NEWARK, Del, Feb. 06, 2023 (GLOBE NEWSWIRE) -- 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.
In response to growing consumer demand for practical and environment-friendly flexible packaging, the foam cooler box market has experienced significant growth over the past decade.
The rise of outdoor recreation like camping and picnics has also contributed to the market's expansion. Great-quality foam cooler boxes are in high demand as a result of high disposable income and the growing trend of private labels.
The availability of huge sizes in light weights is one further benefit of adopting foam cooler boxes. In light of this, a foam cooler box is more appropriate for discrete handles than an insulated cooler.
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A foam cooler box comes in a range of sizes and configurations that are typically not offered by a conventional plastic or metal cooler. Demand is anticipated to increase for foam cooler boxes that can be handled differently.
Since foam cooler boxes are more affordable than metal and plastic coolers, the food sector favors them. Exceptional insulation potentials are supplied by the foam cooler box, which aids in keeping food fresh for a long time. A foam cooler box is also recommended for storing seafood goods.
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.
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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.
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.
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
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Table of Content
1. Executive Summary | Foam Cooler Box Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
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About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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