Ice/Cooler Box Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

Ice/Cooler Box Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The Global Ice/Cooler Box Market generated a revenue of USD 5.6 billion in the current year and is poised to achieve a CAGR of 10% for the forecast period.

An ice/cooler box is a type of consumer storage item that is used to store food, drink, and pharmaceutical medications. It maintains low temperatures for the products or materials housed inside. In order to insulate the products, boxes are designed. Cooler boxes are highly portable, making them simple to move from one location to another. They are typically used for vacations, holidays, and picnics. Also, they are employed in regions with scorching summers.

To maintain a low temperature inside a box, ice packs or ice cubes are put inside. Since ice packs provide lower temperatures for longer, they are typically preferred over ice cubes. In the healthcare sector, cooler boxes are also used to store or keep medications in a cool environment.

The COVID-19 epidemic has had a positive impact on the ice/cooler market. Due to the Vaccination program globally, the requirement for cooler boxes and cooled storage was at its peak. The companies focused on R&D to develop more advanced refrigerated solutions at record speed to store the vaccines while transportation. Company's like Panasonic developed Panasonic VIXELL Cooling Boxes which helped to beat the global COVID-19 Pandemic.

The key factor fueling the growth of the cooler box market is the rising demand for temperature control to prevent food loss and related health risks. The growth of the cooler box market is accelerated by the expansion of the pharmaceutical sector and campaigns to immunize against COVID-19. The pharmaceutical industry's strict needs for temperature control and the expansion of the global food trade as a result of trade liberalization are other factors influencing the cooler box market. Additionally, factors such as population growth, rapid urbanization, changes in lifestyle, and R&D activities have a positive impact on the cooler box market.

On the other hand, the implementation of stringent environmental rules & regulations is projected to challenge the cooler box market in the forecast period.

The reusable segment held the largest market share, accounting for 67% of the total. Reusable Cooler boxes are preferable to other types of boxes due to their high efficiency and hard shell. They are less expensive and more durable than disposable cooler boxes. These factors are propelling cooler box growth during the forecast period. Reusable cooler boxes are primarily used in the pharmaceutical industry, where product temperature comfort is critical.

For instance, in order to meet public demand for the COVID-19 vaccine, Coldchain Technologies Inc. built a new factory in Lebanon to produce additional reusable and disposable thermal boxes.

Asia-Pacific is expected to be the fastest-growing region in the forecast period and is predicted to have the largest revenue growth in the cooler box market. This is attributable to the rise in demand for cold storage and shipping in nations like China and India. Moreover, the countries like China, India, Japan, and Korea are a hub of end-user companies, demanding higher rates for cooler boxes. China alone holds over 8% of the market share in the pharmaceutical sector, which causes a strong need for cooler boxes. The nations in the APAC region are also enhancing their current manufacturing sector potential to support large-scale cooler box contracts. For instance, in December 2020, B Medical Systems established a manufacturing factory in Gujarat, India to manufacture cold chain products and fulfill the increasing demand for vaccine cold chain products.

With customers becoming more knowledgeable about the advantages of using cooler boxes, the cooler box market is also anticipated to expand in developed nations like Japan and South Korea. Also, the market for cooler boxes is anticipated to gain from the rising need for cooling solutions that are both environmentally friendly and energy-efficient. The government is also increasing awareness about quality pharmaceutical as well as food products.

The global Ice/Cooler box market is fragmented due to the presence of a large number of global and regional players in the market like Sonoco, Blowkings, Bison Coolers, B Medical Systems(Azenta, Inc.), CSafe Global, Sofrigam Group, VA-Q-tec AG, Cool Ice Box Company Ltd, Coldchain Technologies, Inc, Wild Coolers, and FEURER GmbH, among others. Manufacturers are introducing new products in the market using new technologies. The companies use various marketing strategies to increase their market shares. Some of the market's leading players are heavily investing in research and development activities to improve their position in current technologies and processes in order to increase efficiency and lower costs.

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