Wilmington, Delaware, United States, April 13, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The research report by TMR discusses the developments in the global cooler box. According to the TMR market report, the global market was worth US$ 5.2 Bn in 2022 and is expected to reach a value of US$ 13.4 Bn by end of 2031.
A Cooler box can be termed as a portable freezer box. Cooler boxes are used to store beverages such as water, aerated drink, beer, etc. They are specifically designed to retain the freshness of food and beverages stored inside them. Additionally, these boxes are lightweight and portable.
Increase in research activities to develop novel shapes, designs, and sizes of cooler boxes is a key factor that is anticipated to boost the cooler box market during the forecast period. This factor is likely to offer growth opportunities for the cooler box market during the forecast period of 2022-2031.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | USD 5.2 Bn | |
| Estimated Value | USD 13.4 Bn | |
| Growth Rate - CAGR | 11.2% | |
| Forecast Period | 2023–2031 | |
| No. of Pages | 160 Pages | |
| Market Segmentation | Type, Material, Capacity (Liters), Price, End-use Industry, Distribution Channel | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | B Medical Systems, Bison Coolers, Cold Chain Technologies, Inc., Coleman Company, Inc., Cool Ice Box Company Ltd., Feurer GmbH, Grizzly Industrial, Inc., Koolatron, Softbox Systems Ltd., Wild Coolers | |
Cooler Box Market: Growth Drivers
- Consumer inclination toward outdoor leisure activities including fishing, rafting, and mountain climbing has gained momentum. Outdoor activities came to a halt during the onset of the COVID-19 pandemic. However, the relaxation of restrictions led to increased outings and leisure activities, which opened new growth opportunities for the global industry.
- The food and beverage sector faces considerable challenges during transportation. Major issues involve food safety, environmental sustainability, storage, and handling. Food products need to be stored at a certain temperature during transportation. Exposure to heat can result in spoilage of the product. Cooler boxes efficiently manage the temperature and store the food without wastage. Thus, the market demand for cooler boxes has increased considerably in the last few years.
- Government bodies of various countries are promoting sustainable products as a result of rising environmental concerns. The packaging industry has to follow stringent rules regarding materials used during transportation, which may ultimately bring significant growth to the cooler box market.
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Key Findings of Cooler Box Market
- In terms of type, the reusable segment is anticipated to advance at a rapid growth rate due to its cost-efficiency and durability as compared to disposable cooler boxes. Extensive usage of reusable boxes for transportation in the pharmaceutical industry, as they retain the required temperature, is boosting the demand for reusable cooler boxes.
- Based on material, the foam segment is expected to grow considerably owing to the beneficial properties of foam, such as low thermal conductivity and efficiency in insulation. Foam cooler boxes require less space and are cost-effective, which has made them popular among end-users.
- The online distribution channel is projected to witness potential growth as a result of expansion of the e-commerce sector. Furthermore, the availability of various brands that cater to diverse user requirements are anticipated to further fuel the segment.
Cooler box Market: Regional Analysis
The cooler box market in North America is expanding as a result of a rise in leisure activities in the region. Asia Pacific is anticipated to account for a prominent market share. Presence of well-established manufacturers in countries such as India and China, the accessibility of cutting-edge technologies coupled with the rise in spending capacity of individuals has led to increase in leisure activities, which is anticipated to augment the market growth in the coming years.
Cooler box Market: Competitive Scenario
Research and development activities are presently being undertaken to develop an efficient, cost-effective, and eco-friendly cooler box. Additionally, this research aims to develop an affordable portable cooler box that uses affordable phase change materials alloyed with thermal storage materials to replace conventional coolers.
Novel product launches has helped the companies to appeal to a wider customer base and increase their market share. Furthermore, the startups are helping to drive innovation and growth and are expected to play an important role in promoting market growth in the coming years. Many startups are focusing on sustainability and are introducing cooler boxes that are environment-friendly and biodegradable. This has helped them to appeal to a growing number of consumers who are becoming more conscious about the impact on the environment. Hence, the global market is estimated to witness exponential growth.
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Key players operating in the market are
- Bison Coolers
- Cool Ice Box Company
- Koolatron
- Wild Coolers
- Grizzly Industrial
- Cold chain Technologies Inc
- Feurer GmbH
- Colemon Company Inc
Cooler Box Market: Segmentation
Type
- Disposable
- Reusable
- Electric
- Non-electric
Material
- Metal
- Plastic
- Foam
- Others
Capacity (Liters)
- Less than 10 L
- 10L -40 L
- 41L-80L
- Above 80 L
Price
- Low
- Medium
- High
End-use Industry
- Residential/Individual
- Commercial
- Pharmaceuticals
- Food & Beverages
- Others (Cosmetics, Personal Care, etc)
Distribution Channel
- Online
- Company owned Websites
- E-commerce Websites
- Offline
Supermarket/Hypermarket
- Specialty stores
- Other retail stores
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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