Market Size of Cooler Box Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 10.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Cooler Box Market Analysis
The Global Ice/Cooler Box Market generated a revenue of USD 5.6 billion in the current year and is poised to achieve a CAGR of 10% for the forecast period.
An ice/cooler box is a type of consumer storage item that is used to store food, drink, and pharmaceutical medications. It maintains low temperatures for the products or materials housed inside. In order to insulate the products, boxes are designed. Cooler boxes are highly portable, making them simple to move from one location to another. They are typically used for vacations, holidays, and picnics. Also, they are employed in regions with scorching summers.
To maintain a low temperature inside a box, ice packs or ice cubes are put inside. Since ice packs provide lower temperatures for longer, they are typically preferred over ice cubes. In the healthcare sector, cooler boxes are also used to store or keep medications in a cool environment.
The COVID-19 epidemic has had a positive impact on the ice/cooler market. Due to the Vaccination program globally, the requirement for cooler boxes and cooled storage was at its peak. The companies focused on R&D to develop more advanced refrigerated solutions at record speed to store the vaccines while transportation. Company's like Panasonic developed Panasonic VIXELL Cooling Boxes which helped to beat the global COVID-19 Pandemic.
The key factor fueling the growth of the cooler box market is the rising demand for temperature control to prevent food loss and related health risks. The growth of the cooler box market is accelerated by the expansion of the pharmaceutical sector and campaigns to immunize against COVID-19. The pharmaceutical industry's strict needs for temperature control and the expansion of the global food trade as a result of trade liberalization are other factors influencing the cooler box market. Additionally, factors such as population growth, rapid urbanization, changes in lifestyle, and R&D activities have a positive impact on the cooler box market.
On the other hand, the implementation of stringent environmental rules & regulations is projected to challenge the cooler box market in the forecast period.
