4 out of 10 Foam Cooler Boxes Sold to Concentrate in Pharmaceutical Sector in 2021: FMI Finds in Latest Survey
- Future Market Insights (FMI) recent report on the global foam cooler box market covers developments and trends across various segments including capacity, carrying method, material, and end-use industry. The study highlights growth drivers, restraints, opportunities, and threats impacting sales of foam cooler boxes worldwide. It projects the sales of above 150 quartz capacity foam cooler boxes to continue rising through 2031.
DUBAI, U.A.E, Oct. 6, 2021 /PRNewswire/ -- Sales of foam cooler boxes are estimated to top 7 million units in 2021, finds Future Market Insights (FMI) in a recent market analysis. Owing to high demand for convenient cold storage solutions from the food & beverage industry, the market is projected to expand at a 6.8% CAGR, reaching US$ 1.5 Bn by 2031.
Various industries are shifting from steel boxes to cooler boxes made from foam due to their lightweight and durability. Foam cooler boxes effectively preserve the quality of perishable food items during storage and transit. They are thus expected to remain highly sought after in the food and beverage industry through the assessment period.
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The demand for foam cooler boxes increased at an impressive pace amid COVID-19. This is primarily on account of the rising need for temperature-controlled packaging solutions for pharmaceutical and food supplies. As these industries retail essential items, sales of foam cooler boxes grew by 4.7% year-over-year in terms of volume between 2020 and 2021, finds FMI.
Application of foam cooler boxes will increase in the pharmaceutical industry to transfer temperature-sensitive drugs, vaccines, and general medicine. This will continue pushing sales of foam cooler boxes over the forecast period.
To facilitate and regulate adequate supply of critical drugs and medicine, the World Health Organization (WHO) has issued guidelines that mandate all time and temperature-sensitive pharmaceutical products to be shipped in a temperature-controlled environment inside an insulated closure.
Considering this, manufacturers, suppliers, and storage partners are striving to offer convenient foam cooler boxes in various forms and materials. This is anticipated to bode well for the global foam cooler boxes in the forthcoming years.
As per FMI's in-depth regional analysis, North America will emerge as an attractive pocket in the global foam cooler box market, accounting for 28.3% of the total sales in 2021. Manufacturers are also looking to expand their distribution network in developing economies such as Mexico and Brazil to tap into larger markets by offering products at lower prices in different formats, shapes, and sizes.
"Leasing and rental services of foam cooler boxes is expected to increase in the near future. This, coupled with favorable transport and storage laws implemented by international authorities for transportation of temperature-sensitive products will continue pushing sales of foam cooler boxes over the forecast period," says the FMI analyst.
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Key Takeaways:
- Based on capacity, over 40% of foam cooler boxes sold will have above 150 quartz capacity.
- In terms of material type, the polyurethane segment is expected to account for half of the total foam cooler boxes sales.
- Demand for foam cooler boxes in the U.S. is projected to surge at a 4.8% CAGR owing to the presence of robust pharmaceutical infrastructure in the country.
- Sales of foam cooler boxes in the U.K. are expected to top US$ 34.6 Mn over the forecast period.
- Germany is anticipated to account for 15.3% of the Europe foam cooler box market share.
- India will emerge as an attractive market, holding over 34.7% of the South Asia foam cooler box market share through 2031.
- China is projected to command 47.3% of the total foam cooler box sales in East Asia.
Prominent Drivers:
- Favorable import and export policies in various regions regarding the transportation of pharmaceutical and food products will continue propelling sales of foam cooler boxes.
- Surging consumption of frozen and packaged food across the globe is anticipated to boost sales of foam cooler boxes.
Competitive Landscape
Key players operating in the global foam cooler box market are investing in research and development to develop innovative and convenient products for end-use industries. Apart from this, players are focusing on providing advanced temperature-controlled packaging by offering renting and leasing services to gain a competitive edge in the market. For instance:
- In May 2021, Sonoco ThermoSafe announced an expansion of partnership with Cathay Pacific Cargo to include leasing of Pegasus ULD containers.
- In May 2021, Cold Chain Technologies announced a collaboration with ASHP Foundation as a Gold Corporate Partner to provide medication safety solutions for drugs and other medical supplies.
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Leading players operating in foam cooler box market profiled by FMI include:
- Yeti Coolers, LLC.
- Igloo Products Corporation
- The Coleman Company, Inc
- Sonoco ThermoSafe
- Cool Ice Box Co Ltd
- Coldchain Technologies, Inc
- Plastilite Corporation
- Pelican Products, Inc.
- MacNeill Pride Group (ORCA)
- Bison Coolers
- RTIC Outdoors LLC
- Koolatron US
- Aohong Industry Co., Ltd.
- Rodman Plastics Company Ltd.
- Carris Pipes & Tubes Pvt. Ltd.
More Insights on FMI's Foam Cooler Box Market
The latest market study on the foam cooler box market by Future Market Insights gives a detailed segmentation for the forecast period of 2021-2031. In order to gain a better perspective of the global foam cooler box market potential, its growth, trends, and opportunities, the market is segmented on the basis of:
Capacity:
- Up to 25 Quart
- 26-75 Quart
- 76-150 Quart
- Above 150 Quart
Carrying Method:
- Side Handles
- Lid Handles
- Shoulder Strap
- Wheel
Material:
- Expanded Polystyrene
- Expanded Polypropylene
- Polyurethane
- Closed-cell Polyethylene
End-Use Industry:
- Food & Beverages
- Pharmaceutical
- Cosmetics & Personal Care
- Chemical
- Others
Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa (MEA)
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Key Questions Covered in Foam Cooler Box Market Report
- The report offers detailed insights into foam cooler box market demand outlook for 2021-2031.
- The market study also highlights projected sales growth for foam cooler box market between 2021 and 2031.
- Foam cooler box market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry.
- Foam cooler box market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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