As per the research conducted by Future Market Insights, during the forecast period, the insulated bins market is set to enjoy a valuation of US$ 6.6 billion in 2023 and is going to further extend at a CAGR of 5.5% to reach the valuation of US$ 11.3 billion by the year 2033. The sales of insulated bins market is forecasted to elevate with the top 3 countries projected to hold approximately 35-40% of the market by the end of 2023.
The growing awareness of maintaining the proper temperature during transportation of temperature-sensitive foods products propel the demand for insulated bins among food brands. Insulated bins help to preserve the freshness and quality of food products during transportation. With the rise of online food delivery services, there has been an increased demand for insulated bins. The food & beverage segment is projected to grow 1.6 times the current market value during 2023 to 2033.
| Attribute | Details |
|---|---|
| Market Size 2023 | US$ 6.6 billion |
| Market Size 2033 | US$ 11.3 billion |
| Value CAGR (2023 to 2033) | 5.5% |
| Collective Value Share: Top 5 Companies (2022A) | 20 to 25% |
With the surge in demand for protective packaging container among the end use industries propel the demand for insulated bins. The global insulated bins market is estimated to reach US$ 6.6 billion by 2033, increasing at a CAGR of 5.5% throughout the forecast period.
The insulated bins market is expected to experience a lucrative growth outlook during the forecast period. A new estimation predicts that insulated bins sales will rise during 2023–2033 and is projected to generate an attractive incremental growth opportunity of US$ 5.0 billion.
With the rising adoption of advanced technology, the insulated bins market is anticipated to grow 1.7 times the current market value during the forecast period.
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The global insulated bins market has anticipated a CAGR of 5.1% during the historic period with a market value of US$ 6.3 billion in 2022.
The expanding e-commerce and online food delivery services has led to a higher demand for insulated bins to transport food safely and maintain the quality during delivery. Expansion of e-commerce has led to an increase in the delivery of temperature-sensitive products, such as pharmaceuticals, fresh produce, and other perishable goods like seafood, temperature-sensitive drugs, meats. Insulated bins play an important role in maintaining the cold chain and ensuring that these products are delivered safely and in good condition.
The other factor which is influencing the growth of insulated bins market is to the rise in concern of environmental issues has led to an increase in demand for insulated bins as they help in reducing the carbon footprint by reducing the need for refrigerated transportation and storage. The insulated bins market is anticipated to experience a positive growth rate during the forecast period.
The expansion of food and pharmaceutical industries has led to an increased need for temperature-controlled storage and transportation which is driving the demand for insulated bins. Also increasing awareness of food safety, companies are more focused on ensuring that the products are stored and transported in the best possible conditions, driving demand for insulated bins. The ease of trade between different countries has led to an increase in the shipping of perishable goods over longer distances, driving the demand for insulated bins as a means of ensuring that the goods reach the destination in good condition.
Traditional refrigerated containers are more expensive than insulated bins and the cost of purchasing or leasing them become a significant barrier for many companies. The refrigerated containers are not as mobile as insulated bins. It consume a significant amount of energy as compare to insulated bins, their limited range of sizes, which may not be possible to find the exact size needed for a particular shipment. This may result in inefficient use of space. Refrigerated containers contribute to carbon emissions, all these factors become the barrier for the many companies which desire to transport or store the temperature-sensitive goods.
Insulated bins are typically less expensive as compare to refrigerated containers, they are available in variety of sizes, and also they consume less energy as compare to traditional refrigerated containers. Also their environmental friendly nature add extra edge in the growth of insulated bins market.
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The insulated bins are made available with IoT capabilities, such as sensors, GPS tracking and automated systems, which can be used for temperature monitoring, inventory management, and tracking the location of the bin which is also known as an Smart Insulated Bins.
The manufacturers are developing insulated bins that use biodegradable insulation materials, which can help reduce environmental impact. Also, the manufacturers are developing insulated bins that can be easily collapsed or folded down for storage and transportation, making them more convenient and space-efficient, known as collapsible insulated bins.
There are insulated bins that are equipped with automated systems such as opening and closing system, which can be controlled remotely which is called automated insulated bins. The development of advanced technology enabled and innovative insulated bins by the manufacturers creates growth opportunity for the target market.
The food & beverages segment is projected to reach the valuation of US$ 4.1 billion by the end of 2023 in the global insulated bins market. Food industries carries high demand for insulated bins as the growth of the global food and beverage market, shows need for insulated bins has increased as many companies look to transport products over longer distances. Consumers are increasingly demanding convenient, ready-to-eat food and beverage products, which can be stored and transported in insulated bins. Insulated bins help to reduce food waste by maintaining the quality and freshness of food products and extending their shelf life.
Foods like seafood, meats, ice-creams, juices consumption is uplifted in developed countries such as Germany, USA, France, Canada, etc. Ice-cream contributed the most sales of frozen food market. Also e-commerce has streamlined the supply chain for food and beverage products, reducing waste and increasing efficiency, which requires the use of insulated bins to maintain the temperature and quality of the products during transportation
Germany is projected to hold around 22% of the European insulated bins market by the end of 2023. According to the International Trade Administration (ITA), Germany is one of the biggest manufacturer and exporter of medicines and drugs in Europe. United States was by far the primary destination for German pharmaceuticals exports in 2021. The global demand for medicines and drugs is growing, driven by an aging population, the rise of chronic diseases, and the increasing availability of treatments for previously untreatable conditions. Germany has access to raw materials that are used in the production of medicines and drugs, making it economically advantageous for them to export these products.
With the growing demand for exporting medicine and drugs within different regions, need to prevent temperature fluctuations that can damage medicines or reduce their potency. Also protect medicines from damage during transportation become necessity and need for insulated bins is uplifted.
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The players operating in the insulated bins market are aiming at introducing new technology within insulated bins which is grabbing attention of the end use industries. Some of the development by the key players are:
| Attribute | Details |
|---|---|
| Growth Rate | CAGR of 5.5% from 2023 to 2033 |
| Base Year for Estimation | 2022 |
| Historical Data | 2017 to 2023 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD Billion, Volume in Units and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered |
Material, Capacity, End Use, Region |
| Regions Covered |
North America; Latin America; East Asia; South Asia & Pacific; Western Europe; Eastern Europe; Central Asia; Russia & Belarus; Balkan Countries; Baltic Countries; Middle East & Africa |
| Key Countries Covered |
USA, Canada, Mexico, Brazil, Germany, UK, France, Italy, Spain, Russia, China, Japan, India, GCC countries, Australia & New Zealand, South Africa |
| Key Companies Profiled |
Bonar Plastics (Snyder Industries); Sepals Iceland EHF (Rotovia); Pelican BioThermal; Csafe Global LLC; Cold Chain Technologies; Sonoco TharmoSafe; Cryopak; Intelsius (DGP Company); Cascades Inc.; Transoplast Group; DACO Corporation; K.K Nag Pvt. Ltd.; Aristoplast Production Pvt.Ltd; IP-GROUP; NORAH Plastics; KRAUTZ - TEMAX Europe; Olivo; Polarplas (India) Private Limited |
| Customization & Pricing | Available upon Request |
In 2022, the market size of the insulated bins market was US$ 6.3 billion.
The insulated bins market is anticipated to reach US$ 6.6 billion in 2023.
The insulated bins market valuation is expected to reach US$ 11.3 billion in 2033.
The insulated bins market exhibited 3.4% of CAGR over the last 4 years.
The projected CAGR for the insulated bins market from 2023 to 2033 is 5.5%.
The Polyethylene (PE) segment is expected to garner a significant value share by 2023 in insulated bins market.
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Insulated Bins Market
