May 18, 2024

Increasing Outdoor Recreational Activities Is Expected To Fuel Demand In The Global Foam Cooler Box Market

The global 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 made using expanded polystyrene foam that are used for storing and transporting food and beverages in cool conditions for a longer duration. They offer advantages such as lightweight construction, durability, and ease of mobility compared to other traditional cooler options. The increasing demand for outdoor recreational activities such as camping, fishing, picnics, and sports is driving the need for efficient and portable cooler boxes to store food items while being away from home. With rising disposable incomes and growing health awareness, participation in outdoor activities is on the rise globally. This growing trend is fueling the demand for foam cooler boxes across regions.

Market key trends:
One of the key trends gaining traction in the foam cooler box market is the rising popularity of custom foam cooler boxes. Manufacturers are offering cooler boxes in various designs, colors, and sizes according to customer preference to match outdoor gear or for gifting purposes. Furthermore, innovative features such as Bluetooth speakers, waterproof lining, side handles, bottle openers, are being integrated by manufacturers to enhance product functionality. Growing e-commerce sales and aggressive marketing by manufacturers on online retail platforms is also a major trend boosting market revenues. Sustainable options made from recycled foam content are garnering interest among environmentally conscious consumers. Strong potential in emerging markets of Asia Pacific and Latin America owing to expansion of outdoor recreation industries in these regions will further provide growth opportunities over the forecast period.

Porter’s Analysis

Threat of new entrants: With the high investment requirement for production capacity and strong branding by established players, threat of new entrants is low.

Bargaining power of buyers: The buyers have significant bargaining power owing to numerous options at different price points.

Bargaining power of suppliers: The availability of myriad raw materials suppliers globally puts low bargaining power on suppliers.

Threat of new substitutes: The threat of new substitutes such as insulated lunch boxes is moderate.

Competitive rivalry: High level of competition exists among established players due to differentiation through advanced technology and frequent product launches.

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 demand for convenient and durable storage solutions.

North America accounted for highest revenue share in the global market in 2023 due to rapid industrialization and presence of global leaders in the region. Asia Pacific is expected to witness fastest growth rate owing to rising disposable incomes in developing countries of the region.

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, Stanley. YETI is investing in new product launches and facility expansion to gain competitive advantage. Coleman opened a new manufacturing plant in Mexico to cater to North American demand.