The global cooler box market size was worth around USD 5 Billion in 2022 and is predicted to grow to around USD 9.5 Billion by 2030 with a compound annual growth rate (CAGR) of roughly 10% between 2023 and 2030.
The study examines the market drivers, challenges, and restraints for cooler boxes globally and how they will affect demand during the forecast period. The paper also looks at new potential in the cooler box market.
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Overview of the cooler box market
A cool box is a portable appliance that helps preserve vaccinations and biological samples while keeping perishables cool and fresh for an extended period of time. It is a typical container for storing food and drinks that is not mechanically closed. It maintains the product’s or its ingredients’ low temperature. Cooler boxes are made to keep the product separate.
Since the cooler box is so portable, moving them from one location to another is simple. They are frequently utilised on holidays, trips, and picnics. Additionally, they are employed in areas with scorching summers. Cold compresses or ice cubes are put inside the box to keep the temperature low. Since cold packs maintain a cool temperature for a longer period of time.
Key Findings :
- According to the data provided by our research researcher, the worldwide cooler box market is anticipated to expand at a CAGR of almost 10% from 2023 to 2030.
- The global cooler box market was estimated to be worth USD 5 billion in sales in 2022, and it is anticipated to grow to USD 9.5 billion by 2030.
- The market for cooler boxes will be driven by the rising need for temperature control to prevent food loss over the projected period.
Increased use of cooler boxes in the pharmaceutical industry
The global cooling box market is expanding as a result of the expansion of the pharmaceutical industry. Pharmaceutical items are frequently sensitive to temperature and need low temperatures or ongoing freezing. Pharmaceutical products, including pharmaceuticals, medicines, syringes, and others, must be transported or stored strictly in a temperature-controlled environment in insulated or closed boxes, as per World Health Organisation rules.
All pharmaceutical producers, importers, and logistics and storage partners across the globe are required to abide by these laws while handling these kinds of medications. Additionally, regional cooler box markets are expanding as a result of increased research and development (R&D) spending by state governments and significant pharmaceutical industry participants. For instance, CSafe announced the release of CSafeAPS, a new, enhanced reusable pallet shipper, in October 2022.
Strict guidelines and laws governing how packing affects the environment
Governments all over the world have adopted strict laws as a result of growing environmental issues related to packaging waste. For instance, on June 26, 2020, the Indian government changed its plastic waste management guidelines. The ability of packing solutions to sustain the temperature range required by the International Safe Transit Association (ISTA) standards, which are focused on the packaging, storage, and transportation of goods, is also validated through standard testing. Therefore, effective waste disposal and environmental concerns limit the growth of the cooler box market.
Potential of insulating packaging to grow quickly
The food and beverage, healthcare, and chemical industries have grown as a result of the rapid economic development in China and India. The insulating packaging sector has several prospects for expansion in developing nations like Brazil, India, and China.
Increased demand for packaging a variety of items, including perishable foods like meat, fish, and poultry, is a result of the growth in these industries. In order to increase their market share, cooler box makers are now looking towards the untapped potential of underdeveloped nations.
Significant shifts in the cost of the raw materials required to make cooler boxes
Plastic, glass, paper, and metal are some of the raw materials utilised in refrigeration. The majority of these basic materials are derivatives made from crude oil, which run the risk of supply fluctuations. A significant obstacle to the production of polymer goods like polyurethane, polyethylene, and polystyrene is the rise in crude oil prices. Polymer polymers derived from petrochemical compounds are typically used to create cooler boxes. As a result, price fluctuations for polymer foam are anticipated to be impacted by variations in oil prices.
The Global Cooler Box Market is segmented based on product, application and region.
Global Cooler Box Market: Product Segment Analysis
Global Cooler Box Market: Application Segment Analysis
● Food & Beverages
Recently Occurring Events :
- B Medical Systems, a global leader in medical-grade refrigeration and vaccine cold chain equipment with its headquarters in Luxembourg, announced in April 2021 that it would collaborate with Cold Chain Technologies, one of the most complete suppliers of reusable and single-use thermal packaging solutions for the shipment of temperature-sensitive materials, to offer the life sciences market end-to-end thermal shipping and medical storage solutions.
- Sonoco, a leader in diversified packaging and aims to expand Sonopost corner post manufacturing, will open a new factory in Bursa, Turkey, in November 2022.
- Packaging Technology Group, LLC, a top supplier of environmentally friendly, curbside-recyclable thermal packaging solutions for the life sciences industry, announced in March 2022 that it had been acquired by Cold Chain Technologies, LLC, a portfolio company of Aurora Capital Partners and a leading global provider of thermal packaging solutions for the transportation of temperature-sensitive products.
- The debut of CSafe APS, a new advanced reusable pallet shipper, was announced by CSafe Global in October 2022. CSafe Global is the largest provider of a full spectrum of active and passive temperature-controlled shipping solutions for the pharmaceutical industry.
- B Medical Systems S. R.L. and its subsidiaries, a market leader in temperature-controlled storage and transportation systems that enable the delivery of life-saving therapies to more than 150 countries worldwide, were acquired by AZENTA, INC. in October 2022.
The global cooler box market include key players such as:
● Sonoco Thermosafe
● B Medical System
● Eurobox Logistics
● Softbox Systems Ltd.
● va-Q-tec AG
● Coldchain Technologies Inc.
● Sofrigam Group
● FEURER GmbH
● Wild Coolers
● K2 Coolers
● Cool Ice Box Company
● Bison Coolers
The market is anticipated to be dominated by Asia Pacific over the forecast period.
During the projected period, the cooler box market in the world is anticipated to increase significantly in the Asia Pacific region. increasing personal effort, technology accessibility, and the rise of well-known enterprises in nations like China and India all contribute to increasing entertainment, which is predicted to boost economic growth in the years to come.
Due to rigorous temperature control laws in the pharmaceutical business and trade liberalisation in the international food industry, the rise has further influenced the cooler box market. Additionally, the market has benefited from high consumption, population expansion, rapid development, changing lifestyles, and research and development in the transportation of fresh and processed produce, dairy products, and other perishable commodities.
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