According to new market research conducted by Future Market Insights (FMI), sales of foam cooler boxes are anticipated to soar at a 6.6% CAGR, hitting US$ 1.72 billion in 2023. By 2033, the foam cooler box market is projected to exceed US$ 3.26 billion at this compound annual growth rate.
Over the past ten years, the foam cooler box industry has grown significantly in response to customer desire for flexible packaging that is both useful and environmentally benign.
The growth of outdoor activities like as picnics and camping has also aided in the market’s progress. Robust foam cooler boxes are highly sought after due to rising discretionary income levels and the expanding popularity of private label products.
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Adopting foam cooler boxes also has the virtue of large sizes and light weights. Given this, an insulated cooler is not the best choice for separate handles; instead, a foam cooler box is.
A traditional plastic or metal cooler usually does not exist in the same choice of sizes and configurations as a foam cooler box. It’s expected that demand for foam cooler boxes with various handling options will rise.
The food industry prefers foam cooler boxes because they are less expensive than metal and plastic coolers. Food is kept fresher for longer thanks to the foam cooler box’s exceptional insulating capabilities. For the storage of fish products, a foam cooler box is also advised.
The market has benefited from the drive toward sustainable development and environmental friendliness. To address the increased demand for sustainable packaging options, manufacturers are putting a great emphasis on developing foam cooler boxes from eco-friendly materials including recyclable and compostable polyurethane.
Owing to the pharmaceutical sector’s increasing application of foam cooler boxes, the United States is the market leader in this niche. Foam cooler boxes used in pharmaceuticals are expanding at a decadent rate in Europe, particularly in nations like Germany. China is likely to be the top producer and user of foam cooler boxes in the Asia Pacific region and is anticipated to have a big market opportunity during the forecast period.
Key Takeaways
- The market in the United Kingdom is anticipated to rise, exhibiting a CAGR of 5.43% through 2033.
- The United States dominated the market in 2022 holding a 21.2% share of the global market.
- In 2022, Japan held a 4.8% market share globally.
- With a CAGR of 10.11% from 2023 to 2033, India is expected to advance significantly in the market.
- The market in China is expected to proliferate, registering a CAGR of 9.01% over the forecast period.
- Germany accounted for 3.7% of the global market in 2022.
Competitive Landscape:
The top manufacturers of the foam cooler box market are Igloo Products Corporation, The Coleman Company, Inc., Sonoco ThermoSafe, Cool Ice Box Co Ltd, Coldchain Technologies, Inc., Plastilite Corporation, Pelican Products, Inc., MacNeill Pride Group (ORCA), Bison Coolers, RTIC Outdoors LLC, Koolatron US, Aohong Industry Co., Ltd., Rodman Plastics Company Ltd., Carris Pipes & Tubes Pvt. Ltd., and others.
These companies have used several strategies to outperform their rivals. They give top emphasis to innovation, boosting output and quality, providing top-notch customer service, implementing cost-cutting measures, differentiating their products and services, and creating a strong brand identity. By launching new goods, making acquisitions, establishing alliances, restructuring their businesses, and working together, they have increased their client base and revenue.
Market Segmentation
By Capacity:
- Up to 25 Quart
- 26-75 Quart
- Above 150 Quart
By Carrying Method:
- Side Handles
- Lid Handles
- Shoulder Strap
By Material type:
- Expanded Polystyrene
- Expanded Polypropylene
By End-use Industry:
- Food & Beverages
- Pharmaceutical
- Cosmetics & Personal Care
By Region:
- North America
- Latin America
- Europe
- The Middle East and Africa
- East Asia
- South Asia
- Oceania
Recent Developments:
- In November 2022, to lease the revolutionary Pegasus ULD® temperature-controlled bulk shipping container, Sonoco ThermoSafe and Qatar Airways Cargo established a global strategic collaboration. A direct connection to Pegasus ULD® containers from Qatar Airways Cargo is made possible by the arrangement for pharmaceutical freight forwarders. This approach is a subset of Qatar Airways Cargo’s Next Generation strategy.
- In July 2022, Yeti Coolers, LLC launched Roadie 48 and Roadie 60. These two brand-new coolers are the company’s premium mobile hard coolers to existence. These coolers include telescopic trolley handles instead of the Haul’s non-extendable, wagon-style handles, which more accurately represent a transportable carry-on bag.
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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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