Foam cooler boxes are insulated cooler boxes made using expanded polystyrene (EPS) foam which provides effective insulation and keeps food and beverages cool for long hours. Foam cooler boxes are durable, reusable and lightweight. They are available in different sizes and capacities to meet the cooling needs of individuals, families, and commercial users. The ease of use and portability offered by foam cooler boxes makes them a preferred option for picnics, outdoor activities, parties, and fieldwork.
The global Foam Cooler Box Market is estimated to be valued at US$ 2.93 Bn in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The rising environmental concerns have compelled regulators and consumers to reduce the use of single-use plastic products. Foam cooler boxes can replace single-use plastic coolers and are emerging as a sustainable solution for on-the-go cooling needs. They are reusable, produce no waste, and have a significantly lower carbon footprint than plastic coolers. The stringent regulations on single-use plastics worldwide are expected to drive the demand for eco-friendly foam cooler boxes during the forecast period. Foam cooler box manufacturers are capitalizing on this opportunity by marketing their products as sustainable alternatives, which is expected to significantly boost the foam cooler box market growth.
Porter's Analysis
Threat of new entrants: High capital requirements in production setup and established brand recognition create barriers for new players.
Bargaining power of buyers: Buyers have high bargaining power due to the availability of substitutes. Buyers can negotiate on price.
Bargaining power of suppliers: The market has many raw material suppliers. Suppliers' bargaining power is moderate.
Threat of new substitutes: Substitutes like polyurethane coolers and hard-sided coolers are available at lower costs.
Competitive rivalry: The market is dominated by global players and competitive pricing pressures exist.
SWOT Analysis
Strength: foam coolers are affordable, durable, lightweight, and insulated. Increased demand for outdoor recreation drives the market.
Weakness: foam coolers easily get damaged when squeezed tightly. Regular cleaning is required to maintain cooling efficiency.
Opportunity: expanding organized retailing and e-commerce channels provide growth opportunities. Increasing tourism and camping activities boost sales.
Threats: strict environmental regulations on foam use pose challenges. Substitutes like hybrid coolers threaten market share.
Key Takeaways
The global foam cooler box market is expected to witness high growth due to increasing outdoor recreational activities worldwide.
The regional analysis of Asia Pacific comprising countries like China, India, and Japan is also expected to grow at a steady pace during the forecast period. Rising middle-class incomes and increasing young population indulging in tourism and travel positively influence the regional market.
Key players operating in the foam cooler box market are YETI, Igloo, Coleman, Rubbermaid, Grizzly, Engel, Bison Coolers, ORCA, Pelican, Polar Bear Coolers, AO Coolers, Kula Coolers, IceMule, RTIC, Canyon Coolers, OtterBox, Kysek, Magellan Outdoors, Everest, and Stanley.
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