Updated Jan 11, 2023 17:19

Combined Refrigerator-Freezer Market in Mexico

Market Overview
In , after four years of growth, there was significant decline in the Mexican combined refrigerator-freezer market, when its value decreased by -% to $. Over the period under review, consumption showed a relatively flat trend pattern. Over the period under review, the market attained the peak level at $ in 2010; however, from 2011 to , consumption failed to regain momentum.

In value terms, combined refrigerator-freezer production reached $ in estimated in export price. Over the period under review, production, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 when the production volume increased by %. Over the period under review, production reached the peak level at $ in ; afterwards, it flattened through to .


Consumption
In , the amount of combined refrigerators-freezers consumed in Mexico contracted notably to units, with a decrease of -% on the previous year. In general, consumption, however, recorded a temperate expansion. Over the period under review, consumption reached the peak volume at units in 2010; however, from 2011 to , consumption stood at a somewhat lower figure.

The value of the combined refrigerator-freezer market in Mexico fell sharply to $ in , waning 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). Over the period under review, consumption continues to indicate a relatively flat trend pattern. Combined refrigerator-freezer consumption peaked at $ in 2010; however, from 2011 to , consumption remained at a lower figure.


Market Forecast
The combined refrigerator-freezer market is expected to start a downward consumption trend over the next eight years. The performance of the market is forecast to decrease slightly, with an anticipated CAGR of -% for the eight-year period from to , which is projected to depress the market volume to units by the end of .

In value terms, the market is forecast to contract 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
Over the period under review, imports of combined refrigerator-freezer in Mexico were negligibly small compared to the production volumes. Therefore, the share of imports in the total market was practically nonexistent, both in volume and in value terms. This situation has remained constant over the period under review, which means that domestic producers entirely meet the domestic demand for combined refrigerator-freezer. 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
Mexico 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.