The market for insulated coolers is anticipated to reach USD 1,094 Mn by 2029, at a CAGR of 6.6 percent from USD 699 Mn in 2022. The market for insulated coolers will account for roughly 3.5 percent of the US$ 22 billion cold chain packaging market in 2022.
According to the FMI analysis, the market for insulated coolers would grow by 1.6 times its value from the base year throughout the projection period, creating lucrative investment prospects for the industry. The insulated coolers market analysis reveals that between 2022 and 2023, the global consumption of insulated coolers as a whole is predicted to grow by 5.0 percent year over year (YoY).
In the worldwide insulated coolers market, hard coolers are anticipated to continue to grow.
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Key Takeaways from the Market Study on Insulated Coolers
As consumers look for durability and portability when buying insulated coolers, manufacturers can make considerable profits by concentrating on hard insulated coolers with side handles.
Acquisitions to Remain Key Developmental Strategy
The insulated coolers market is undergoing product development and expansion. Key players aim to introduce new designs of insulated coolers in the market in response to changing consumer preferences. Additionally, big companies offering insulated coolers are focusing on opening retail stores to expand their customer base.
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US Brands Become Trendsetters, with Online Sales Strategy
The U.S., home of high-end insulated cooler manufacturers, is estimated to dominate in terms of demand. Moreover, U.S.-based manufacturers will be the trend setters with regard to insulated cooler design. Leading companies in the insulated coolers market are investing in online stores and supply chain development, and are leveraging E-commerce and social media to shape buying patterns of their potential customers.
Competitive Landscape
The key manufacturers operating in the insulated coolers market are trying to focus on innovative product launch, expansion due to the increasing demand from the sports, food & beverage and pharmaceutical sectors.
Key Companies Profiled
Insulated Coolers Market by Category
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What is the Impact of the COVID-19 Pandemic on the Global Insulated Coolers Market?
The Covid-19 pandemic has influenced almost every perspective of life due to industrial downtime, supply chain hamper, downfall in the sales revenue due to decline in buying preferences.
The improper storage and handling of vaccines will reduce the vaccine potency will result in revaccination will generate huge financial loss due to wasted vaccines. The escalating preference for safe and reliable vaccine transportation during the pandemic has generated a massive demand for the insulated coolers market.
The growing demand for storing and transporting Covid-19 vaccines to hospitals, laboratories, medical offices and pharmacies propel a significant demand for insulated coolers. The insulated coolers are lightweight, easy to carry and the most economical way to transport temperature-sensitive products which maintain temperature control.
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