According to Future Market Insights (FMI)’s recent published report, the global market for insulated coolers was valued at US$ 580 Mn in 2019. This is accredited to rising outdoor recreational activities and increasing spending on camping gears. Additionally, manufacturers are leveraging new technologies to set their products apart from the competition and stay ahead of the curve.
Due to increasing intolerance of plastic use and low-cost offerings, biodegradable insulated coolers are gaining huge traction in the global marketplace. Launch of such products is expected to realign the key strategy of players to sustain in the global insulated cooler market. For instance, in 2019, Igloo became one of the first companies to follow the mantra of reuse-recycle-reduce with the launch of 100% biodegradable cooler- RECOOL. This cooler is made from Alkyl ketene dimer, a natural binding and waxing agent and recycled paper pulp. Despite using paper as an important material, RECOOL can retain ice for up to 12 hours and is water-resistant up to 5 days. Such cost-effective solution will disrupt the growth of the market in the near future.
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Sustainability and recyclability represent major crux of innovation in the insulated coolers marketplace, owing to growing eco-consciousness among consumers those who showcase greater interest in recreational activities. In addition, the insulated coolers market is undergoing expansion and development, as key players aim to introduce new designs in view of changing consumer preferences. Furthermore, leading companies manufacturing insulated coolers are aiming at opening online retail stores to expand their consumer base, says FMI.
Hard Coolers to Remain Highly Preferred
Hard coolers continue to account for major pie of the total market value, due to their efficient cooling and durability attributes. By the end of 2020, the sales for hard coolers is poised to cross US$ 500 Mn. An increase in the demand for hard coolers can also be attributed to growing demand for hard chillers for recreational activities. On the other hand, soft coolers are also gaining traction, due to storage-efficiency and portability quotient compared to hard iceboxes. Wide availability of variety of insulated coolers, such as backpacks, shoulder bags, and lunch boxes is attracting a large number of customers.
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North America Accounts for 72% of the Market Share
North America remains at the forefront of the market, as number of people participating in outdoor sport and recreational activities has been rapidly increasing in the U.S. over the recent past. Sales of insulated coolers in North America reached US$400 Mn in 2019. Strong presence of established companies such as RTIC Coolers LLC and Bison Coolers LLC along with growing summer camping and other outdoor activities will remain key factors for the growth of the market. On the other hand, the European insulated coolers market will witness a significant growth in the coming years, with the U.K and Germany accounting for noteworthy revenue shares. Moreover, market players are targeting developing Asian countries such as China and India, as online retail in these countries have been witnessing significant growth in recent past.
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