 |
| Global Foam Cooler Box Market |
The Foam Cooler Box Market is estimated to be valued at US$ 2.93 Bn in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period
2023 to 2030, as highlighted in a new report published by Coherent Market
Insights.
Market Overview:
Foam cooler boxes are insulated portable containers made of expanded
polystyrene foam that are used for storing and transporting food, drinks and
other perishable items while maintaining the desired low temperature. They are
lightweight, durable and offer long-lasting insulation performance. Foam cooler
boxes find wide usage in food delivery, outdoor activities such as camping,
picnics, and fishing. They offer an affordable and eco-friendly alternative to
traditional hard-shell coolers.
Market Dynamics:
The foam cooler boxes market is primarily driven by the growing online food
delivery industry. With rising health awareness and busy lifestyles, consumers
are increasingly ordering food online which needs to be delivered within a
specified temperature range. Foam cooler boxes being portable and
cost-effective are widely used for online food delivery. Additionally, the
growing popularity of outdoor recreational activities such as camping, picnics,
fishing etc. is also fueling the demand for foam cooler boxes. These are
preferred over traditional hard coolers for their lightweight and easy
portability features. Furthermore, foam cooler boxes have a lesser
environmental impact as compared to hard plastic coolers due to their
recyclable structure and biodegradable properties, thereby gaining significant
traction. However, the availability of substitutes such as traditional hard
coolers and soft coolers impedes the growth of foam cooler boxes to some
extent. Innovation in designs with better insulation performance and
introduction of GPS enabled cooler boxes presents new opportunities for market
expansion over the forecast period.
Segment Analysis
The Global
Foam Cooler Box Market is dominated by portable coolers segment.
Portable coolers have built-in handles and wheels which makes them easy to
carry and transport. They occupy less space as compared to hard-sided coolers.
With growing outdoor recreational activities and picnics, demand for
lightweight and convenient portable coolers is increasing significantly.
PEST Analysis
Political: There are no major political risks impacting the foam cooler box
market globally.
Economic: The growing middle-class population and disposable income in
developing countries is driving higher consumption of recreational outdoor
products including foam coolers.
Social: Changing lifestyle with increasing outdoor recreational activities such
as hiking, camping, and picnics is increasing the demand for foam coolers for
food storage and beverage cooling.
Technological: Advancements in foam technology have improved insulation
properties allowing these coolers to remain cool for over 5 days without
re-icing. Some coolers also have features such as leak-proof design.
Key Takeaways
The global foam cooler box market is expected to witness high growth,
exhibiting CAGR of 8.6% over the
forecast period, due to increasing outdoor recreational activities. The market
size for 2023 is US$ 2.93 Bn.
Regional analysis: North America accounts for the largest share in the global
foam cooler box market currently. However, Asia Pacific region is expected to
witness fastest growth led by China, India, and other Southeast Asian
countries. This can be attributed to rising middle-class population, increasing
outdoor recreational activities, and hot weather conditions necessitating
coolers.
Key players: Key players operating in the foam cooler box market are YETI,
Igloo, Coleman, Rubbermaid, Grizzly, Engel, Bison Coolers, ORCA, Pelican, Polar
Bear Coolers, AO Coolers, Kula Coolers, IceMule, RTIC, Canyon Coolers,
OtterBox, Kysek, Magellan Outdoors, Everest, Stanley. YETI holds a significant
share led by its premium product portfolio and strong brand loyalty among
outdoor enthusiasts. Coleman and Igloo are other leading players with varied
product offerings at different price points.
Read more:
https://www.rapidwebwire.com/foam-cooler-box-market-scope