Republic of Korea - Refrigerators And Freezers - Market Analysis, Forecast, Size, Trends and Insights
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View PricingRefrigerator and Freezer Price in South Korea - 2022
Contents:
- Refrigerator and Freezer Price in South Korea (FOB) - 2022
- Refrigerator and Freezer Price in South Korea (CIF) - 2022
- Refrigerator and Freezer Exports in South Korea
- Refrigerator and Freezer Imports in South Korea
Refrigerator and Freezer Price in South Korea (FOB) - 2022
In 2022, the average refrigerator and freezer export price amounted to $370 per unit, jumping by 32% against the previous year. Overall, the export price, however, recorded a noticeable contraction. The most prominent rate of growth was recorded in 2018 an increase of 37%. Over the period under review, the average export prices reached the peak figure at $485 per unit in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.
Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the countries with the highest prices were the United States ($370 per unit) and Canada ($369 per unit), while the average price for exports to France ($369 per unit) and Australia ($369 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 France (+1.3%), while the prices for the other major destinations experienced a decline.
Refrigerator and Freezer Price in South Korea (CIF) - 2022
In 2022, the average refrigerator and freezer import price amounted to $359 per unit, picking up by 5.6% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.3%. The most prominent rate of growth was recorded in 2021 when the average import price increased by 8.8% against the previous year. The import price peaked in 2022 and is expected to retain growth in years to come.
Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Thailand ($399 per unit) and Indonesia ($399 per unit), while the price for Vietnam ($335 per unit) and China ($355 per unit) were amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+8.8%), while the prices for the other major suppliers experienced more modest paces of growth.
Refrigerator and Freezer Exports in South Korea
In 2022, shipments abroad of refrigerators and freezers decreased by -38.8% to 6M units for the first time since 2018, thus ending a three-year rising trend. Overall, exports, however, posted a resilient expansion. The pace of growth was the most pronounced in 2021 with an increase of 59% against the previous year. As a result, the exports reached the peak of 9.9M units, and then shrank dramatically in the following year.
In value terms, refrigerator and freezer exports contracted remarkably to $2.2B in 2022. Over the period under review, total exports indicated a strong expansion from 2019 to 2022: its value increased at an average annual rate of +14.1% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +48.4% against 2019 indices. The pace of growth appeared the most rapid in 2021 when exports increased by 47%. As a result, the exports reached the peak of $2.8B, and then reduced dramatically in the following year.
Export of Refrigerator and Freezer in South Korea (Million USD) | |||||
---|---|---|---|---|---|
COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
United States | 1,178 | 1,559 | 2,349 | 1,851 | 16.3% |
Canada | 35.3 | 60.3 | 108 | 124 | 52.0% |
Australia | 51.0 | 54.1 | 69.1 | 53.8 | 1.8% |
Others | 239 | 213 | 241 | 202 | -5.5% |
Total | 1,503 | 1,885 | 2,768 | 2,230 | 14.1% |
Top Export Markets for Refrigerator and Freezer from South Korea in 2022:
- United States (5.0M units)
- Canada (0.3M units)
- Australia (0.1M units)
Refrigerator and Freezer Imports in South Korea
In 2022, overseas purchases of refrigerators and freezers decreased by -10.8% to 1.4M units for the first time since 2018, thus ending a three-year rising trend. The total import volume increased at an average annual rate of +1.3% over the period from 2019 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2020 with an increase of 14% against the previous year. Over the period under review, imports attained the peak figure at 1.6M units in 2021, and then fell in the following year.
In value terms, refrigerator and freezer imports declined to $504M in 2022. The total import value increased at an average annual rate of +9.0% from 2019 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2020 when imports increased by 23% against the previous year. Over the period under review, imports reached the peak figure at $536M in 2021, and then shrank in the following year.
Import of Refrigerator and Freezer in South Korea (Million USD) | |||||
---|---|---|---|---|---|
COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
China | 260 | 354 | 398 | 374 | 12.9% |
Thailand | 34.1 | 32.9 | 43.5 | 37.6 | 3.3% |
Indonesia | 53.0 | 50.4 | 44.0 | 32.5 | -15.0% |
Vietnam | 14.7 | 21.6 | 26.2 | 27.8 | 23.7% |
United States | 6.9 | 6.9 | 8.6 | 20.2 | 43.1% |
Others | 21.0 | 15.3 | 15.9 | 12.1 | -16.8% |
Total | 390 | 481 | 536 | 504 | 8.9% |
Top Suppliers of Refrigerator and Freezer to South Korea in 2022:
- China (1055.2K units)
- Thailand (94.2K units)
- Vietnam (83.0K units)
- Indonesia (81.5K units)
- United States (55.6K units)
This report provides an in-depth analysis of the refrigerator and freezer market in Republic of Korea. 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:
- South Korea
Data coverage:
- Market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Trade (exports and imports) in Republic of Korea
- 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.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
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2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- MARKET STRUCTURE
- TRADE BALANCE
- PER CAPITA CONSUMPTION
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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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- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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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
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption In 2012-2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
- Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
- Trade Balance, In Physical Terms, 2012-2023
- Trade Balance, In Value Terms, 2012-2023
- Per Capita Consumption, 2012-2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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