The global insulated coolers market is poised for substantial growth, with an expected valuation of US$ 745.1 million in 2023. Government support for outdoor activities and the expansion of e-commerce and food delivery services are driving factors propelling the market forward. Projections indicate a robust Compound Annual Growth Rate (CAGR) of 6.6% between 2023 and 2033, totaling around US$ 1,400 million by 2033.
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Key Market Dynamics:
- Government Support for Outdoor Activities: Government initiatives promoting outdoor activities bolster the overall scope for the insulated coolers market. As outdoor enthusiasts seek to enjoy recreational pursuits, the demand for insulated coolers for storing beverages and perishable goods during outings continues to rise.
- E-commerce and Food Delivery Boom: The expansion of e-commerce and food delivery services has revolutionized consumer behavior and purchasing patterns. With an increasing number of consumers opting for online shopping, there is a growing need for insulated coolers to address the unique challenges posed by transporting perishable goods.
- Ensuring Food Safety and Quality: Maintaining food safety and quality is paramount in the food industry. Insulated coolers offer a reliable solution to preserve the taste, texture, and nutritional value of perishable items during transportation. Advanced insulation materials and technologies help prevent temperature fluctuations, minimizing the risk of spoilage and foodborne illnesses.
- Versatile Applications: E-commerce and food delivery services encompass a wide range of perishable goods, including fresh produce, dairy products, seafood, meats, and ready-to-eat meals. Insulated coolers come in various sizes and designs to accommodate different types of products, ensuring their optimal condition upon arrival.
- Extended Delivery Windows: Delivery times for e-commerce and food delivery services can vary, especially during peak demand periods. Insulated coolers equipped with advanced insulation materials help maintain consistent temperatures over extended delivery windows, ensuring that customers receive their orders in prime condition.
Insulated Cooler – Growth Factors
- Increasing consumer interest towards outdoor activities, particularly in developed economies is a key growth factor.
- Increasing indirect sales through retailers is contributing substantially to market growth.
- Design innovations such as collapsible and foldable coolers are bolstering adoption, supported by superior convenience.
Insulated Cooler – Major Constraints
- Growing environment awareness is hindering adoption of insulated coolers, as most product offerings are produced from plastic.
- Easy availability of affordable and eco-friendly alternatives are hampering market growth.
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The Projected Impact of Coronavirus
The coronavirus outbreak has created a shortage of raw materials, particularly for the massive Chinese supply chain for industrial cooler production. Industrial cooler manufacturers are expected to diversify sources to optimize the supply chain and reduce risks of a concentrated production hub. Further, the drop in outdoor activities during the pandemic will also hurt market prospects in the short term. Recovery is likely to be gradual as fears of the contagion are unlikely to be dispelled in the near future.
Competition Landscape
The insulated cooler market comprises players including but not limited to Yeti Holdings Inc., Stanley, Igloo Products Corp., Koolatron Corp, The Coleman Co., RTIC Coolers, Pelican Products, and Bison Coolers. Market players are investing in inorganic growth strategies and product launches to consolidate market position. For instance, Arctic Zone has revealed new insulated coolers with proprietary antimicrobial technologies.
Key Segments Profiled in the Global Insulated Coolers Market
By Capacity:
- Up to 25 Quart
- 26-75 Quart
- 76-150 Quart
- Above 150 Quart
By Product Type:
- Hard Coolers
- Soft Coolers
By Carrying Capacity:
- Side Handles
- Lid Handle
- Shoulder Strap
- Wheel
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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