak level of $X per unit. From 2015 to 2021, the average import prices remained at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+19.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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