Global Refrigerator and Freezer Market 2019 - Key Insights

IndexBox has just published a new report, the World - Refrigerators And Freezers - Market Analysis, Forecast, Size, Trends and Insights. Here is a summary of the report's key findings.

The global refrigerator and freezer market revenue amounted to $72.8B in 2017, picking up by 19% 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). The market value increased at an average annual rate of +1.3% from 2007 to 2017; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2017, with an increase of 19% against the previous year. Over the period under review, the global refrigerator and freezer market attained its peak figure level at $73.7B in 2014; however, from 2015 to 2017, consumption remained at a lower figure.

Production 2007-2017

Global refrigerator and freezer production stood at 300K tonnes in 2017, leveling off at the previous year.

Refrigerator And Freezer Exports

Exports 2007-2017

In 2017, the global exports of refrigerators and freezers stood at 78K tonnes, dropping by -17.2% against the previous year. Overall, refrigerator and freezer exports continue to indicate a relatively flat trend pattern.

In value terms, refrigerator and freezer exports amounted to $20B (IndexBox estimates) in 2017. The total export value increased at an average annual rate of +1.5% from 2007 to 2017; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. Over the period under review, global refrigerator and freezer exports attained their maximum at $21.1B in 2014; however, from 2015 to 2017, exports failed to regain their momentum.

Exports by Country

In 2017, China (26K tonnes) represented the major exporter for refrigerators and freezers, achieving 34% of total exports. Mexico (7.1K tonnes) took the second position in the ranking, followed by South Korea (7K tonnes), Turkey (5.7K tonnes) and Thailand (4.4K tonnes). All these countries together held approx. 31% share of total exports. Poland (2.7K tonnes), Germany (2.5K tonnes), Italy (2.4K tonnes), Romania (2K tonnes), Hungary (1.8K tonnes) and the U.S. (1.4K tonnes) followed a long way behind the leaders.

From 2007 to 2017, average annual rates of growth with regard to refrigerator and freezer exports from China stood at +3.3%. At the same time, Romania (+9.3%), Mexico (+6.4%) and Poland (+3.0%) displayed positive paces of growth. Moreover, Romania emerged as the fastest growing exporter in the world, with a CAGR of +9.3% from 2007-2017. Turkey and South Korea experienced a relatively flat trend pattern. By contrast, Thailand (-2.3%), Hungary (-3.6%), the U.S. (-3.8%), Italy (-7.0%) and Germany (-7.6%) illustrated a downward trend over the same period. Germany (3.9%) and Italy (3.4%) significantly strengthened its position in terms of the global exports, while Romania, Mexico and China saw its share reduced by -1.5%, -4.2% and -9.4% from 2007 to 2017, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($5.6B), Mexico ($3.5B) and South Korea ($1.7B) appeared to be the countries with the highest levels of exports in 2017, with a combined 54% share of global exports.

Export Prices by Country

In 2017, the average refrigerator and freezer export price amounted to $257 per kg, growing by 25% against the previous year. Over the last decade, it increased at an average annual rate of +1.5%.

There were significant differences in the average export prices amongst the major exporting countries. In 2017, the country with the highest export price was Mexico ($491 per kg), while Romania ($158 per kg) was amongst the lowest.

From 2007 to 2017, the most notable rate of growth in terms of export prices was attained by Thailand (+6.2% per year), while the other global leaders experienced more modest paces of growth.

Refrigerator And Freezer Imports

Imports 2007-2017

In 2017, approx. 88K tonnes of refrigerators and freezers were imported worldwide; going up by 3.7% against the previous year. The total import volume increased at an average annual rate of +2.1% over the period from 2007 to 2017; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period.

In value terms, refrigerator and freezer imports stood at $21B (IndexBox estimates) in 2017. The total import value increased at an average annual rate of +1.8% over the period from 2007 to 2017; however, the trend pattern remained relatively stable, with only minor fluctuations in certain years. Over the period under review, global refrigerator and freezer imports reached their peak figure at $21.2B in 2014; however, from 2015 to 2017, imports failed to regain their momentum.

Imports by Country

The U.S. was the largest importer of refrigerators and freezers in the world, with the volume of imports amounting to 21K tonnes, which was near 24% of total imports in 2017. The UK (5.4K tonnes) ranks second in terms of the global imports with a 6.1% share, followed by Germany (5%) and France (4.9%). Italy (2.7K tonnes), Japan (2.3K tonnes), Canada (2K tonnes), Russia (1.9K tonnes), Australia (1.7K tonnes), Sweden (1.6K tonnes), Spain (1.5K tonnes) and Viet Nam (1.5K tonnes) followed a long way behind the leaders.

Imports into the U.S. increased at an average annual rate of +4.9% from 2007 to 2017. At the same time, Viet Nam (+14.4%), Australia (+5.6%), Sweden (+3.6%), Germany (+3.5%) and Italy (+1.3%) displayed positive paces of growth. Moreover, Viet Nam emerged as the fastest growing importer in the world, with a CAGR of +14.4% from 2007-2017. France, Russia, the UK and Japan experienced a relatively flat trend pattern. By contrast, Canada (-1.7%) and Spain (-4.8%) illustrated a downward trend over the same period. From 2007 to 2017, the share of the U.S. decreased by -9.3% percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the U.S. ($5.9B) constitutes the largest market for imported refrigerators and freezers worldwide, comprising 28% of global imports. The second position in the ranking was occupied by the UK ($973M), with a 4.6% share of global imports. It was followed by France, with a 4.4% share.

Import Prices by Country

The average refrigerator and freezer import price stood at $240 per kg in 2017, remaining relatively unchanged against the previous year. In general, the refrigerator and freezer import price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2014, an increase of 11% y-o-y. In that year, the average import prices for refrigerators and freezers attained their peak level of $276 per kg. From 2015 to 2017, the growth in terms of the average import prices for refrigerators and freezers failed to regain its momentum.

Import prices varied noticeably by the country of destination; the country with the highest import price was Australia ($323 per kg), while the UK ($182 per kg) was amongst the lowest.

From 2007 to 2017, the most notable rate of growth in terms of import prices was attained by Japan (+1.6% per year), while the other global leaders experienced more modest paces of growth.

Source: IndexBox AI Platform