The global shoulder strap insulated cooler market is anticipated to accumulate a market value of US$ 735.4 million in 2023 and is expected to garner a valuation of US$ 1470 million by exhibiting a CAGR of 7.1 % in the forecast period 2023 to 2033. The market for Shoulder Strap Insulated Cooler market reflected a 4.9% CAGR in the historical period 2018 to 2022.
The rising popularity of outdoor recreational activities like off-roading and hiking among travellers is a key factor propelling the market growth. Also, use of better technology in manufacturing lightweight shoulder strap coolers that can retain ice for a longer duration will contribute to market growth during the forecast period.
On the other hand, an increase in consumer spending acts as one of the major factors driving the growth of shoulder strap chillers market. Increasing demand for sports, food and beverage, and pharmaceutical sectors, among others, as well as high adoption of the product due to its high durability are expected to accelerate market growth.
Furthermore, rising propensity toward biodegradable shoulder strap coolers and popularity of insulated icebox among millennials is augmenting the market growth. Also, the branding of shoulder strap coolers as an essential product for the outdoor activities offer lucrative opportunities to the market players.
In North America, there has been a significant rise in consumers opting road trips in summers, which is boosting the sales of the product. Moreover, decreasing fuel prices in the USA have resulted in several consumers seeking off-road activities. The importance of a shoulder strapped coolers has increased owing to factors such as a shift in consumer mindset toward spending on road trips and adventure vacations.
Based on region, North America is projected to account for over 41% market share by end of the forecast period. United States is the largest market due to continuous increase in the number of travellers choosing hiking and recreational activities. Due to strong presence of manufacturers in the region, product marketing and selling them within the country has become easier as compared to marketing brands at other locations. Familiarity of consumers with known chiller brands is further driving the region’s market.
Likewise, the Southeast Asian region will register a CAGR of 6.8% during the forecast period. This is attributed to the rising popularity of shoulder strap coolers in countries such as Thailand and Cambodia as camping and unconventional holiday destination travel are witnessing boom in these countries. The demand for lavish campsites across Southeast Asian countries is increasing with the growing number of tourists opting for such offbeat vacations.
Besides this, initiatives taken by the Government of Cambodia for developing adventure sports such as hiking and trekking, to attract more tourists to the country, is also expected to boost the market growth.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2023 | US$ 735.4 million |
| Projected Market Value in 2033 | US$ 1,470 million |
| Growth Rate (2023 to 2033) | 7.1 % CAGR |
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Recent developments and breakthroughs in technology, mergers, acquisitions, tie-ups, and partnerships within the companies involved in manufacturing shoulder strap insulated coolers are expected to create lucrative opportunities for market growth during the forecast period.
Shoulder strap insulated cooler are temperature-resistant bags that shield the inside products from outside temperature conditions. To protect the internal product, the insulated sacs are thermally insulated. The materials for the thermal conductivity are used to make insulated containers. It protects the product against outside wind, humidity and light. The shoulder strap insulated cooler is used to supply food and to store the food items.
Shoulder strap insulated cooler are used for transporting temperature sensitive drugs in pharmaceutical industries. Such waterproof bags are evidence of spill, and maintain the quality of the drug. The insulated sacs prevent external temperature, light and shock from the internal material.
The demand for shoulder strap insulated cooler is growing because of the wide range of applications in food production, food storage, drugs, and biomedical materials such as cells, blood, organs to protect against heat, light, moisture, shock, and bacterial growth.
The demand for Shoulder strap insulated cooler will increase during the forecast period as outdoor activities such as hiking, camping and fishing become increasingly popular. Shoulder strap insulated cooler is popular among hikers and campers due to the versatile nature of coolers.
Due to Shoulder strap insulated cooler temperature-sensitive nature and sterility, many pharmaceuticals and medical devices and products must be kept at cooler temperatures.
Some companies emphasize expanding their product range of shoulder strap insulated cooler with improved chillers materials, including dry compatibility, seamless rotational moulding, and use of rip-stop polyester fabrics to create pliable and collapsible chillers.
For example, In September 2017, Pelican Products Inc. was able to introduce a 48-sized soft-side cooler, with sweat-resistant interior fabric, a detachable padded shoulder harness, a buckle and click, and a high-density, closed-celled foam insulation, to allow ice retention for a longer period of time, which included ice boxes, drinkware and portable lighting systems.
The number of Tourists traveling by road in summer in North America has risen dramatically, which is increasing outdoor chillers sales. Decreasing fuel prices in the United States have contributed to many customers pursuing off-road operations. Due to factors such as a change in customer perception to spend on road trips and adventures, the value of a Shoulder strap insulated cooler has been growing.
Principal Consultant
North America is expected to account for around 40% of total revenues by 2025. The USA is the largest market due to a continuous increase in the number of travellers opting for hiking and recreation. Since most chiller manufacturers and related products are based in the USA, the marketing and sale of chillers in the USA is easier than the marketing of chiller brands in other locations.
The familiarity of consumers with known chiller brands is a driving factor in the USA market. Initiatives taken by the Government of Cambodia to develop adventure sports, such as trekking and hiking, to encourage more tourism to the country is expected to boost market growth.
Latin America will emerge during the forecast period as the most rapidly growing regional market with MEA. In 2018, spending on domestic and international travel by the tourist in Latin America increased as opposed to the previous year, the World Travel & Tourism Council announced. Big Brazilian campgrounds, such as Bahia, Porto Seguro, Pousada and Santa Clara, will see strong tourism growth and thus boost the demand in Latin America.
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 an in-depth analysis of parent market trends, macroeconomic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on shoulder strap insulated cooler market segments and geographies.
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The global shoulder strap insulated cooler market has been segmented on the basis of material, volume and end use.
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Shoulder Strap Insulated Cooler Market
