Vietnam: Refrigerator Or Freezer Market 2024

Refrigerator Or Freezer Market Size in Vietnam

The Vietnamese refrigerator or freezer market reduced markedly to $X in 2022, shrinking by -24% 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). Overall, consumption showed a abrupt decrease. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Refrigerator Or Freezer Exports

Exports from Vietnam

In 2022, the amount of furniture designed to receive refrigerating or freezing equipment exported from Vietnam fell to X units, with a decrease of -8.7% against 2021. Overall, exports continue to indicate a perceptible downturn. The pace of growth appeared the most rapid in 2016 with an increase of 281% against the previous year. The exports peaked at X units in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, refrigerator or freezer exports reduced to $X in 2022. In general, exports saw a slight curtailment. The most prominent rate of growth was recorded in 2016 when exports increased by 254% against the previous year. Over the period under review, the exports hit record highs at $X in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

Exports by Country

Indonesia (X units), South Korea (X units) and Malaysia (X units) were the main destinations of refrigerator or freezer exports from Vietnam, with a combined 90% 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 South Korea (with a CAGR of +60.7%), while the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X), South Korea ($X) and Malaysia ($X) constituted the largest markets for refrigerator or freezer exported from Vietnam worldwide, with a combined 90% share of total exports.

Among the main countries of destination, South Korea, with a CAGR of +58.5%, saw the highest growth rate of 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 refrigerator or freezer export price stood at $X per unit in 2022, approximately mirroring the previous year. Over the last decade, it increased at an average annual rate of +3.1%. The pace of growth appeared the most rapid in 2013 when the average export price increased by 91%. As a result, the export price reached the peak level of $X per unit. From 2014 to 2022, the average export prices failed to regain momentum.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the countries with the highest prices were Indonesia ($X per unit) and Thailand ($X per unit), while the average price for exports to India ($X per unit) and South Korea ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Lao People's Democratic Republic (+6.3%), while the prices for the other major destinations experienced more modest paces of growth.

Refrigerator Or Freezer Imports

Imports into Vietnam

In 2022, approx. X units of furniture designed to receive refrigerating or freezing equipment were imported into Vietnam; waning by -28% compared with the year before. In general, imports continue to indicate a abrupt shrinkage. The pace of growth appeared the most rapid in 2021 when imports increased by 128% against the previous year. Over the period under review, imports attained the peak figure at X units in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, refrigerator or freezer imports fell remarkably to $X in 2022. Over the period under review, imports recorded a abrupt contraction. The most prominent rate of growth was recorded in 2021 with an increase of 64% against the previous year. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X units) constituted the largest supplier of refrigerator or freezer to Vietnam, with a 66% share of total imports. Moreover, refrigerator or freezer imports from China exceeded the figures recorded by the second-largest supplier, Thailand (X units), threefold. The third position in this ranking was taken by Taiwan (Chinese) (X units), with an 11% share.

From 2012 to 2022, the average annual growth rate of volume from China stood at -11.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+2.2% per year) and Taiwan (Chinese) (+2.0% per year).

In value terms, China ($X) constituted the largest supplier of furniture designed to receive refrigerating or freezing equipment to Vietnam, comprising 66% of total imports. The second position in the ranking was taken by Thailand ($X), with a 20% share of total imports. It was followed by Taiwan (Chinese), with an 11% share.

From 2012 to 2022, the average annual growth rate of value from China stood at -16.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (-2.5% per year) and Taiwan (Chinese) (-2.8% per year).

Import Prices by Country

The average refrigerator or freezer import price stood at $X per unit in 2022, surging by 12% against the previous year. Overall, the import price, however, showed a noticeable slump. Over the period under review, average import prices hit record highs at $X per unit in 2015; however, from 2016 to 2022, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Thailand ($X per unit) and China ($X per unit), while the price for South Korea ($X per unit) and Taiwan (Chinese) ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (-2.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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