Accounting for nearly 80% of total sales of insulated coolers, developed regional markets continue to lead their way in the global insulated coolers market. North America will particularly remain the key consumer market, as the U.S. has been witnessing a rapid surge outdoor recreational and sports activities over the recent past. Sales of insulated coolers, popularly known as camping coolers, will surpass the value of US$ 580 Mn in 2019 and would be witnessing a robust hike in demand through 2029.
Increasing proclivity for luxury products continues to translate into inflating sales within the premium category, which would be a continuing trend in insulated coolers market. However, a new Future Market Insights (FMI) study suggests that this would reflect a measurable cost difference shaping the market over the following players.
Key Takeaways - Insulated Coolers Market Study
- Increasing preference for outdoor and sports activities such as camping, fishing, and hiking are expected boost demand for insulated coolers in the U.S.
- Hard coolers remain the most preferred insulated coolers, attributable to better durability and high ice retention ability as compared to soft coolers.
- Globally, 26-75 quart insulated coolers are estimated to be high selling among all insulated coolers in terms of capacity in 2019. Customers opt for 26-75 quart insulated coolers, as result of easy outdoor handling and conveying and adequate storage capacity.
Manufacturers can gain significant profits by focusing on hard insulated coolers with side handles, as consumers seek durability and ease in carrying while purchasing insulated coolers.
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.
For More Detailed Insights on Insulated Coolers Market
- In June 2019, 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 2019, Igloo Products Corporation launched RECOOLER, a pulp-based biodegradable cooler, as an alternative to Styrofoam coolers.
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.
About Insulated Coolers Market Report
Future Market Insights, in its new report, offers an unbiased analysis of the global insulated coolers market, analysing historical demand from 2014-2018 and forecast statistics for 2019-2029. The study unravels growth projections of the insulated coolers market on the basis of capacity (below 25 quart, 26-75 quart, 76-150 quart and, above 150 quart), product type (hard coolers and soft coolers), and carrying method (side handles, lid handle, shoulder strap, wheel) across seven major regions.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centres in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously track emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.