Cooler Box Market Forecasts to 2028 – Global Analysis By Cooling Material (Wet Ice, Dry Ice, Eutectic Plates, Gel Packs, Insulated Blankets and Liquid Nitrogen), By Type (Disposable Cooler Boxes and Reusable Cooler Boxes), By Raw Material (Extruded Polystyrene, Expanded Polystyrene, Polyurethane Foam and Expanded Polypropylene), By End User (Food & Beverages, Pharmaceuticals and Other End Users) and By Geography
According tStratistics MRC, the Global Cooler Box Market is accounted for $5.99 billion in 2022 and is expected treach $13.21 billion by 2028 growing at a CAGR of 14.1% during the forecast period. One of the consumer storage items, cooler boxes are used tstore pharmaceuticals as well as food and beverage products. The products kept within them receive low temperatures from them. They are often made of particular materials with the intention of providing insulation.
According tWorld health Organisation (WHO) regulations, the pharmaceutical products such as medicine, drugs, syringe, and others are strictly transfer or shipped or store in temperature controlled environment inside the insulated or enclosure box.
Market Dynamics:
Driver:
Increasing need for temperature control tprevent food loss and potential health hazards
The food sector is particularly focused on concerns including food waste reduction, economic and environmental sustainability, and food security. There are several causes of food loss and waste. For instance, perishable products are frequently touched and transported in varying temperatures, which causes them tspoil and eventually disappear. Globally, there has been an increase in demand for thermally controlled packaging solutions, such as cooler boxes, ttackle this.
Restraint:
Stringent environmental rules & regulations
Governments all over the world have implemented strict laws in response tgrowing concerns about the environmental impact of packaging waste. For instance, on June 26, 2020, the Indian government changed its plastic waste management regulations. In accordance with the International Safe Transport Association (ISTA) standards, which are concerned with the packaging, storage, and transportation of goods, standard tests are alscarried out tverify the capacity of packaging systems tmaintain the temperature range required by those requirements. The European Commission's packaging directives have alsresulted in the imposition of ambitious recycling goals as governments look for new ways treduce packaging waste. Thus, the expansion of this market is constrained by rising environmental awareness and efficient waste disposal.
Opportunity:
High growth potential markets for insulated packaging
The insulated packaging sector has substantial growth potential in emerging markets like Brazil, India, and China. The food and beverage, healthcare, and chemicals industries have grown as a result of the rapid economic development in China and India. Development in these industries has helped fuel a rise in packaging demand for a wide range of products, including perishable items like meat, fish, and poultry. As a result, cooler box manufacturers are exploring intthe untapped potential of developing nations tmaximise their market share.
Threat:
Fluctuations in crude oil prices
Plastic, glass, paper, and metal are some of the raw materials used tmake cooler boxes. The majority of these raw materials are derivatives based on crude oil that are sensitive tchanges in commodity prices. The development of polymers like polyurethane, polyethylene, and polystyrene is severely hampered by the rising cost of crude oil. Polymer foams, which are generated from petrochemical feedstock, are used tmanufacture the bulk of cooler boxes. As a result, fluctuating crude oil prices are anticipated thave an impact on polymer foam prices in the near future.
Covid-19 Impact:
The cooler box market has benefited from the COVID-19 outbreak. The need for cooler boxes and chilled storage was at its highest as a result of the worldwide vaccination program. The businesses concentrated on R&D tactually build more complex refrigeration systems tcarry vaccinations in. Companies like Panasonic created Panasonic VIXELL Cooling Boxes, which were essential in containing the COVID-19 epidemic. The necessity for temperature control treduce food loss and associated health hazards is the primary driver of cooler box market growth.
The reusable cooler boxes segment is expected tbe the largest during the forecast period
The reusable cooler boxes are preferred tother types of boxes due ttheir high efficiency and durable shells, the reusable segment held the largest share of the market during the projection period. Moreover, compared tsingle-use cooler boxes, they are more affordable and robust. The rise of cooler boxes in pharmaceutical companies frequently by using reusable cooler boxes as maintaining a consistent product temperature has been fueled the market growth.
The pharmaceutical segment is expected thave the highest CAGR during the forecast period
Because pharmaceutical products are typically temperature-sensitive and require consistent low or freezing temperatures, the pharmaceuticals segment is expected texpand at a highest growth throughout the projection period. The need for cooler boxes is rising as a result of the growing pharmaceutical industry's need for a portable, user-friendly, and sustainable solution tstore drugs, blood, organs, vaccines, and other supplies. Moreover, with the use of these cooler boxes, the pharmaceutical companies is able tadhere tWHO recommendations for maintaining a certain temperature while keeping medical products. However, these containers allow temperatures ranging from 2° t8°C. The expanded vaccination campaigns during pandemics enhance the need trapidly preserve essential pharmaceutical supplies, which raises the demand for cooler boxes.
Region with largest share:
Due tthe increase in demand for cold storage and transportation in countries like China and India, the Asia-Pacific region is anticipated texperience the cooler box market's largest percentage of revenue growth during the projected period. Also, end-user businesses are focused in nations like China, India, Japan, and Korea, and they demand higher prices for cooler boxes. Additionally, the cooler box market is alspredicted tgrow in developed countries like Japan and South Korea as consumers become more aware of the benefits of using coolers. Also, the market for cooler boxes is expected tbenefit from the growing need for cooling solutions that are both energy- and environmentally-friendly.
Region with highest CAGR:
Throughout the projected period, the cooler box market in the Asia-Pacific region is anticipated tgrow at the highest CAGR. The major nations contributing tthe high demand for cooler boxes in the Asia-Pacific region are China, Japan, South Korea, and India. Because of the low cost of labor and raw materials, cooler box manufacturing facilities prefer toperate in Asia Pacific. Also, the APAC region's countries are developing their current manufacturing sectors' capacity tserve significant cooler box shipments.
Key players in the market
Some of the key players in Cooler Box market include B Medical System, ISONOVA, Softbox Systems Ltd, SonocThermosafe, Eurobox Logistics, Blowkings, va-Q-tec AG, Sofrigam Group, Coldchain Technologies, Inc, Igloo, Wild Coolers, Cool Ice Box Company, FEURER GmbH, Bison Coolers and K2 Coolers.
Key Developments:
In November 2022, Sonoco, a global leader in diversified packaging, plans tfurther expand Sonopost cornerpost manufacturing with the new facility in Bursa, Turkey.
In October 2022, AZENTA, INC. announced the acquisition of B Medical Systems S.Á R.L and its subsidiaries, a market leader in temperature-controlled storage and transportation solutions that enable the delivery of life-saving treatments tmore than 150 countries worldwide. This acquisition complements Azenta’s cold chain capabilities, adding differentiated solutions for reliable and traceable transport of temperature-sensitive specimens.
In October 2022, CSafe Global, the largest provider of a complete range of active and passive temperature-controlled shipping solutions for the pharmaceutical industry, announced the launch of its new advanced reusable pallet shipper, CSafeAPS.
Cooling Materials Covered:
• Wet Ice
• Dry Ice
• Eutectic Plates
• Gel Packs
• Insulated Blankets
• Liquid Nitrogen
Types Covered:
• Disposable Cooler Boxes
• Reusable Cooler Boxes
Raw Materials Covered:
• Extruded Polystyrene
• Expanded Polystyrene
• Polyurethane Foam
• Expanded Polypropylene
End Users Covered:
• Food & Beverages
• Pharmaceuticals
• Other End Users
Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
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