Combined Refrigerator-Freezer Market

Driven by increasing demand for combined refrigerators-freezers worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +1.4% for the period from 2022 to 2030, which is projected to bring the market volume to 173M units by the end of 2030. In value terms, the market is forecast to increase with an anticipated CAGR of +4.0% for the period from 2022 to 2030, which is projected to bring the market value to $62.7B (in nominal prices) by the end of 2030. In 2022, consumption of combined refrigerators-freezers decreased by -1.2% to 154M units for the first time since 2017, thus ending a four-year rising trend. The total consumption volume increased at an average annual rate of +1.1% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations in certain years. Over the period under review, global consumption hit record highs at 156M units in 2021, and then declined slightly in the following year. The global combined refrigerator-freezer market revenue totaled $45.6B in 2022, increasing by 2.1% against the previous year.

Market Forecast

Driven by increasing demand for combined refrigerators-freezers worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +1.4% for the period from 2022 to 2030, which is projected to bring the market volume to 173M units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.0% for the period from 2022 to 2030, which is projected to bring the market value to $62.7B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Combined Refrigerators-Freezers

In 2022, consumption of combined refrigerators-freezers decreased by -1.2% to 154M units for the first time since 2017, thus ending a four-year rising trend. The total consumption volume increased at an average annual rate of +1.1% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations in certain years. Over the period under review, global consumption hit record highs at 156M units in 2021, and then declined slightly in the following year.

The global combined refrigerator-freezer market revenue totaled $45.6B in 2022, increasing by 2.1% 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, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 8.1% against the previous year. Global consumption peaked in 2022 and is expected to retain growth in the immediate term.

Consumption By Country

The country with the largest volume of combined refrigerator-freezer consumption was China (45M units), comprising approx. 29% of total volume. Moreover, combined refrigerator-freezer consumption in China exceeded the figures recorded by the second-largest consumer, the United States (18M units), twofold. Mexico (7.7M units) ranked third in terms of total consumption with a 5% share.

From 2012 to 2022, the average annual growth rate of volume in China totaled +2.8%. The remaining consuming countries recorded the following average annual rates of consumption growth: the United States (+5.1% per year) and Mexico (+10.4% per year).

In value terms, the largest combined refrigerator-freezer markets worldwide were the United States ($10.9B), China ($9.1B) and Indonesia ($2B), with a combined 48% share of the global market. Japan, Germany, Brazil, India, Russia, the UK, Mexico, Pakistan, Thailand and Italy lagged somewhat behind, together comprising a further 26%.

In terms of the main consuming countries, Italy, with a CAGR of +9.5%, recorded the highest growth rate of market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of combined refrigerator-freezer per capita consumption in 2022 were Mexico (58 units per 1000 persons), Thailand (56 units per 1000 persons) and the UK (55 units per 1000 persons).

From 2012 to 2022, the biggest increases were recorded for Mexico (with a CAGR of +9.2%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Combined Refrigerators-Freezers

In 2022, production of combined refrigerators-freezers decreased by -2.9% to 165M units for the first time since 2017, thus ending a four-year rising trend. The total output volume increased at an average annual rate of +1.4% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations in certain years. The pace of growth appeared the most rapid in 2016 with an increase of 15%. Over the period under review, global production attained the peak volume at 170M units in 2021, and then reduced modestly in the following year.

In value terms, combined refrigerator-freezer production totaled $39.9B in 2022 estimated in export price. In general, production saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 4% against the previous year. Over the period under review, global production reached the peak level at $40.7B in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Production By Country

The country with the largest volume of combined refrigerator-freezer production was China (63M units), comprising approx. 38% of total volume. Moreover, combined refrigerator-freezer production in China exceeded the figures recorded by the second-largest producer, Mexico (15M units), fourfold. Thailand (11M units) ranked third in terms of total production with a 6.4% share.

From 2012 to 2022, the average annual growth rate of volume in China stood at +4.2%. The remaining producing countries recorded the following average annual rates of production growth: Mexico (+5.4% per year) and Thailand (+8.4% per year).

Imports

World Imports of Combined Refrigerators-Freezers

In 2022, after six years of growth, there was significant decline in purchases abroad of combined refrigerators-freezers, when their volume decreased by -17.6% to 45M units. In general, total imports indicated temperate growth from 2012 to 2022: its volume increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 when imports increased by 15%. As a result, imports reached the peak of 54M units, and then fell markedly in the following year.

In value terms, combined refrigerator-freezer imports dropped modestly to $19.3B in 2022. Overall, total imports indicated notable growth from 2012 to 2022: its value increased at an average annual rate of +4.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +54.3% against 2015 indices. The most prominent rate of growth was recorded in 2021 with an increase of 26% against the previous year. As a result, imports reached the peak of $19.7B, and then contracted in the following year.

Imports By Country

The United States represented the main importing country with an import of around 12M units, which resulted at 28% of total imports. It was distantly followed by Japan (2.4M units) and the UK (2.2M units), together achieving a 10% share of total imports. The following importers - Germany (1.4M units), France (1.4M units), the Philippines (1.2M units), Australia (1.2M units), Canada (1.1M units), Italy (1.1M units), Russia (1M units), South Korea (0.9M units), Vietnam (0.9M units) and Spain (0.9M units) - together made up 25% of total imports.

Imports into the United States increased at an average annual rate of +8.7% from 2012 to 2022. At the same time, Vietnam (+58.8%), the Philippines (+21.4%), South Korea (+13.2%), Australia (+7.4%), the UK (+4.7%), Spain (+2.6%) and Italy (+1.7%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing importer imported in the world, with a CAGR of +58.8% from 2012-2022. Japan, Canada and Germany experienced a relatively flat trend pattern. By contrast, Russia (-2.9%) and France (-3.0%) illustrated a downward trend over the same period. From 2012 to 2022, the share of the United States, the Philippines and Vietnam increased by +11, +2.1 and +2.1 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($7.4B) constitutes the largest market for imported combined refrigerators-freezers worldwide, comprising 38% of global imports. The second position in the ranking was taken by Japan ($945M), with a 4.9% share of global imports. It was followed by Germany, with a 3.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value in the United States amounted to +7.5%. The remaining importing countries recorded the following average annual rates of imports growth: Japan (+1.6% per year) and Germany (+3.4% per year).

Import Prices By Country

The average combined refrigerator-freezer import price stood at $431 per unit in 2022, jumping by 19% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the United States ($600 per unit), while the Philippines ($174 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+4.6%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Combined Refrigerators-Freezers

After four years of growth, shipments abroad of combined refrigerators-freezers decreased by -18.5% to 56M units in 2022. Over the period under review, total exports indicated a notable expansion from 2012 to 2022: its volume increased at an average annual rate of +4.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2016 when exports increased by 14% against the previous year. Over the period under review, the global exports attained the maximum at 68M units in 2021, and then contracted significantly in the following year.

In value terms, combined refrigerator-freezer exports fell to $18.2B in 2022. In general, total exports indicated a noticeable expansion from 2012 to 2022: its value increased at an average annual rate of +4.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +54.9% against 2015 indices. The pace of growth appeared the most rapid in 2021 with an increase of 27%. As a result, the exports reached the peak of $19.5B, and then contracted in the following year.

Exports By Country

China was the main exporter of combined refrigerators-freezers in the world, with the volume of exports recording 18M units, which was approx. 33% of total exports in 2022. Mexico (7.2M units) took a 13% share (based on physical terms) of total exports, which put it in second place, followed by Thailand (13%), South Korea (11%) and Turkey (8.2%). The following exporters - Romania (1.7M units), Poland (1.7M units), Italy (1.2M units) and Indonesia (1M units) - together made up 10% of total exports.

Exports from China increased at an average annual rate of +8.6% from 2012 to 2022. At the same time, Thailand (+11.2%), Romania (+8.9%), Turkey (+4.4%), Italy (+3.7%), Poland (+3.3%) and Mexico (+2.0%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing exporter exported in the world, with a CAGR of +11.2% from 2012-2022. Indonesia and South Korea experienced a relatively flat trend pattern. From 2012 to 2022, the share of China and Thailand increased by +12 and +6.1 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($4.8B), China ($4.3B) and South Korea ($2.2B) were the countries with the highest levels of exports in 2022, together accounting for 62% of global exports. Poland, Turkey, Thailand, Italy, Romania and Indonesia lagged somewhat behind, together comprising a further 24%.

Among the main exporting countries, Poland, with a CAGR of +9.8%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average combined refrigerator-freezer export price amounted to $327 per unit, growing by 15% against the previous year. Overall, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 16%. The global export price peaked at $336 per unit in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Poland ($692 per unit), while Thailand ($144 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (+6.2%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform