Cooler Box Market Opportunities and Strategies to 2033

This report describes and explains the cooler box market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global cooler box market reached a value of nearly $6.52 billion in 2023, having grown at a compound annual growth rate (CAGR) of 11.53% since 2018. The market is expected to grow from $6.52 billion in 2023 to $11.32 billion in 2028 at a rate of 11.68%. The market is then expected to grow at a CAGR of 12.21% from 2028 and reach $20.14 billion in 2033.

Growth in the historic period resulted from growth in the pharmaceutical industry, increase in government initiatives and growing outdoor recreational activities. Factors that negatively affected growth in the historic period were limited availability of skilled labor.

Going forward, the growing hospitality industry, expansion of the e-commerce industry, rising disposable income, growing travel and tourism industries and rising demand from the food and beverage industry will drive the market. Factors that could hinder the growth of the cooler box market in the future include supply chain disruptions.

The cooler box market is segmented by type into reusable and disposable. The reusable market was the largest segment of the cooler box market segmented by type, accounting for 68.8% or $4.48 billion of the total in 2023. Going forward, the reusable segment is expected to be the fastest growing segment in the cooler box market segmented by type, at a CAGR of 12.73% during 2023-2028.

The cooler box market is segmented by product into handle, wheeled and handle and wheel. The handle market was the largest segment of the cooler box market segmented by product, accounting for 40.1% or $2.61 billion of the total in 2023. Going forward, the wheeled segment is expected to be the fastest growing segment in the cooler box market segmented by product, at a CAGR of 12.57% during 2023-2028.

The cooler box market is segmented by cooling material into wet ice, dry ice and gel packs. The wet ice market was the largest segment of the cooler box market segmented by cooling material, accounting for 50% or $3.26 billion of the total in 2023. Going forward, the gel packs segment is expected to be the fastest growing segment in the cooler box market segmented by cooling material, at a CAGR of 12.86% during 2023-2028.

The cooler box market is segmented by raw material into PU foam, expanded polystyrene, extruded polystyrene, expanded polypropylene and other raw materials. The PU foam market was the largest segment of the cooler box market segmented by raw material, accounting for 40.3% or $2.62 billion of the total in 2023. Going forward, the expanded polystyrene segment is expected to be the fastest growing segment in the cooler box market segmented by raw material, at a CAGR of 12.28% during 2023-2028.

The cooler box market is segmented by end use into pharmaceuticals, food and beverages and other end-uses. The food and beverages market was the largest segment of the cooler box market segmented by end use, accounting for 51.4% or $3.35 billion of the total in 2023. Going forward, the pharmaceuticals segment is expected to be the fastest growing segment in the cooler box market segmented by end use, at a CAGR of 12.15% during 2023-2028.

North America was the largest region in the cooler box market, accounting for 35.3% or $2.3 billion of the total in 2023. It was followed by Asia-Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the cooler box market will be Asia-Pacific and Africa, where growth will be at CAGRs of 13.91% and 13.26% respectively. These will be followed by the Middle East and South America, where the markets are expected to grow at CAGRs of 12.73% and 12.18% respectively.

The global cooler box market is fairly fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up 17.49% of the total market in 2023. Sonoco ThermoSafe was the largest competitor with a 4.79% share of the market, followed by CSafe Global with 2.95%, Coldchain Technologies Inc. with 2.86%, Azenta Inc. with 2.34%, Nilkamal Ltd. with 1.75%, va-Q-tec AG with 1.48%, FEURER GmbH with 0.89%, Sofrigam Group with 0.23%, AOV International LLP with 0.13% and Cool Ice Box Company Ltd. with 0.07%.

The top opportunities in the cooler box market segmented by type will arise in the reusable segment, which will gain $3.68 billion of global annual sales by 2028. The top opportunities in the cooler box market segmented by product will arise in the wheeled segment, which will gain $1.84 billion of global annual sales by 2028. The top opportunities in the cooler box market segmented by cooling material will arise in the wet ice segment, which will gain $2.2 billion of global annual sales by 2028. The top opportunities in the cooler box market segmented by raw material will arise in the PU foam segment, which will gain $1.92 billion of global annual sales by 2028. The top opportunities in the cooler box market segmented by application will arise in the food and beverages segment, which will gain $2.44 billion of global annual sales by 2028. The cooler box market size will gain the most in the USA at $1.19 billion.

Market-trend-based strategies for the cooler box market include introduction of cooler boxes with dual fan functionality, strategic collaborations and partnerships among market players, advanced insulation technology in small-capacity cooler boxes and innovative cooling solutions for outdoor enthusiasts.

Player-adopted strategies in the cooler box market include focus on improving portfolio through the launch of product developments, enhancing operational capabilities through strategic partnerships and enhancing operational capabilities through new product launches.

To take advantage of the opportunities, the analyst recommends the cooler box companies to focus on innovation in dual fan cooler boxes, focus on advanced insulation technology for small-capacity cooler boxes, focus on innovative cooling solutions for outdoor enthusiasts, focus on the reusable segment for market expansion, focus on the handle and wheel segment for market expansion, expand in emerging markets, continue to focus on developed markets, focus on strategic partnerships for market expansion, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions and focus on pharmaceuticals segment for growth.