by Biodegradable Foam Coolers Market Driven by Increasing Environmental Concerns
Foam coolers are widely used to store and transport food items and beverages while keeping them chilled for longer durations. Foam coolers provide better insulation compared to hard-sided coolers and come in various size and color options. Their lightweight and durable design makes them a popular choice for picnics, camping, outdoor sports and other recreational activities. However, traditional foam coolers made from petroleum-based expanded polystyrene (EPS) foam pose challenges related to non-biodegradability and threaten the environment. To address this issue, biodegradable foam coolers made from plant-based biomaterials are gaining popularity in the market. These eco-friendly coolers decompose safely without releasing toxic chemicals. The growing demand for sustainable products as well as regulations banning EPS foam are driving increased adoption of biodegradable foam coolers.
The global Biodegradable Foam Cooler Market is estimated to be valued at US$ 2.93 Billion in 2024 and is expected to exhibit a CAGR of 8.6% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the biodegradable foam cooler market is the use of cornstarch as a key raw material. Cornstarch is combined with biopolymers, plasticizers and other additives to manufacture coolers that can decompose without harming the environment. Leaders such as Evergreen Packaging offer coolers made from polyethylene derived from sugar cane ethanol. These environmentally-friendly options provide insulation at par with petroleum-based coolers and help reduce carbon footprint. Manufacturers are further developing innovative designs, colors and locking mechanisms to appeal to broader customer segments. Partnerships with distributors and e-commerce platforms are also expanding market reach. Such initiatives are expected to support steady growth of the biodegradable foam cooler market over the coming years.
Porter’s Analysis
Threat of new entrants: The foam cooler box market requires high initial investments which acts as a deterrent for new players. Established brands have strong brand recognition and supply chain advantages.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitute products and prevalence of private label brands. However, some leading brands offer highly differentiated products.
Bargaining power of suppliers: Suppliers of raw materials like foam and plastics have low to moderate bargaining power due to availability of substitutes and presence of many suppliers.
Threat of new substitutes: Substitutes like traditional hard coolers, soft coolers and uninsulated bags pose minimal threat as foam coolers provide effective insulation at affordable prices.
Competitive rivalry: The market is moderately competitive due to presence of numerous regional and international brands. Brand reputation, product quality, design and effective marketing determine competitive edge.
Key Takeaways
The global foam cooler box market is expected to witness high growth during the forecast period. North America currently dominates the market owing to high recreational activities. increasing disposable incomes and growing preference for eco-friendly coolers are augmenting the market in the region.
Regional analysis: Europe is projected to be the fastest growing market for foam cooler boxes over the forecast period. This can be attributed to rising outdoor recreational activities in countries like Germany, Italy and France. Strong distribution networks of leading brands are further aiding market expansion in the region.
Key players: Key players operating in the foam cooler boxes 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, Stanley. Players compete based on product quality, innovative designs, effective promotional strategies and wide distribution channels.
