by 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 portable insulated containers used to keep food and beverages cool for extended durations. Made of expanded polystyrene foam and durable exterior materials, foam cooler boxes help retain ice for 48 hours or more. They offer superior insulation compared to traditional plastic coolers and are more environmentally sustainable. Their lightweight and collapsible design also makes them convenient to transport.
Market key trends:
One of the key trends driving the foam cooler box market is the growing demand for sustainable and eco-friendly cooler alternatives. As consumers become increasingly conscious about reducing plastic waste, there is rising preference for products made from recycled and recyclable materials. Foam coolers have a significantly lower carbon footprint compared to traditional hard-shell coolers. Their reusable and durable nature also decreases single-use waste. Furthermore, the increasing popularity of outdoor recreational activities is boosting the demand for high-quality portable coolers. Foam cooler boxes are effective in keeping food and drinks cold during camping, hiking, picnics and other excursions due to their long-lasting insulation.
Porter’s Analysis
Threat of new entrants: Global Foam Cooler Box Market has medium threat of new entrants due to moderate requirement of capital investment for infrastructure and operations. However, established players dominate the market.
Bargaining power of buyers: Buyers have low to medium bargaining power due to availability of multiple brands but brand loyalty impacts switching.
Bargaining power of suppliers: Suppliers have medium bargaining power due to limited availability of raw materials like polyurethane foam.
Threat of new substitutes: Substitutes like soft coolers pose low threat due to superiority of foam boxes in insulation.
Competitive rivalry: Intense due to global presence of major players.
SWOT Analysis
Strength: Foam coolers provide superior insulation over long hours. Wide variety of sizes and models cater diverse needs.
Weakness: Perception of being bulky and fragile compared to soft-sided coolers. Higher prices than alternatives.
Opportunity: Growing outdoor recreational activities and picnics/parties. Rising disposable incomes in developing nations.
Threats: Stringent regulations on plastic and foam usage. Economic downturn affecting discretionary spends.
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. North America dominates the market currently due to large consumer base involved in camping, fishing, and boating. However, Asia Pacific is expected to grow at fastest pace due to rising living standards and disposable incomes in countries like China and India.
Regional analysis: North America will continue to dominate the global foam cooler box market, holding around 35% share in 2023. However, Asia Pacific is expected to witness fastest growth during forecast period with CAGR of over 10% due to economic development and increasing consumer disposable incomes in major countries like China and India facilitating greater spending on recreational activities involving foam coolers.
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 players are focused on new product launches and expansion in growing markets to gain higher shares.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
