Insulated cooler manufacturers continue to invest in material and design innovations, largely aimed towards boosting convenience of operations for the consumer to edge out the competition
DUBAI, UAE / ACCESSWIRE / July 23, 2020 / The insulated coolers market is projected to reach a valuation of US$ 800 Mn by 2025. The market is witnessing a slump in demand with the ongoing coronavirus outbreak. Disruptions in the Chinese supply chains, in addition to the drop in outdoor excursions by consumers during the lockdown period are expected to continue restraining market developments throughout the duration of the pandemic.
"Strong demand for packaged cosmetics, medicines, and food & beverage offerings, aided by major impetus towards industrialization has resulted in a need for insulated packaging options. Sustainability initiatives by manufactures in addition to support by governments will propel the market for the foreseeable future," says the FMI analyst.
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Insulated Cooler - Primary Takeaways
- Hard cooler variants remain highly sought after owing to applications in recreational activities and higher durability.
- Food and beverage storage and packaging applications are the primary application of insulated coolers, with importance on shelf life of perishables.
- North America is a major market for insulated coolers, driven by high popularity of camping and other outdoor recreational activities.
Insulated Cooler - Growth Factors
- Increasing consumer interest towards outdoor activities, particularly in developed economies is a key growth factor.
- Increasing indirect sales through retailers is contributing substantially to market growth.
- Design innovations such as collapsible and foldable coolers are bolstering adoption, supported by superior convenience.
Insulated Cooler - Major Constraints
- Growing environment awareness is hindering adoption of insulated coolers, as most product offerings are produced from plastic.
- Easy availability of affordable and eco-friendly alternatives are hampering market growth.
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The Projected Impact of Coronavirus
The coronavirus outbreak has created a shortage of raw materials, particularly for the massive Chinese supply chain for industrial cooler production. Industrial cooler manufacturers are expected to diversify sources to optimize the supply chain and reduce risks of a concentrated production hub. Further, the drop in outdoor activities during the pandemic will also hurt market prospects in the short term. Recovery is likely to be gradual as fears of the contagion are unlikely to be dispelled in the near future.
The insulated cooler market comprises players including but not limited to Yeti Holdings Inc., Stanley, Igloo Products Corp., Koolatron Corp, The Coleman Co., RTIC Coolers, Pelican Products, and Bison Coolers. Market players are investing in inorganic growth strategies and product launches to consolidate market position. For instance, Arctic Zone has revealed new insulated coolers with proprietary antimicrobial technologies.
More About the Study
The FMI study provides detailed insights on insulated coolers. The market is broken down in terms of capacity (below 25 quart, 26 to 75 quart, 76 to 150 quart, and above 150 quart), product (hard coolers and soft coolers), and carrying method (side handles, lid handle, shoulder straps, and wheel) across seven key regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).
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SOURCE: Future Market Insights