According to research by Future Market Insights, the market for insulated bins is expected to grow at a CAGR of 5.5% over the forecast period, reaching a valuation of US$ 11.3 billion by the year 2033 from its current value of US$ 6.6 billion in 2023. The top 3 nations are anticipated to control between 35 and 40 percent of the global market for insulated bin sales by the end of 2023.
The demand for insulated bins among food businesses is driven by the rising awareness of maintaining the right temperature during the transportation of temperature-sensitive food products. Food goods’ freshness and quality are preserved throughout transportation with the use of insulated bins. Insulated bins have become more and more popular as online food delivery services have grown. Between the years 2023 to 2033, the food and beverage sector is anticipated to rise by 1.6 times its current market value.
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The need for insulated bins is driven by the end-use industries’ growth in demand for protective packing containers. The market for insulated bins is anticipated to grow at a CAGR of 5.5% from 2017 to 2033, reaching a value of US$ 6.6 billion.
The market for insulated bins is anticipated to have a profitable growth outlook throughout the anticipated time frame. According to a recent estimate, sales of insulated bins would increase between 2023 and 2033, creating a lucrative incremental growth opportunity of US$ 5.0 billion.
The market for insulated bins is projected to increase by 1.7 times its current market value during the forecast period due to the increased adoption of advanced technology.
What are the Recent Innovations by the Manufacturers Creating Growth Opportunities for Insulated Bins Market?
The insulated bins are made available with IoT capabilities, such as sensors, GPS tracking and automated systems, which can be used for temperature monitoring, inventory management, and tracking the location of the bin which is also known as an Smart Insulated Bins.
The manufacturers are developing insulated bins that use biodegradable insulation materials, which can help reduce environmental impact. Also, the manufacturers are developing insulated bins that can be easily collapsed or folded down for storage and transportation, making them more convenient and space-efficient, known as collapsible insulated bins.
There are insulated bins that are equipped with automated systems such as opening and closing system, which can be controlled remotely which is called automated insulated bins. The development of advanced technology enabled and innovative insulated bins by the manufacturers creates growth opportunity for the target market.
Competitive Landscape
- The players operating in the insulated bins market are aiming at introducing new technology within insulated bins which is grabbing attention of the end use industries. Some of the development by the key players are:
- In June 2022, Sepals Iceland EHF (Rotovia) acquired the rotational molding activities of Berry Global Inc. which will help the company to expand its footprint.
- In May 2022, Cryopak expanded its capabilities by opening a new facility in Atlanta to meet the demand of its Southeast customers.
- In February 2022, Cascades Inc. expanded its facility for isothermal packaging and launched new products under its northbox® brand of insulated boxes for fresh foods.
- In March 2021, DACO Corporation Introduced corrugated fresh seafood shippers are waxed to assist in shipping your seafood or produce to retain the water and ice packaged within them. This way our product will be mean to stay cool and at the optimal temperatures for desired freshness.
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Insulated Bins Market by Category
By Material, Insulated Bins market is segmented as:
- Polyethylene (PE)
- Polyurethane (PU)
By Capacity, Insulated Bins market is segmented as:
- Less than 100 gallons
- 100 to 400 gallons
- More than 400 gallons
By End Use, Insulated Bins market is segmented as:
- Food & Beverages
- Pharmaceutical
- Chemicals
By Region, Insulated Bins market is segmented as:
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Western Europe
- Eastern Europe
- Central Asia
- Russia & Belarus
- Balkan Countries
- Baltic Countries
- Middle East & Africa
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Queries Solved
- What is the size of the overall Insulated Bins Market in the Packaging Industry and its segments?
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- What are the key market players focusing on?
- What are the strategies for growth adopted by the key players in Insulated Bins Market in the Packaging Industry?
- What are the recent trends in Insulated Bins Market in the Packaging Industry? (M&A, partnerships, new product developments, expansions)?
- What are the challenges to the Insulated Bins Market in the growth of the Packaging Industry?
- What are the key market trends impacting the growth of the Insulated Bins Market in the Packaging Industry?
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.
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