PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1250739
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1250739
According to Stratistics MRC, the Global Cooler Box Market is accounted for $5.99 billion in 2022 and is expected to reach $13.21 billion by 2028 growing at a CAGR of 14.1% during the forecast period. One of the consumer storage items, cooler boxes are used to store pharmaceuticals as well as food and beverage products. The products kept within them receive low temperatures from them. They are often made of particular materials with the intention of providing insulation.
According to World health Organisation (WHO) regulations, the pharmaceutical products such as medicine, drugs, syringe, and others are strictly transfer or shipped or store in temperature controlled environment inside the insulated or enclosure box.
Increasing need for temperature control to prevent food loss and potential health hazards
The food sector is particularly focused on concerns including food waste reduction, economic and environmental sustainability, and food security. There are several causes of food loss and waste. For instance, perishable products are frequently touched and transported in varying temperatures, which causes them to spoil and eventually disappear. Globally, there has been an increase in demand for thermally controlled packaging solutions, such as cooler boxes, to tackle this.
Stringent environmental rules & regulations
Governments all over the world have implemented strict laws in response to growing concerns about the environmental impact of packaging waste. For instance, on June 26, 2020, the Indian government changed its plastic waste management regulations. In accordance with the International Safe Transport Association (ISTA) standards, which are concerned with the packaging, storage, and transportation of goods, standard tests are also carried out to verify the capacity of packaging systems to maintain the temperature range required by those requirements. The European Commission's packaging directives have also resulted in the imposition of ambitious recycling goals as governments look for new ways to reduce packaging waste. Thus, the expansion of this market is constrained by rising environmental awareness and efficient waste disposal.
High growth potential markets for insulated packaging
The insulated packaging sector has substantial growth potential in emerging markets like Brazil, India, and China. The food and beverage, healthcare, and chemicals industries have grown as a result of the rapid economic development in China and India. Development in these industries has helped fuel a rise in packaging demand for a wide range of products, including perishable items like meat, fish, and poultry. As a result, cooler box manufacturers are exploring into the untapped potential of developing nations to maximise their market share.
Fluctuations in crude oil prices
Plastic, glass, paper, and metal are some of the raw materials used to make cooler boxes. The majority of these raw materials are derivatives based on crude oil that are sensitive to changes in commodity prices. The development of polymers like polyurethane, polyethylene, and polystyrene is severely hampered by the rising cost of crude oil. Polymer foams, which are generated from petrochemical feedstock, are used to manufacture the bulk of cooler boxes. As a result, fluctuating crude oil prices are anticipated to have an impact on polymer foam prices in the near future.
Covid-19 Impact:
The cooler box market has benefited from the COVID-19 outbreak. The need for cooler boxes and chilled storage was at its highest as a result of the worldwide vaccination program. The businesses concentrated on R&D to actually build more complex refrigeration systems to carry vaccinations in. Companies like Panasonic created Panasonic VIXELL Cooling Boxes, which were essential in containing the COVID-19 epidemic. The necessity for temperature control to reduce food loss and associated health hazards is the primary driver of cooler box market growth.
The reusable cooler boxes segment is expected to be the largest during the forecast period
The reusable cooler boxes are preferred to other types of boxes due to their high efficiency and durable shells, the reusable segment held the largest share of the market during the projection period. Moreover, compared to single-use cooler boxes, they are more affordable and robust. The rise of cooler boxes in pharmaceutical companies frequently by using reusable cooler boxes as maintaining a consistent product temperature has been fueled the market growth.
The pharmaceutical segment is expected to have the highest CAGR during the forecast period
Because pharmaceutical products are typically temperature-sensitive and require consistent low or freezing temperatures, the pharmaceuticals segment is expected to expand at a highest growth throughout the projection period. The need for cooler boxes is rising as a result of the growing pharmaceutical industry's need for a portable, user-friendly, and sustainable solution to store drugs, blood, organs, vaccines, and other supplies. Moreover, with the use of these cooler boxes, the pharmaceutical companies is able to adhere to WHO recommendations for maintaining a certain temperature while keeping medical products. However, these containers allow temperatures ranging from 2° to 8°C. The expanded vaccination campaigns during pandemics enhance the need to rapidly preserve essential pharmaceutical supplies, which raises the demand for cooler boxes.
Region with largest share:
Due to the increase in demand for cold storage and transportation in countries like China and India, the Asia-Pacific region is anticipated to experience the cooler box market's largest percentage of revenue growth during the projected period. Also, end-user businesses are focused in nations like China, India, Japan, and Korea, and they demand higher prices for cooler boxes. Additionally, the cooler box market is also predicted to grow in developed countries like Japan and South Korea as consumers become more aware of the benefits of using coolers. Also, the market for cooler boxes is expected to benefit from the growing need for cooling solutions that are both energy- and environmentally-friendly.
Throughout the projected period, the cooler box market in the Asia-Pacific region is anticipated to grow at the highest CAGR. The major nations contributing to the high demand for cooler boxes in the Asia-Pacific region are China, Japan, South Korea, and India. Because of the low cost of labor and raw materials, cooler box manufacturing facilities prefer to operate in Asia Pacific. Also, the APAC region's countries are developing their current manufacturing sectors' capacity to serve significant cooler box shipments.
Some of the key players in Cooler Box market include B Medical System, ISONOVA, Softbox Systems Ltd, Sonoco Thermosafe, Eurobox Logistics, Blowkings, va-Q-tec AG, Sofrigam Group, Coldchain Technologies, Inc, Igloo, Wild Coolers, Cool Ice Box Company, FEURER GmbH, Bison Coolers and K2 Coolers.
In November 2022, Sonoco, a global leader in diversified packaging, plans to further expand Sonopost cornerpost manufacturing with the new facility in Bursa, Turkey.
In October 2022, AZENTA, INC. announced the acquisition of B Medical Systems S.A R.L and its subsidiaries, a market leader in temperature-controlled storage and transportation solutions that enable the delivery of life-saving treatments to more than 150 countries worldwide. This acquisition complements Azenta's cold chain capabilities, adding differentiated solutions for reliable and traceable transport of temperature-sensitive specimens.
In October 2022, Csafe Global, the largest provider of a complete range of active and passive temperature-controlled shipping solutions for the pharmaceutical industry, announced the launch of its new advanced reusable pallet shipper, CSafeAPS.
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Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances