DUBAI, United Arab Emirates, October 6, 2021 / PRNewswire / – Sale of foam coolers are estimated at more than 7 million units in 2021, finds Future Market Insights (IMF) in a recent market analysis. Due to the high demand for convenient cold storage solutions from the food industry, the market is expected to grow at a CAGR of 6.8%, reaching US $ 1.5 billion by 2031.
Various industries are switching from steel boxes to foam coolers due to their light weight and durability. Foam coolers effectively preserve the quality of perishables during storage and transport. They are therefore expected to remain in high demand in the food industry throughout the assessment period.
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Demand for foam coolers has grown at an impressive rate amid COVID-19. This is mainly due to the growing need for temperature controlled packaging solutions for pharmaceutical and food products. As these industries sell essential items, sales of foam coolers increased 4.7% in volume between 2020 and 2021, according to IMF.
The application of foam coolers will increase in the pharmaceutical industry to transfer temperature sensitive drugs, vaccines and general drugs. This will continue to drive sales of foam coolers over the forecast period.
To facilitate and regulate an adequate supply of essential drugs and medicines, the World Health Organization (WHO) has issued guidelines that require all time and temperature sensitive pharmaceuticals to be shipped in a temperature-controlled environment at inside an insulated closure.
With this in mind, manufacturers, suppliers, and storage partners strive to provide practical foam coolers in various shapes and materials. This should bode well for global foam coolers in the years to come.
According to the IMF’s in-depth regional analysis, North America will become an attractive pocket in the global foam cooler market, accounting for 28.3% of total sales in 2021. Manufacturers are also looking to expand their distribution network in developing economies such as Mexico and Brazil tap larger markets by offering products at lower prices in different formats, shapes and sizes.
âLeasing and rental services for foam coolers are expected to increase in the near future. This, along with favorable transport and storage laws implemented by international authorities for the transport of temperature sensitive products, will continue to drive sales of foam coolers during the forecast period. “, explains the IMF analyst.
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Key points to remember:
- On the basis of capacity, more than 40% of foam coolers sold will have a capacity greater than 150 quartz.
- In terms of material type, the polyurethane segment is expected to account for half of the total sales of foam coolers.
- The demand for foam coolers in the United States is expected to increase at a CAGR of 4.8% due to the presence of a robust pharmaceutical infrastructure in the country.
- UK foam cooler sales expected to peak US $ 34.6 million over the forecast period.
- Germany should represent 15.3% of the Europe market share of foam coolers.
- India will emerge as an attractive market, holding more than 34.7% of the South Asia Foam coolers market share to 2031.
- China is expected to represent 47.3% of total sales of foam coolers in East Asia.
- Favorable import and export policies in various regions regarding the transportation of pharmaceutical and food products will continue to propel sales of foam coolers.
- The increased consumption of frozen and packaged foods around the world is expected to boost sales of foam coolers.
Major players operating in the global foam cooler market are investing in research and development to develop innovative and practical products for end use industries. Apart from this, the players focus on providing advanced temperature controlled packaging by offering rental and leasing services to gain competitive advantage in the market. For example:
- In May 2021, Sonoco ThermoSafe has announced the extension of its partnership with Cathay Pacific Cargo to include the rental of Pegasus ULD containers.
- In May 2021, Cold Chain Technologies announced a collaboration with the ASHP Foundation as a Gold Enterprise Partner to provide drug safety solutions for drugs and other medical supplies.
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The Major Players Operating in the Foam Cooler Market Featured By FMI are:
- Coolers from Yeti, LLC.
- Igloo products company
- Coleman, Inc
- Sonoco ThermoSafe
- Cool Ice Box Co Ltd
- Coldchain Technologies, Inc
- Plastilite company
- Pelican Products, Inc.
- MacNeill Pride Group (ORCA)
- Bison coolers
- RTIC Outdoors LLC
- Koolatron FR
- Aohong Industry Co., Ltd.
- Rodman Plastics Company Ltd.
- Carris Pipes & Tubes Pvt. Ltd.
More Information on FMI Foam Coolers Market
The latest market research on Foam Coolers Market by Future Market Insights gives detailed segmentation for the forecast period 2021-2031. In order to get a better perspective on the global Foam Coolers market potential, growth, trends, and opportunities, the market is segmented on the basis of:
- Up to 25 pints
- 26-75 pints
- 76-150 pints
- Above 150 pints
Method of transport:
- Side handles
- Cover Handles
- Expanded polystyrene
- Expanded polypropylene
- Closed cell polyethylene
End use industry:
- Food and drinks
- Cosmetics and personal care
- North America
- Latin America
- East Asia
- South Asia
- Middle East and Africa (AEM)
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Key Questions Answered In The Foam Coolers Market Report
- The report offers detailed information about the demand outlook of the Foam Coolers market for 2021-2031.
- The market study also highlights the expected sales growth for the Foam Coolers market between 2021 and 2031.
- The Foam Coolers market research identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluating the current market size and forecast and technological advancement within Of the industry.
- Analysis of the Foam Coolers market share of key companies in the industry and coverage of strategies such as mergers and acquisitions, joint ventures, collaborations or partnerships etc.
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