As per a recent market analysis by Future Market Insights (FMI), sales of foam cooler boxes are forecasted to surge at a 6.6% CAGR, reaching US$ 1.72 billion in 2023. With this Compound annual growth rate, the foam cooler box market is expected to reach US$ 3.26 billion by 2033.
Increasing development of vaccines, lifesaving drugs, and other essential pharmaceutical ingredients improved the demand for temperature-controlled products for safe transportation. Hence, the outbreak of COVID-19 and need for safe packaging solutions have stimulated the demand for foam cooler boxes.
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Rising awareness regarding preservation of food items to increase their shelf lives and decrease the overall wastage is encouraging manufacturers to opt for foam cooler boxes. Improper storage and transportation facilities might results in damaged food products, causing losses in the food industry.
As consumers are demanding fresh food to be delivered to their doorsteps, leading food brands and suppliers are increasing the adoption of foam cooler boxes to offer a longer shelf life.
Foam cooler boxes will therefore remain highly sought-after for packaging in dairy products, frozen meat, seafood and other such items including fruits & vegetables.
Key Takeaways from Foam Cooler Box Market
- The foam cooler boxes having a capacity of above 150 Quart are anticipated to register growth at 8.1% CAGR between 2021 and 2031.
- Large-sized foam cooler boxes are gaining traction among exporters and supply chain partners, due to a decrease in overall transportation and packaging costs incurred by key end-users.
- Presence of leading pharmaceutical companies along with increasing production of COVID-19 vaccines in the U.S. are accelerating demand for foam cooler boxes. The U.S. is projected to offer a total incremental opportunity of US$ 211 Million over the upcoming decade.
- Sales of foam cooler boxes made up of polyurethane are estimated to grow by 1.9X compared to 2020 market value over the forecast period.
- Germany will account for 15.3% of total sales of foam cooler boxes across the Europe foam cooler box market.
- In terms of end-use, pharmaceutical industry offers incremental opportunity of US$ 704 Million between 2021 and 2031.
“Surging adoption of frozen food items and focus on development of pharmaceutical drugs are stimulating the demand for foam cooler boxes across the globe. Manufacturers are offering disposable and re-usable product options for foam cooler boxes, creating billion dollar sales opportunities in the market,” – says FMI analyst.
Key Players Operating in the Market
- Igloo Products Corporation
- 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.
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Foam Cooler Box Market by Category
By Capacity:
- Up to 25 Quart
- 26-75 Quart
- 76-150 Quart
- Above 150 Quart
By Carrying Method:
- Side Handles
- Lid Handles
- Shoulder Strap
- Wheel
By Material type:
- Expanded Polystyrene
- Expanded Polypropylene
- Polyurethane
- Closed-cell Polyethylene
By End Use Industry:
- Food & Beverages
- Pharmaceutical
- Cosmetics & Personal Care
- Chemical
- Others
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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