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. fueled by the expansion of e-commerce and food delivery services, alongside increasing government support for outdoor activities.
Report Highlights: Important Revelations
- Expected CAGR (2023-2033): The insulated coolers market is anticipated to record a CAGR of 6.6%.
- Market Size by 2033: The market is estimated to reach US$ 1,400 million by 2033.
- Drivers of Market Growth: E-commerce and food delivery services are key factors driving market expansion.
- Current Market Valuation (2023): The market is estimated to be valued at US$ 745.1 million.
- Key Asian Countries: India, Japan, and China are prominent players in the Asian insulated cooler market.
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Key Market Drivers:
- Expansion of E-Commerce and Food Delivery Services:
- The rapid growth of e-commerce and food delivery services has significantly influenced consumer behavior, leading to a heightened demand for insulated coolers. As consumers increasingly prefer online shopping for groceries, prepared meals, and other perishable goods, the need for reliable temperature-controlled transportation solutions has surged. Insulated coolers ensure that these perishable items maintain their quality and freshness upon delivery, offering convenience and efficiency for both consumers and service providers.
- Maintaining Food Safety and Quality:
- Food safety and quality are paramount in the food industry. Insulated coolers play a crucial role in preserving the taste, texture, and nutritional value of perishable items during transportation. By controlling temperature fluctuations, insulated coolers help prevent spoilage and foodborne illnesses, thereby enhancing customer satisfaction and trust.
- Versatility and Advanced Insulation:
- Insulated coolers come in various sizes and designs to accommodate a wide range of perishable goods, including fresh produce, dairy products, seafood, meats, and ready-to-eat meals. Equipped with advanced insulation materials and technologies, these coolers maintain consistent temperatures over extended delivery windows, ensuring products arrive in prime condition even during peak demand periods.
Insulated Cooler – Growth Factors
- Increasing consumer interest in 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 environmental 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 shortly.
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 Industry
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
About Future Market Insights (FMI)
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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