The global sales of ice boxes market are estimated to be worth USD 4.7 billion in 2021 and are anticipated to reach a value of USD 7.7 billion by 2031. Sales are projected to rise at a CAGR of 5.1% over the forecast period between 2021 and 2031. The revenue generated by ice boxes market in 2020 was USD 4.5 billion.
The increasing demand for portable, low-cost cooling solutions for outdoor activities, travel, and emergencies drives the market for ice boxes.
It is further boosted by growth in recreational and sports activities, along with rising consumer preference for convenience and reliability concerning food and beverage storage.
Innovations in insulation technologies coupled with durable materials further enhance the performance and longevity of ice boxes. Furthermore, growth in the segments of camping and outdoor adventure requires quality cooling. Increased awareness related to sustainability and eco-friendly materials is driving the market trend toward such products.
Global Ice Boxes Industry Assessment
| Attributes | Key Insights |
|---|---|
| Historical Size, 2020 | USD 4.5 billion |
| Estimated Size, 2021 | USD 4.7 billion |
| Projected Size, 2031 | USD 7.7 billion |
| Value-based CAGR (2021 to 2031) | 5.1% |
In the times when people avoid eating and drinking outside, ice boxes prove to be a perfect solutions to all their woes and helps them carry their favorite food products or drink without hampering its quality.
Ice boxes are commonly used in those areas which reports higher level of temperature. As the population of outdoor recreational activities has gone upwards, the number of ice boxes manufacturers in the markets has also witnessing a spike.
Further, ice boxes are made out of plastics majorly, these boxes are ultra-light in weight and arrives in various sizes. Meanwhile the ice boxes that are disposable in nature are made of polystyrene foam. Several initiatives from the most of the federal governments to promote outdoor activities is also likely to provide impetus to the growth of the ice boxes market.
Moreover, countries like India, Brazil, and china are expected to contribute to the growth of the ice boxes market. The governments in these countries is providing a stimulus for the development of healthcare, food & beverages and chemical market, and this ultimately aids the ice boxes market grow.
Availability of labor and raw material at a lower costs and favorable foreign direct investment (FDI) in these countries is luring numerous ice boxes manufacturers.
The Countries like USA and Canada has the highest revenue share in the ice boxes market. This is mainly because of intersecting trends of these countries’ surging adoption rate of new technology and relatively hot weather conditions. Along with this the population in this region is more interested in outdoor camping and sports recreations culture, and this is pushing industry giants to invest more.
Adding to this, key manufacturers in the USA market are investing heavily in research & development activities to offer enhanced customer experience and reduce operating costs. Further, rising interest in minibars among working-class professionals is expected to promote the scope for ice boxes in the USA market.
The European nationals like Italy and Spain are forecasted to witness a massive surge in the demand for ice boxes, mainly because of increasing interest in outdoor activities and higher income amount of population in this region.
These countries are also hub of tourism and lure significant number of international travelers each year. The presence of major ice box manufacturers in the region showcase the increased demand.
Moreover, governments are coming up with new policies in order to minimize the energy consumption of appliances. The policies support the consumption and manufacturing of energy-efficient electronic appliances and provide ease in contributing to environmental sustainability.
This in turn will fuel the consumption of energy-efficient cold storage devices. Additionally, incentive schemes such as discounts, vouchers and coupons provided by the companies will attract customers towards ice boxes and help in the market growth.
Some of the leading manufacturers of Ice Boxes Market are
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Ice Boxes Market
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