Insulated Coolers Market is expected to surpass US$ 1,094 Mn by 2029
The insulated coolers market is estated at USD 699 Mn in 2022 and is projected to reach USD 1,094 Mn by 2029, at a CAGR of 6.6% from 2022 to 2029. The global insulated coolers market constitutes around 3.5% of the Cold Chain Packaging market worth US$ 22 Bn in 2022.
The study conducted by FMI estimates that the insulated coolers market will expand 1.6 times of base year value during the forecast period which is expected to generate lucrative investment opportunities for the manufacturers. The insulated coolers market analysis shows that global consumption of overall insulated coolers is forecasted to increase at a year-on-year (YoY) growth of 5.0% between 2022 and 2023.
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Key Takeaways from the Market Study on Insulated Coolers
- Demand for insulated coolers is anticipated to increase in the United States due to rising popularity of outdoor and sporting activities like camping, fishing, and hiking.
- Due to their superior durability and superior capacity for ice retention as compared to soft coolers, hard coolers continue to be the most popular insulated coolers.
- In terms of capacity, it is anticipated that 26-75 quart insulated coolers would experience strong global sales in 2019. Customers choose 26-75 quart insulated coolers because of their ample storage capacity, ease of outdoor handling and carrying, and 26-75 quart size.
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.
- In June 2022, Yeti Holdings Inc. opened a 5,000-square-foot retail location in Charleston, S.C., U.S. In September 2019, it opened a 4,900 square-foot store in Chicago, U.S.
- In April 2022, Igloo Products Corporation launched RECOOLER, a pulp-based biodegradable cooler, as an alternative to Styrofoam coolers.
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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.
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.
- In August 2021, Igloo Products Corp. partnered with National Football League and released the first-ever NFL playmate cooler collection and customized their branded Little Playmate cooler for each of the 32 NFL teams.
- In May 2020, Pelican Products, Inc. launched a new 14QT personal cooler, it is the first cooler to separate wet and dry storage.
- In August 2019, YETI Coolers LLC launched their latest soft cooler collection the Hopper® M30®. This cooler has a new leak-re
Key Companies Profiled
- YETI Coolers LLC
- Igloo Products Corp.
- The Coleman Company, Inc.
- Pelican Products, Inc.
- RTIC Outdoors LLC
- Bison Coolers LLC
- Otter Products llc
- Koolatron Corp
- COLD & CO
- AO Coolers
- Stanley a brand of PMI
- K2 Coolers
- Engel Coolers
- Grizzly Coolers LLC
Insulated Coolers Market by Category
- Upto 25 Quart
- 26-75 Quart
- 76-150 Quart
- Above 150 Quart
By Product type:
- Hard Coolers
- Soft Coolers
By Carrying capacity:
- Side Handles
- Lid Handle
- Shoulder Strap