Sustainable packaging trend to propel growth of the 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:

The foam cooler box market has witnessed significant growth in recent years owing to increasing demand for sustainable and durable packaging solutions. Foam cooler boxes are lightweight yet sturdy containers that can keep food and beverages cool for a longer duration without using electricity. They are insulated with polyurethane foam layers to maintain a low internal temperature for 12-48 hours depending on exterior conditions. Foam cooler boxes are reusable, recyclable and more environment-friendly than hard-plastic variants. Their compact and collapsible nature also makes them convenient for outdoor activities and travel purposes.

Market key trends:

One of the key trends in the Global Foam Cooler Box Market is the growing preference for sustainable packaging among consumers and industries. Manufacturers are investing in eco-friendly production methods and utilizing recycled materials to develop foam coolers with reduced environmental footprint. Advancement in insulation technology is another trend, with new variants arriving to deliver enhanced cooling efficiency. Customization of foam coolers regarding size, color and accessory options as per user needs is augmenting their appeal. Increasing participation in adventure and water sports has boosted demand for portable coolers as well. E-commerce platforms are creating lucrative sales opportunities for foam cooler box producers through robust product visibility.

Porter's Analysis

Threat of new entrants: The foam cooler box market has moderate threat of new entrants as the market requires significant investment in R&D, distribution networks and branding.

Bargaining power of buyers: Buyers have moderate bargaining power in this market due to availability of substitutes. However, brand loyalty plays a major role.

Bargaining power of suppliers: The market has less threat from suppliers as there are numerous raw material suppliers.

Threat of new substitutes: Threat from substitutes like hard body coolers, soft coolers are moderate as foam coolers provide insulation for long durations.

Competitive rivalry: The market has high competitive rivalry among existing players like YETI, Igloo, Coleman etc due to aggressive marketing strategies.

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 and rising demand for efficient coolers.

The North America foam cooler box market is expected to dominate with the highest market share during the forecast period due to growing demand for ultra-portable and durable coolers for outdoor recreational activities in countries like US and Canada. Asia Pacific foam cooler box market is projected to exhibit the highest CAGR during the forecast period due to rising middle-class population and growing preference for packaged food and beverages in countries like China, India.

Key players operating in the foam cooler box market include 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. These players are focusing on new product launches and partnerships to strengthen their global presence.

Read More: https://www.ukwebwire.com/foam-cooler-box-market-analysis/