Report Update Apr 1, 2024

Nigeria - Refrigerators and Freezers - Market Analysis, Forecast, Size, Trends and Insights

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Nigeria: Refrigerator And Freezer Market 2024

Refrigerator And Freezer Market Size in Nigeria

In 2022, the Nigerien refrigerator and freezer market was finally on the rise to reach $X for the first time since 2019, thus ending a two-year declining trend. Overall, consumption continues to indicate a relatively flat trend pattern. Over the period under review, the market attained the peak level at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Refrigerator And Freezer Exports

Exports from Nigeria

In 2022, approx. X units of refrigerators and freezers were exported from Nigeria; waning by X% compared with the previous year's figure. In general, exports showed a sharp reduction. The most prominent rate of growth was recorded in 2013 when exports increased by X% against the previous year. As a result, the exports reached the peak of X units. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, refrigerator and freezer exports dropped markedly to $X in 2022. Over the period under review, exports faced a precipitous decline. The most prominent rate of growth was recorded in 2013 when exports increased by X%. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Lebanon (X units), Benin (X units) and Tanzania (X units) were the main destinations of refrigerator and freezer exports from Nigeria, with a combined X% share of total exports.

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

In value terms, the largest markets for refrigerator and freezer exported from Nigeria were Lebanon ($X), Benin ($X) and Kenya ($X), together comprising X% of total exports.

In terms of the main countries of destination, Lebanon, with a CAGR of X%, 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

In 2022, the average refrigerator and freezer export price amounted to $X per unit, jumping by X% against the previous year. Overall, the export price showed a relatively flat trend pattern. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

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

Refrigerator And Freezer Imports

Imports into Nigeria

In 2022, purchases abroad of refrigerators and freezers decreased by X% to X units, falling for the third consecutive year after two years of growth. Overall, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when imports increased by X% against the previous year. Over the period under review, imports hit record highs at X units in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, refrigerator and freezer imports expanded notably to $X in 2022. In general, imports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when imports increased by X% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X units) constituted the largest supplier of refrigerator and freezer to Nigeria, accounting for a X% share of total imports. Moreover, refrigerator and freezer imports from China exceeded the figures recorded by the second-largest supplier, Indonesia (X units), more than tenfold. The third position in this ranking was held by India (X units), with a X% share.

From 2012 to 2022, the average annual growth rate of volume from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (X% per year) and India (X% per year).

In value terms, China ($X) constituted the largest supplier of refrigerators and freezers to Nigeria, comprising X% of total imports. The second position in the ranking was held by Indonesia ($X), with a X% share of total imports. It was followed by India, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (X% per year) and India (X% per year).

Import Prices by Country

In 2022, the average refrigerator and freezer import price amounted to $X per unit, growing by X% against the previous year. Overall, the import price recorded a relatively flat trend pattern. The import price peaked at $X per unit in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for refrigerators and freezers in the world?

The country with the largest volume of refrigerator and freezer consumption was China, accounting for 34% of total volume. Moreover, refrigerator and freezer consumption in China exceeded the figures recorded by the second-largest consumer, the United States, threefold. The third position in this ranking was taken by India, with a 7.2% share.

What are the largest producers of refrigerators and freezers in the world?

The country with the largest volume of refrigerator and freezer production was China, comprising approx. 47% of total volume. Moreover, refrigerator and freezer production in China exceeded the figures recorded by the second-largest producer, India, sevenfold. The third position in this ranking was held by Mexico, with a 5% share.

What are the leading suppliers of refrigerators and freezers to Nigeria?

In value terms, China constituted the largest supplier of refrigerators and freezers to Nigeria, comprising 87% of total imports. The second position in the ranking was held by Indonesia, with a 5.2% share of total imports. It was followed by India, with a 4.1% share.

What are the leading importers of refrigerators and freezers from Nigeria?

In value terms, Lebanon, Benin and Kenya $536) constituted the largest markets for refrigerator and freezer exported from Nigeria worldwide, together comprising 76% of total exports.

What is the average export price for refrigerators and freezers in Nigeria?

In 2022, the average refrigerator and freezer export price amounted to $333 per unit, picking up by 121% against the previous year.

What is the average import price for refrigerators and freezers in Nigeria?

The average refrigerator and freezer import price stood at $275 per unit in 2022, surging by 14% against the previous year.

This report provides an in-depth analysis of the refrigerator and freezer market in Nigeria. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 27511110 - Combined refrigerators-freezers, with separate external doors
Prodcom 27511133 - Household-type refrigerators (including compression-type, e lectrical absorption-type) (excluding built-in)
Prodcom 27511135 - Compression-type built-in refrigerators
Prodcom 27511150 - Chest freezers of a capacity . .800 litres
Prodcom 27511170 - Upright freezers of a capacity . .900 litres

Country coverage:

Nigeria

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Nigeria
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023