Food Cooler Box Segment Is The Largest Segment Driving The Growth...

Food Cooler Box Segment Is The Largest Segment Driving The Growth Of Foam Cooler Box Market

Posted 2023-11-24 11:00:59

The global Foam Cooler Box Market is estimated to be valued at US$ 2.93 Bn or Mn 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 storage containers used for transporting and preserving food or other perishable items at optimal temperatures. They provide effective insulation for keeping food/drinks cold for several hours without needing ice replenishment. The lightweight and durable foam construction makes them convenient for picnics, outdoor activities, and travel.

Market key trends:
One of the key trends in the foam cooler box market is the rising popularity of hard-sided and soft-sided cooler boxes. Hard-sided coolers offer superior insulation for keeping items cool for longer durations compared to soft-sided variants. Within hard-sided coolers, roto-molded coolers are gaining traction as they are virtually unbreakable and provide insulation up to 5 days. Increased consumer spending on outdoor recreational activities is also fueling the sales of advanced foam coolers with extra features like bottle openers, padded handles for comfort, and TSA-approved locks. Growing health-consciousness and flexible lifestyles have increased the consumption of ready-to-eat meals and beverages, driving demand for portable cold storage solutions.
Market key trends:
One of the key trends in the Global Foam Cooler Box Market is the rising demand for durable and sustainable foam cooler boxes. There has been a growing focus on using environmentally-friendly materials to manufacture these boxes in recent years. Foam coolers made of expanded polystyrene (EPS) or polyethylene (PE) foam provide insulation as well as withstand impacts and prevent punctures better than traditional plastic hard-shell coolers. Their lightweight and durable construction also makes them easier to transport.

SWOT Analysis
Strength: Foam cooler boxes are highly durable and compact. Their insulation capability allows maintaining temperature for longer durations.
Weakness: Foam coolers have limited lifespan and may break down after multiple uses. They also cannot be cleaned or sterilized easily.
Opportunity: Growing popularity of outdoor recreational activities is driving the demand. Innovation in designs catering to specific needs also presents an opportunity.
Threats: Presence of substitutes like traditional plastic hard coolers and availability of low-cost alternatives pose threats. Stringent regulations around EPS foam usage can also impact sales.

Key Takeaways
The global foam cooler box market size was valued at US$ 2.93 Bn in 2023. The market is expected to witness high growth, exhibiting a CAGR of 8.6% over the forecast period, due to the increasing popularity of outdoor recreational activities and picnics/parties.

Regionally, North America dominated the global market in 2023 and is expected to maintain its lead position during the forecast period. This can be attributed to high consumer spending on outdoor recreational activities in the US and Canada.

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, and Stanley. These established brands cater to diverse customer segments with innovating product offerings targeting specific use cases.