Cooler Box Market Estimated to Reach $8.1 billion by 2025 Globally, at a CAGR of 12.1%, says MarketsandMarkets™
Chicago, Jan. 23, 2024 (GLOBE NEWSWIRE) — The Cooler Box Market is projected to grow from USD 4.6 billion in 2020 to USD 8.1 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 12.1% during the forecast period, as per the recent study by MarketsandMarkets™. Growth in the pharmaceutical industry, ongoing COVID-19 vaccination drives, transportation of processed and fresh fruits, vegetables, dairy products, and other perishable food products are contributing to the growth of the cooler box market.
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Browse in-depth TOC on “Cooler Box Market”
147 – Market Data Tables
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List of Key Players in Cooler Box Market:
- Sonoco ThermoSafe (US)
- B Medical Systems (Luxembourg)
- Blowkings (India)
- ISONOVA (Italy)
- Eurobox Logistics (Romania)
- Softbox Systems Ltd. (UK)
- va-Q-tec AG (Germany)
- Coldchain Technologies, Inc. (US)
- Sofrigam Group (France)
- FEURER GmbH (Germany)
- Others
Drivers, Restraints, Opportunities and Challenges in Cooler Box Market:
- Drivers: Increasing need for temperature control to prevent food loss and potential health hazards
- Restraints: Stringent environmental rules & regulations
- Opportunity: High growth potential markets for insulated packaging
- Challenge: Significant fluctuations in crude oil prices
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Key Findings of the Study:
- Based on type, the reusable cooler box segment is expected to grow at the highest CAGR during the forecast period.
- PU Foam is expected to be the fastest-growing raw material segment of the cooler box market.
- Asia Pacific is expected to be the fastest-growing regional segment in the cooler box market.
A cooler box is a temperature-controlled packaging solution used to maintain a product within a specified low-temperature range from harvest/production until the point of consumption. A cooler box helps in extending the shelf life of perishable products, such as fresh agricultural produce, seafood, frozen food, pharmaceutical drugs, and vaccines. Hence, the use of cooler boxes ranges from small applications such as picnics to large applications such as cold chain logistics. Passive cold storage devices such as cooler boxes are widely used due to their ease of use, affordability, and convenience.
On the basis of type, the reusable cooler box segment is projected to grow at the highest CAGR from 2020 to 2025. Reusable cooler boxes available in the consumer market are becoming more robust in terms of their exterior, with hard shells being deployed in comparison to the cardboard and foam of disposable cooler boxes. These cooler boxes are primarily used in the pharmaceutical industry, wherein maintaining the temperature of products for a longer time is a critical factor.
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Among material types, the PU foam segment is projected to grow at the highest CAGR from 2020 to 2025. PU foam has the lowest thermal conductivity among insulation materials, which saves space by using lower insulation thickness while achieving the same insulation efficiency as other materials. This is especially important in space-limited cold chain logistics.
North America, Asia Pacific and Europe are the major regional markets for cooler boxes. Growing demand of cooler boxes for use in pharmaceutical cold chains and for camping/ family vacations is driving the Asia Pacific regional market. This region is projected to grow at the highest CAGR during the forecast period.
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CONTACT: About MarketsandMarkets™ MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook. Contact: Mr. Aashish Mehra MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: +1-888-600-6441 Email: sales@marketsandmarkets.com
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