Philippines: Non-Combined Refrigerator-Freezer Market 2024

Non-Combined Refrigerator-Freezer Market Size in the Philippines

The Philippine non-combined refrigerator-freezer market reduced remarkably to $X in 2022, declining by -23.3% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, showed buoyant growth. Non-combined refrigerator-freezer consumption peaked at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Non-Combined Refrigerator-Freezer Exports

Exports from the Philippines

For the third consecutive year, the Philippines recorded decline in shipments abroad of household refrigerators and freezers (not combined), which decreased by -34.2% to X units in 2022. Overall, exports continue to indicate a mild slump. The growth pace was the most rapid in 2019 when exports increased by 2,058%. As a result, the exports attained the peak of X units. From 2020 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, non-combined refrigerator-freezer exports surged to $X in 2022. In general, exports continue to indicate a slight shrinkage. The growth pace was the most rapid in 2019 with an increase of 3,556%. As a result, the exports attained the peak of $X. From 2020 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

South Korea (X units), Brunei Darussalam (X units) and Guatemala (X units) were the main destinations of non-combined refrigerator-freezer exports from the Philippines, with a combined 73% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Brunei Darussalam (with a CAGR of +56.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for non-combined refrigerator-freezer exported from the Philippines were Brunei Darussalam ($X), Qatar ($X) and Singapore ($X), together accounting for 59% of total exports. Micronesia, Guatemala, China and South Korea lagged somewhat behind, together comprising a further 38%.

Among the main countries of destination, Micronesia, with a CAGR of +70.2%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average non-combined refrigerator-freezer export price amounted to $X per unit, rising by 148% against the previous year. In general, the export price, however, saw a relatively flat trend pattern. Over the period under review, the average export prices attained the maximum at $X per unit in 2020; however, from 2021 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Singapore ($X per unit), while the average price for exports to South Korea ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Qatar (+43.0%), while the prices for the other major destinations experienced more modest paces of growth.

Non-Combined Refrigerator-Freezer Imports

Imports into the Philippines

In 2022, supplies from abroad of household refrigerators and freezers (not combined) decreased by -30.6% to X units, falling for the third consecutive year after four years of growth. Over the period under review, imports, however, saw a resilient expansion. The growth pace was the most rapid in 2016 with an increase of 106%. Over the period under review, imports reached the peak figure at X units in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, non-combined refrigerator-freezer imports declined notably to $X in 2022. Overall, imports, however, recorded a strong expansion. The pace of growth was the most pronounced in 2016 when imports increased by 67% against the previous year. Over the period under review, imports attained the peak figure at $X in 2021, and then dropped notably in the following year.

Imports by Country

In 2022, China (X units) constituted the largest non-combined refrigerator-freezer supplier to the Philippines, with a 80% share of total imports. Moreover, non-combined refrigerator-freezer imports from China exceeded the figures recorded by the second-largest supplier, Indonesia (X units), fivefold. Thailand (X units) ranked third in terms of total imports with a 0.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled +17.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (-0.9% per year) and Thailand (-36.3% per year).

In value terms, China ($X) constituted the largest supplier of household refrigerators and freezers (not combined) to the Philippines, comprising 81% of total imports. The second position in the ranking was taken by Indonesia ($X), with a 15% share of total imports. It was followed by Thailand, with a 0.4% share.

From 2012 to 2022, the average annual growth rate of value from China amounted to +19.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (+0.0% per year) and Thailand (-30.6% per year).

Import Prices by Country

The average non-combined refrigerator-freezer import price stood at $X per unit in 2022, rising by 13% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of 25%. The import price peaked at $X per unit in 2015; however, from 2016 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+8.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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