Hard Cooler Sales Make up for over 80% of Market Value
Owing to their durability and efficient cooling, hard coolers continue to sell higher in the insulated coolers market. In 2020, sales of hard coolers will exceed US$ 500 Mn. Leading manufacturers of hard coolers are reaping maximum profits in developed regions. Soft coolers are also gaining traction on the back of their portability and storage-efficiency quotient. However, their demand growth would remain relatively moderate due to their limited cooling capacity.
US Market to Hit US$ 400 Mn by 2019 End
North America currently accounts for nearly 70% of global insulated cooler sales. Worldwide sales of insulated coolers remain concentrated in the U.S. that would possibly cross the value of US$ 400 Mn towards the end of 2019. The presence of established companies such as Bison Coolers LLC, and RTIC Coolers LLC, coupled with the growing outdoor industry would continue to fuel the market growth in North America.
The market in Europe will generate over US$100 Mn towards the end of the projection period, with the UK and Germany accounting for noteworthy shares. Further, market players are also targeting developing Asian countries, as they have been witnessing notable growth of online retail over the recent past, especially in China and India.
Biodegradable Insulated Coolers Mark Important Trend
Amid evolving regulatory framework, leading manufacturers in the insulated coolers market must realign their strategies by unleashing the true potential of biodegradable materials. Igloo, for instance, has introduced eco-friendly insulated coolers derived from a mixture of paraffin wax and recycled tree pulp. Such cost-efficient solutions will disrupt the market space in the following years.
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How Growth will Unfold
Accounting for nearly 30% of total sales, insulated coolers with side handles will generate approximately US$ 400 Mn by 2029 end. Demand for lid handle insulated coolers would also grow at a promising rate, surpassing US$ 200 Mn in next 5 years. Although shoulder strap insulated coolers account for a greater revenue share as compared to insulated coolers on wheels, sales of the latter will accelerate as convenience remains the key factor.
FREQUENTLY ASKED QUESTIONS ABOUT INSULATED COOLERS MARKET
What is the size of the insulated coolers market?
The global market for insulated coolers was valued at US$ 500 Mn and expected to cross US$ 1 Bn Mark, growing at a CAGR of 6.5% during the 10-year forecast period.
What are the key drivers in the insulated coolers market?
Increasing usage of luxury products will continue to inflate sales within the premium category and growing spending on recreational activities in line with the rising disposable income will endure growth of the insulated coolers market.
What are the major trends and strategies adopted by key players to sustain in the market?
Low-cost offerings and increased intolerance of single-use plastic are catapulting sales of biodegradable insulated coolers. Manufacturers are continuously launching biodegradable or sustainable products, in addition to focusing on acquisitions of innovative companies to gain a distinct competitive edge.
Which market vertical holds the greatest opportunities?
Hard coolers with side handles will continue to witness higher sales and reach a value of US$ 900 Mn by 2029. These coolers are experiencing high demand in North America and Europe, due to enhanced durability and efficient cooling properties.
How are online sales impacting the insulated coolers market players in generating better revenues?
U.S. manufacturers are investing in online stores and supply chain development to generate revenue avenues during the forecast period. Moreover, leveraging e-commerce and social media will shape the buying patterns of their potential customers.
What is the earning potential of the players in the North America’s insulated coolers market?
North America will continue to dominate with a 75% revenue share. Increasing recreational activities and a strong presence of key players in the region are creating major profit-earning opportunities.
INSULATED COOLERS MARKET TAXONOMY
The global insulated coolers market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to readers.
- Below 25 Quart
- 26-75 Quart
- 76-150 Quart
- Above 150 Quart
- Hard Coolers
- Soft Coolers
- Side Handles
- Lid Handle
- Shoulder Strap
- North America
- Latin America
- South Asia
- East Asia
- Middle East & Africa