Refrigerator and Freezer Market

The global refrigerator and freezer market is predicted to show growth in both consumption and production over the next eight years. By 2030, the market volume is expected to reach 408M units, with a market value of $121.7B. China leads both in consumption and production, while the United States ranks high in imports. Household refrigerators and freezers are the key products in both exports and imports, with combined refrigerators-freezers showing notable growth rates in production and exports. Import prices rose in 2022, with combined refrigerators-freezers commanding the highest prices. The trend towards growth is expected to continue in the global refrigerator and freezer market.

Market Forecast

Driven by increasing demand for refrigerators and freezers worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +1.7% for the period from 2022 to 2030, which is projected to bring the market volume to 408M units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of -0.0% for the period from 2022 to 2030, which is projected to bring the market value to $121.7B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Refrigerators and Freezers

In 2022, consumption of refrigerators and freezers increased by 1.2% to 355M units, rising for the fourth year in a row after two years of decline. 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 being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2016 with an increase of 7.2% against the previous year. Global consumption peaked in 2022 and is likely to see gradual growth in the immediate term.

The global refrigerator and freezer market value rose to $121.7B in 2022, increasing by 4.9% 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 +1.1% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. As a result, consumption reached the peak level of $134.3B. From 2018 to 2022, the growth of the global market remained at a lower figure.

Consumption By Country

China (120M units) constituted the country with the largest volume of refrigerator and freezer consumption, 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 (34M units), threefold. India (26M units) ranked third in terms of total consumption with a 7.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China stood at +2.4%. In the other countries, the average annual rates were as follows: the United States (+1.9% per year) and India (+1.1% per year).

In value terms, China ($16.8B), the United States ($13.4B) and Turkey ($8.5B) constituted the countries with the highest levels of market value in 2022, with a combined 32% share of the global market.

Turkey, with a CAGR of +4.7%, recorded the highest growth rate of market size among the main consuming countries 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 refrigerator and freezer per capita consumption in 2022 were the United States (103 units per 1000 persons), Japan (100 units per 1000 persons) and Mexico (94 units per 1000 persons).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Mexico (with a CAGR of +4.6%), while consumption for the other global leaders experienced more modest paces of growth.

Consumption By Type

The products with the highest volumes of consumption in 2022 were household refrigerators and freezers (not combined) (202M units) and combined refrigerators-freezers (154M units).

From 2012 to 2022, the biggest increases were recorded for combined refrigerators-freezers (with a CAGR of +1.1%).

In value terms, the largest types of refrigerators and freezers in terms of market size were combined refrigerators-freezers ($45.6B) and household refrigerators and freezers (not combined) ($41B).

In terms of the main consumed products, household refrigerators and freezers (not combined), with a CAGR of +0.9%, recorded the highest rates of growth with regard to market size over the period under review.

Production

World Production of Refrigerators and Freezers

In 2022, after four years of growth, there was decline in production of refrigerators and freezers, when its volume decreased by -1.2% to 373M units. The total output 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. The pace of growth appeared the most rapid in 2016 with an increase of 6.3%. Over the period under review, global production reached the maximum volume at 377M units in 2021, and then contracted in the following year.

In value terms, refrigerator and freezer production reduced slightly to $81.6B in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 16% against the previous year. Global production peaked at $106.5B in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Production By Country

China (175M units) constituted the country with the largest volume of refrigerator and freezer production, comprising approx. 47% of total volume. Moreover, refrigerator and freezer production in China exceeded the figures recorded by the second-largest producer, India (25M units), sevenfold. Mexico (19M units) ranked third in terms of total production with a 5% share.

From 2012 to 2022, the average annual growth rate of volume in China amounted to +3.3%. In the other countries, the average annual rates were as follows: India (+0.6% per year) and Mexico (+3.2% per year).

Production By Type

The products with the highest volumes of production in 2022 were household refrigerators and freezers (not combined) (209M units) and combined refrigerators-freezers (165M units).

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the key produced products, was attained by combined refrigerators-freezers (with a CAGR of +1.4%).

In value terms, household refrigerators and freezers (not combined) ($41.9B) and combined refrigerators-freezers ($39.9B) constituted the products with the highest levels of production in 2022.

In terms of the main produced products, household refrigerators and freezers (not combined), with a CAGR of +0.6%, recorded the highest rates of growth with regard to market size over the period under review.

Imports

World Imports of Refrigerators and Freezers

In 2022, purchases abroad of refrigerators and freezers decreased by -13.1% to 95M units for the first time since 2015, thus ending a six-year rising trend. In general, total imports indicated a temperate expansion from 2012 to 2022: its volume increased at an average annual rate of +3.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2020 with an increase of 17% against the previous year. Global imports peaked at 109M units in 2021, and then contracted in the following year.

In value terms, refrigerator and freezer imports reduced slightly to $29B in 2022. The total import value increased at an average annual rate of +3.7% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 25% against the previous year. As a result, imports attained the peak of $29.8B, and then fell modestly in the following year.

Imports By Country

In 2022, the United States (21M units) represented the largest importer of refrigerators and freezers, creating 22% of total imports. It was distantly followed by the UK (4.8M units), comprising a 5% share of total imports. Germany (4.1M units), France (3.7M units), Japan (3.1M units), the Netherlands (2.4M units), Russia (2.3M units), Canada (2.1M units), Italy (2.1M units), Australia (2M units), the United Arab Emirates (2M units), Spain (1.9M units) and Iraq (1.7M units) followed a long way behind the leaders.

Imports into the United States increased at an average annual rate of +7.7% from 2012 to 2022. At the same time, the United Arab Emirates (+8.8%), Australia (+6.4%), Iraq (+6.4%), the Netherlands (+4.0%), Germany (+3.0%), Canada (+1.7%), the UK (+1.5%), Spain (+1.2%) and Japan (+1.1%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing importer imported in the world, with a CAGR of +8.8% from 2012-2022. Russia and Italy experienced a relatively flat trend pattern. By contrast, France (-2.6%) illustrated a downward trend over the same period. The United States (+7.6 p.p.) significantly strengthened its position in terms of the global imports, while France saw its share reduced by -3.1% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($8.8B) constitutes the largest market for imported refrigerators and freezers worldwide, comprising 30% of global imports. The second position in the ranking was taken by Germany ($1.3B), with a 4.5% share of global imports. It was followed by Japan, with a 3.9% share.

In the United States, refrigerator and freezer imports increased at an average annual rate of +7.7% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Germany (+3.1% per year) and Japan (+2.0% per year).

Imports By Type

In 2022, household refrigerators and freezers (not combined) (50M units), followed by combined refrigerators-freezers (45M units) were the key types of refrigerators and freezers, together generating 100% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key imported products, was attained by combined refrigerators-freezers (with a CAGR of +3.5%).

In value terms, the largest types of imported refrigerators and freezers were combined refrigerators-freezers ($19.3B) and household refrigerators and freezers (not combined) ($9.7B).

Among the main imported products, combined refrigerators-freezers, with a CAGR of +4.4%, saw the highest growth rate of the value of imports, over the period under review.

Import Prices By Type

The average refrigerator and freezer import price stood at $306 per unit in 2022, picking up by 12% against the previous year. In general, the import price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the average import price increased by 14%. Over the period under review, average import prices reached the maximum in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major imported products. In 2022, the product with the highest price was combined refrigerators-freezers ($431 per unit), while the price for household refrigerators and freezers (not combined) stood at $194 per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by combined refrigerator-freezer (+0.9%).

Import Prices By Country

The average refrigerator and freezer import price stood at $306 per unit in 2022, rising by 12% against the previous year. In general, the import price showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the average import price increased by 14%. Global import price peaked in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was the United States ($418 per unit), while Iraq ($187 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+2.6%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Refrigerators and Freezers

In 2022, after six years of growth, there was significant decline in shipments abroad of refrigerators and freezers, when their volume decreased by -16.8% to 113M units. Overall, total exports indicated moderate growth from 2012 to 2022: its volume increased at an average annual rate of +3.0% 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 2020 with an increase of 23% against the previous year. Over the period under review, the global exports attained the maximum at 136M units in 2021, and then shrank notably in the following year.

In value terms, refrigerator and freezer exports reduced to $27.5B in 2022. The total export value increased at an average annual rate of +3.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 24% against the previous year. As a result, the exports attained the peak of $29.7B, and then declined in the following year.

Exports By Country

China represented the major exporting country with an export of about 55M units, which accounted for 49% of total exports. Thailand (11M units) ranks second in terms of the total exports with a 9.5% share, followed by Turkey (6.7%), Mexico (6.6%) and South Korea (5.4%). The following exporters - Italy (2.4M units), Poland (2.4M units), Romania (2.3M units) and Germany (2.1M units) - each recorded an 8.2% share of total exports.

Exports from China increased at an average annual rate of +5.6% from 2012 to 2022. At the same time, Thailand (+6.9%), Romania (+5.0%), Turkey (+1.5%) and Poland (+1.3%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing exporter exported in the world, with a CAGR of +6.9% from 2012-2022. Mexico and Italy experienced a relatively flat trend pattern. By contrast, South Korea (-1.0%) and Germany (-4.9%) illustrated a downward trend over the same period. While the share of China (+11 p.p.) and Thailand (+2.9 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of Mexico (-1.6 p.p.), Germany (-2.3 p.p.) and South Korea (-2.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($7.9B), Mexico ($4.9B) and South Korea ($2.2B) were the countries with the highest levels of exports in 2022, together accounting for 55% of global exports. Thailand, Turkey, Poland, Germany, Italy and Romania lagged somewhat behind, together accounting for a further 27%.

In terms of the main exporting countries, Poland, with a CAGR of +7.4%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Exports By Type

In 2022, household refrigerators and freezers (not combined) (57M units), followed by combined refrigerators-freezers (56M units) were the key types of refrigerators and freezers, together creating 100% of total exports.

From 2012 to 2022, the biggest increases were recorded for combined refrigerators-freezers (with a CAGR of +4.0%).

In value terms, the largest types of exported refrigerators and freezers were combined refrigerators-freezers ($18.2B) and household refrigerators and freezers (not combined) ($9.3B).

Combined refrigerators-freezers, with a CAGR of +4.3%, saw the highest growth rate of the value of exports, in terms of the main exported products over the period under review.

Export Prices By Type

The average refrigerator and freezer export price stood at $244 per unit in 2022, rising by 11% against the previous year. In general, the export price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of 19% against the previous year. Over the period under review, the average export prices attained the peak figure at $249 per unit in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exported products. In 2022, the product with the highest price was combined refrigerators-freezers ($327 per unit), while the average price for exports of household refrigerators and freezers (not combined) totaled $163 per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by combined refrigerator-freezer (+0.3%).

Export Prices By Country

The average refrigerator and freezer export price stood at $244 per unit in 2022, with an increase of 11% against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 19%. The global export price peaked at $249 per unit in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Mexico ($659 per unit), while China ($143 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (+6.0%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform