Cooler Box Market by Type (Disposable, Reusable), End-Use Industry (Pharmaceuticals, Food & Beverages), Raw Material (EPS, XPS, EPP, Polyurethane Foam and Others) and Region, Global Industry Analysis, Growth, Market Size, Share, Trends, and Forecast 2021 to 2028
Newark, NJ, May 07, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global cooler box market is to grow from USD 5.2 billion in 2020 to USD 8.7 billion by 2028, at a CAGR of 12.7% during the forecast period 2021-2028.
The factors that drive the market are food safety, economic and environmental sustainability and minimal food waste. Food loss and waste are caused by various reasons. To overcome this problem, the demand for thermally controlled packaging solutions such as refrigeration boxes has increased around the world. Growing concerns about the environmental impact of packaging waste have prompted governments around the world to adopt resolute policies. For example, the Indian government updated its plastic waste management regulations on June 26, 2020. Standard tests are also conducted to validate the ability of packaging systems to maintain the temperature range imposed by the standards of the International Safe Transit Association (ISTA); it focuses on packaging, storage and transportation of goods. The raw materials used to produce cooler boxes include plastic, glass, paper, and metal which are crude oil-based derivatives.
Cooler Box is a portable device which is helpful for keeping biodegradable items and beverages cool and fresh for a long time. It can store food close to freezing point for a period ranging from a few hours to a couple of days. Growth in the pharmaceutical industry, technological advances in the cold storage industry for the transport of fresh and processed fruit, vegetables, dairy and other perishable food products, ongoing COVID-19 vaccination initiatives, are contributing to the growth of market refrigerants of the boxes.
The increased price of crude oil is a major issue. Thus, volatile crude oil prices are expected to affect the prices in future. Emerging economies such as Brazil, India and China offer significant growth opportunities in the insulated packaging sector. Strong economic development in China and India has provided a stimulus for growth in the food and beverage, healthcare and chemicals sectors.
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Key players operating in global cooler box market Blowkings (India), Sonoco ThermoSafe (US), B Medical Systems (Luxembourg), ISONOVA (Italy), Coldchain Technologies, Inc. (US), Eurobox Logistics (Romania), Softbox Systems Ltd. (UK) and Sofrigam Group (France). These players have expansions, acquisitions, deals, product launches and investments as main strategies to consolidate their position in the market.
For instance, In November 2020, Coldchain Technologies Inc. opened a new facility in Lebanon, Tennessee (United States) to increase production of reusable and disposable passive thermal boxes to meet the unprecedented demand for COVID-19 vaccine delivery to the public.
In December 2020, B Medical Systems announced the creation of a new manufacturing facility in Gujarat, India. This facility is designed to meet the growing demand for medically certified vaccine cold chain products in India. This should help the country strengthen the critical cold chain needed to deliver COVID-19 vaccines.
The reusable chillers segment is at the highest CAGR during the forecast period.
On the basis of type, the global cooler box market is segmented into reusable and disposable. The reusable fridge boxes available in the consumer market are becoming more robust in terms of external appearance, with open rigid shells compared to the cardboard and foam of the disposable fridge boxes. These cold rooms are mainly used in the pharmaceutical industry, where maintaining the temperature of the products for a longer time is a critical factor.
PU foam is the fastest growing commodity segment in the portable refrigerator market.
On the basis of raw material, the global cooler box market is segmented into PU foam, expanded polystyrene, expanded polypropylene, extruded polypropylene and others. PU foam has the lowest thermal conductivity among insulation materials, which saves space by using a lower insulation thickness while achieving the same insulation efficiency as other materials. This is particularly important in space-constrained cold chain logistics.
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Regional Segment of Cooler Box Market:
North America (U.S., Canada, Mexico)
Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
Asia-Pacific (China, Japan India, Rest of APAC)
South America (Brazil and Rest of South America)
Middle East and Africa (UAE, South Africa, Rest of MEA)
Geographically, the global cooler box market has been classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Asia Pacific region is expected to grow at the highest CAGR during the forecast period. China, Japan, South Korea and India are key countries contributing to the high demand for refrigerated containers in the Asia-Pacific region.
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About the report:
The global cooler box market is analysed on the basis of value (USD billion). All the segments have been analysed on type, end use, raw material, and region. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors position grid analysis.
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