Updated Jan 11, 2023 16:50

Combined Refrigerator-Freezer Market in Colombia

Market Overview
Please note: Annual data for 2022 are preliminary and subject to revision
In , the Colombian combined refrigerator-freezer market was finally on the rise to reach $ for the first time since 2016, thus ending a five-year declining trend. In general, consumption recorded a relatively flat trend pattern. Over the period under review, the market reached the maximum level at $ in 2013; however, from 2014 to , consumption failed to regain momentum.

In value terms, combined refrigerator-freezer production contracted to $ in estimated in export price. Over the period under review, production saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 with an increase of % against the previous year. Over the period under review, production hit record highs at $ in 2012; however, from 2013 to , production failed to regain momentum.


Consumption
Please note: Annual data for 2022 are preliminary and subject to revision
In , combined refrigerator-freezer consumption in Colombia rose markedly to units, picking up by % against . The total consumption volume increased at an average annual rate of +% from 2007 to ; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. Combined refrigerator-freezer consumption peaked at units in 2013; however, from 2014 to , consumption remained at a lower figure.

The value of the combined refrigerator-freezer market in Colombia rose sharply to $ in , growing by % 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 saw a relatively flat trend pattern. Combined refrigerator-freezer consumption peaked at $ in 2013; however, from 2014 to , consumption failed to regain momentum.


Market Forecast
Please note: Annual data for 2022 are preliminary and subject to revision
Driven by increasing demand for combined refrigerator-freezer in Colombia, 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 +% for the period from to , which is projected to bring the market volume to units by the end of .

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


Market Structure
Please note: Annual data for 2022 are preliminary and subject to revision
In , the share of imports in total consumption accounted for % in value terms and % in physical terms. The share of imports remained relatively constant over the period under review. In , the share of imports in total consumption accounted for % in value terms and % in physical terms. The share of imports increased moderately ( percentage point) over the period under review.


Trade Balance
Please note: Annual data for 2022 are preliminary and subject to revision
Colombia remains a net exporter of combined refrigerator-freezer; in physical and value terms, exports consistently exceeded imports from 2007 to . In , there was a significant trade surplus of units, which was equal to $. This tangible trade surplus reflects the fact that the market remains buoyed by domestic production, and the industry is highly incorporated into the global market, which is likely to continue in the medium term.