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Global Insulated Coolers Market was Valued at US$ XX Mn in 2019 and it is Expected to Reach More than US$ 1.1 Bn by 2028, Likely to Grow with the CAGR of 6.6% During the Forecast Period.
The growing popularity of outdoor recreation activities such as off-road and hiking among travelers is a leading driver of the insulated cooler market. In addition, improved technologies for the production of lightweight chillers capable of retaining ice for a longer period of time will contribute to market growth in the coming years. Acceptance of camping and outdoor chillers in the North American and European regions is significantly higher than in developing regions. Camping is one of Iceland's most popular summer activities. A large number of Irish vendors are providing rental services for critical hiking gear, which is expected to drive the market.
National parks and forests, such as Congaree National Park, Ocala National Forest, and Bankhead National Forest, are popular destinations for dry camping in North America. The increasing footprint of travelers to these locations is projected to significantly boost demand for chillers in the region. With an increasing number of travelers opting for solo hiking and trekking trips, demand for compact soft chillers and soft drinks is expected to rise. The segment is projected to grow faster than the hard chillers segment.
Hard Cooler Sales Make Up Over 75 % Of The Market Value.
Due to their durability and effective cooling, hard coolers continue to be sold higher in the insulated coolers market Sales of hard coolers will exceed US$ 507 million by 2020. Leading hard cooler manufacturers are reaping maximum profits in developed regions. Soft coolers are also gaining traction on the back of their portability and storage efficiency quotient. Moreover, due to their limited cooling capacity, their demand growth will remain relatively low.
Side Handle Segment Drives The Growth Of Global Insulated Cooler Market.
With almost 32 % of total sales, insulated side handle coolers will generate approximately US$ 400 million by the end of 2029. Demand for the lid handle insulated coolers would also grow at a promising rate, exceeding US$ 203 million in the next 5 years. While insulated coolers account for a higher revenue share compared to insulated coolers on wheels, sales of these coolers will increase as convenience remains a key factor.
US Market To Hold A Substantial Share Of The Insulated Cooler Market By The End Of 2019
North America currently accounts for approximately 72% of global isolated cooler sales. Worldwide sales of insulated coolers remain concentrated in the U.S., probably reaching the value of US$ 402 million by the end of 2019. The involvement of established companies such as Bison Coolers LLC and RTIC Coolers LLC, combined with the rising outdoor industry, will continue to fuel the growth of the North American market. The demand in Europe will produce more than approximately US$ 102 million towards the end of the prediction period, with the United Kingdom and Germany accounting for large shares. In addition, market players are also targeting emerging Asian countries, as they have seen significant growth in online retail in the recent past, especially in China and India.
Latin America is expected to emerge as the fastest-growing regional market in the forecast period, led by MEA. According to a report published by the World Travel & Tourism Council, expenditure on domestic and international travel in Latin America has increased in 2018 compared to the previous year. Major camping destinations in Brazil, along with Bahia, Porto Seguro, Pousada, and Santa Clara, are expected to witness robust tourism growth, driving the market in Latin America.
North America will continue to dominate with a ~72% revenue share. Increasing recreational activities and a strong presence of key players in the region are creating major opportunities for profit. Key market players include Yeti Coolers, LLC; Ao Coolers; Coleman Company Inc.; Pelican Products Inc.; Outdoor Active Gear; Igloo Products Corp.; Grizzly Coolers; and Bison Coolers.
Major participants are committed to improving their existing products with improved technology for longer ice retention in order to keep pace with consumer demand and competition on the market. Likewise, in March 2016, Igloo Products Corp. launched the Day Tripper range, which included soft chillers, backpacks, and picnic totes. This collection includes thick foam insulation, custom packs and several compartments for storing food items and beverages.
Insulated Cooler Market Segmentation
Insulated Cooler Market, By Capacity
- Below 25 Quart
- 26-75 Quart
- 76-150 Quart
- Above 150 Quart
Insulated Cooler Market, By Product
- Hard Coolers
- Soft Coolers
Insulated Cooler Market, By Carrying Method
- Side Handles
- Lid Handle
- Shoulder Strap
Insulated Cooler Market, By Region
- North America
- Latin America
- Asia Pacific Excluding Japan
- Middle East & Africa