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 packaging solutions made of expanded polystyrene foam or other rigid foam materials. They are used to maintain the temperature of frozen, chilled or room temperature food and beverages during transport or storage. They are widely used in foodservice, grocery/retail delivery, online food delivery and other logistics applications. Their lightweight and reusable design makes them convenient for camping, picnics, beach activities and more.
Market Dynamics:
Growing demand from food and beverages industry is a key factor driving the foam cooler boxes market. With changing lifestyles, there is significant growth in online food orders, grocery delivery and takeaway food business globally. Foam coolers effectively maintain food temperature during transit, thereby fueling their adoption. In addition, increasing popularity of outdoor recreational activities such as camping, picnics, boating etc. is augmenting the demand for high performance insulated packaging solutions. Rising health consciousness is also propelling the packaged juices, smoothies and RTD beverages sector, which benefits the cooler boxes market. However, limitations regarding capacity and lifespan compared to other hard-shell coolers may restrain the market growth.
SWOT Analysis
Strength: Foam coolers are lightweight and highly durable. Their closed-cell insulation foam keeps contents cooler for longer. Foam coolers come in different sizes and shapes to suit varied needs.
Weakness: Foam coolers lack hard shells and are not as strong as hard-sided coolers. Their insulation is not as effective at maintaining very cold temperatures over extended periods as compared to hard-sided coolers. Foam coolers also tend to get damaged more easily from dents and cracks.
Opportunity: Increasing outdoor recreational activities and travels are driving demand for portable and durable coolers. The growing food delivery and takeaway industry also offers opportunities for foam coolers use.
Threats: Strict regulations around usage of certain foam materials may hamper production. Price competition from cheaper imported coolers also poses a threat. Technology advancements may enable better insulation in hard-sided coolers, threatening foam cooler’s differentiation.
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 and travels. The North American region currently dominates the foam cooler box market owing to large customer base involved in outdoor activities in countries like US and Canada. The market in Asia Pacific is expected to grow at the fastest pace due to rising disposable incomes and growing popularity of outdoor activities in densely populated countries like China and India.
Regional analysis
The North American region holds the largest share in the foam cooler box market currently. This can be attributed to high involvement of people in various outdoor recreational activities such as camping, picnics, fishing etc. in countries like US and Canada. The Asia Pacific region is poised to witness the fastest growth in the foam cooler box market over the forecast period. Factors such as increasing middle class population, rising disposable incomes, and growing interest of people in outdoor recreational activities are fueling the demand for foam coolers in emerging economies of China and India.
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, and Magellan Outdoors. These players are focusing on new product launches and technological innovations to maintain an edge in the competitive market. Yeti is one of the dominant players providing high-quality foam coolers for marine, hunting, tailgating, and outdoor applications.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.