The import of refrigerating or freezing furniture to India has shown significant fluctuations from 2013 to 2023, peaking at around 113 thousand in 2013 and dipping to a low of 37.92 thousand in 2015. While there were ups and downs in the subsequent years, the past five years have shown a consistent upward trend, with the value in 2023 standing at 106.42 thousand. The year-on-year variation over the last two years was 1.98% in 2022 and 3.79% in 2023, while the compound annual growth rate (CAGR) over the last five years stood at 1.37%.
Future projections suggest a continuation of growth, with the forecasted value reaching 126.83 thousand by 2028, which corresponds to a projected 5-year CAGR of 2.73% and a total growth rate of 14.44% over the same period.
Future trends to watch include:
- Potential increases in demand for energy-efficient and smart refrigerating or freezing furniture due to rising consumer awareness.
- Changing import policies and trade relations that could impact the supply chain.
- Technological advancements offering innovative features that may attract more imports.
