Chicago, Jan. 23, 2024 (GLOBE NEWSWIRE) — The Cooler Box Market is projected to grow from USD 4.6 billion in 2020 to USD 8.1 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 12.1% during the forecast period, as per the recent study by MarketsandMarkets™. Growth in the pharmaceutical industry, ongoing COVID-19 vaccination drives, transportation of processed and fresh fruits, vegetables, dairy products, and other perishable food products are contributing to the growth of the cooler box market.
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147 – Market Data Tables
List of Key Players in Cooler Box Market:
- Sonoco ThermoSafe (US)
- B Medical Systems (Luxembourg)
- Blowkings (India)
- ISONOVA (Italy)
- Eurobox Logistics (Romania)
- Softbox Systems Ltd. (UK)
- va-Q-tec AG (Germany)
- Coldchain Technologies, Inc. (US)
- Sofrigam Group (France)
- FEURER GmbH (Germany)
Drivers, Restraints, Opportunities and Challenges in Cooler Box Market:
- Drivers: Increasing need for temperature control to prevent food loss and potential health hazards
- Restraints: Stringent environmental rules & regulations
- Opportunity: High growth potential markets for insulated packaging
- Challenge: Significant fluctuations in crude oil prices
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Key Findings of the Study:
- Based on type, the reusable cooler box segment is expected to grow at the highest CAGR during the forecast period.
- PU Foam is expected to be the fastest-growing raw material segment of the cooler box market.
- Asia Pacific is expected to be the fastest-growing regional segment in the cooler box market.
A cooler box is a temperature-controlled packaging solution used to maintain a product within a specified low-temperature range from harvest/production until the point of consumption. A cooler box helps in extending the shelf life of perishable products, such as fresh agricultural produce, seafood, frozen food, pharmaceutical drugs, and vaccines. Hence, the use of cooler boxes ranges from small applications such as picnics to large applications such as cold chain logistics. Passive cold storage devices such as cooler boxes are widely used due to their ease of use, affordability, and convenience.
On the basis of type, the reusable cooler box segment is projected to grow at the highest CAGR from 2020 to 2025. Reusable cooler boxes available in the consumer market are becoming more robust in terms of their exterior, with hard shells being deployed in comparison to the cardboard and foam of disposable cooler boxes. These cooler boxes are primarily used in the pharmaceutical industry, wherein maintaining the temperature of products for a longer time is a critical factor.
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Among material types, the PU foam segment is projected to grow at the highest CAGR from 2020 to 2025. PU foam has the lowest thermal conductivity among insulation materials, which saves space by using lower insulation thickness while achieving the same insulation efficiency as other materials. This is especially important in space-limited cold chain logistics.
North America, Asia Pacific and Europe are the major regional markets for cooler boxes. Growing demand of cooler boxes for use in pharmaceutical cold chains and for camping/ family vacations is driving the Asia Pacific regional market. This region is projected to grow at the highest CAGR during the forecast period.
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