Singapore: Non-Combined Refrigerator-Freezer Market 2024

Non-Combined Refrigerator-Freezer Market Size in Singapore

In 2022, after two years of growth, there was significant decline in the Singaporean non-combined refrigerator-freezer market, when its value decreased by -9% to $X. In general, the total consumption indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of +2.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +54.6% against 2019 indices. Non-combined refrigerator-freezer consumption peaked at $X in 2015; however, from 2016 to 2022, consumption stood at a somewhat lower figure.

Non-Combined Refrigerator-Freezer Production in Singapore

In value terms, non-combined refrigerator-freezer production skyrocketed to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a buoyant increase. The pace of growth appeared the most rapid in 2013 when the production volume increased by 544%. As a result, production reached the peak level of $X. From 2014 to 2022, production growth failed to regain momentum.

Non-Combined Refrigerator-Freezer Exports

Exports from Singapore

In 2022, shipments abroad of household refrigerators and freezers (not combined) decreased by -18.3% to X units, falling for the second year in a row after two years of growth. Overall, exports continue to indicate a abrupt contraction. The most prominent rate of growth was recorded in 2013 with an increase of 721% against the previous year. As a result, the exports attained the peak of X units. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, non-combined refrigerator-freezer exports shrank sharply to $X in 2022. In general, exports continue to indicate a deep slump. The pace of growth appeared the most rapid in 2013 when exports increased by 1,070% against the previous year. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Malaysia (X units), the United Arab Emirates (X units) and India (X units) were the main destinations of non-combined refrigerator-freezer exports from Singapore, with a combined 48% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the United Arab Emirates (with a CAGR of +89.4%), while the other leaders experienced more modest paces of growth.

In value terms, India ($X), Australia ($X) and Malaysia ($X) appeared to be the largest markets for non-combined refrigerator-freezer exported from Singapore worldwide, with a combined 48% share of total exports. Vietnam, Indonesia, the United Arab Emirates, the Philippines, Bangladesh, Congo, Maldives, Burkina Faso, Equatorial Guinea and Cameroon lagged somewhat behind, together comprising a further 25%.

Among the main countries of destination, the United Arab Emirates, with a CAGR of +69.9%, recorded 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

The average non-combined refrigerator-freezer export price stood at $X per unit in 2022, reducing by -14.8% against the previous year. Over the period under review, export price indicated a strong expansion from 2012 to 2022: its price increased at an average annual rate of +5.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, non-combined refrigerator-freezer export price increased by +33.2% against 2020 indices. The growth pace was the most rapid in 2021 when the average export price increased by 56%. As a result, the export price attained the peak level of $X per unit, and then reduced in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Australia ($X per unit), while the average price for exports to the United Arab Emirates ($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 the Philippines (+5.6%), while the prices for the other major destinations experienced more modest paces of growth.

Non-Combined Refrigerator-Freezer Imports

Imports into Singapore

In 2022, purchases abroad of household refrigerators and freezers (not combined) was finally on the rise to reach X units for the first time since 2019, thus ending a two-year declining trend. Over the period under review, imports, however, showed a abrupt setback. The most prominent rate of growth was recorded in 2016 with an increase of 29%. Imports peaked at X units in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, non-combined refrigerator-freezer imports reduced remarkably to $X in 2022. In general, imports, however, continue to indicate a deep contraction. The growth pace was the most rapid in 2021 with an increase of 37% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X units) constituted the largest supplier of non-combined refrigerator-freezer to Singapore, accounting for a 66% share of total imports. Moreover, non-combined refrigerator-freezer imports from China exceeded the figures recorded by the second-largest supplier, Thailand (X units), threefold. The third position in this ranking was held by India (X units), with a 1.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (-12.9% per year) and India (-1.7% per year).

In value terms, China ($X), Thailand ($X) and Italy ($X) constituted the largest non-combined refrigerator-freezer suppliers to Singapore, together comprising 64% of total imports.

Italy, with a CAGR of +6.5%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average non-combined refrigerator-freezer import price stood at $X per unit in 2022, with a decrease of -28.5% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average import price increased by 47%. As a result, import price attained the peak level of $X per unit, and then declined dramatically in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was South Korea ($X per unit), while the price for India ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+17.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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