VALLEY COTTAGE, N.Y. – According to Future Market Insights (FMI), the future of insulated coolers market looks promising with an increase in camping, traveling, medical, fishing, and boating applications. Furthermore, increasing usage of coolers in storage and transportation of vaccines and growing spending on recreational activities in line with rising disposable income are driving the growth of the insulated coolers market. The global insulated coolers market size was valued at US$ 550 million in 2018, and is expected to become a billion-dollar market by 2029.
Insulated Coolers Emerge as a Major Trend
Biodegradable insulated coolers are gaining huge traction, owing to low-cost offerings and increased intolerance of single-use plastics. Continuous launch of biodegradable or sustainable products remains a major strategy for major players to gain a distinct competitive edge. For instance, in April 2019, Igloo Product Corp. introduced an eco-friendly insulated cooler – RECOOL, made with recycled paper pulp and Alkyl ketene dimer, a natural waxing and binding agent. Similar innovations at the global platform will impact the insulated coolers market growth in the following years.
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Coolers to Gain Prominence in Future
Due to their efficient cooling and durability, hard coolers will continue to witness higher sales, which is expected to surpass a value of US$ 900 Mn by 2029. This growth is attributed to increasing demand for hard chillers for recreational activities in North America and Europe. Likewise, soft coolers are gaining significant traction owing to several benefits such as low cost and lightweight structure compared to hard iceboxes. Ease of use of soft coolers and wide availability in several variants such as shoulder bags, backpacks, and lunch boxes are further attracting a large number of customers.
Recyclability and sustainability represent major crux of innovation in insulated coolers, due to growing eco-consciousness among consumers, in addition to showing greater interest in outdoor recreational activities. Leading players in the insulated coolers market are further aiming at opening more retail stores to expand their customer base,” says FMI analyst.
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