The global wheeled insulated cooler market is anticipated to accumulate a market value of US$ 2.1 billion in 2023 and is expected to garner a valuation of US$ 4.8 billion by exhibiting a CAGR of 8.62% in the forecast period 2023 to 2033. The market for wheeled insulated cooler market reflected growth with 6.9 % CAGR in the historical period 2018 to 2022.
The surging demand for packaged food and beverages, along with the rapid expansion of the hospitality sector is driving the market growth. The ongoing expansion of consumer goods retail chains across the globe is further leading to market expansion.
The growing popularity of outdoor recreational activities like off-roading and hiking among travellers is propelling the market growth. Moreover, improved manufacturing technologies for lightweight wheeled coolers that can keep ice for an extended period will contribute to market expansion over the forthcoming period.
However, the pandemic has impacted the growth of the market. In the wake of the pandemic, customers are now willing to spend more time in nature through activities such as hiking, fishing, camping, boating, and cycling, which is fuelling the market demand for insulated wheeled coolers.
Along with this, the adoption of wheeled camping chillers rapidly increases due to its lightweight structure and low price compared to rigid iceboxes. With the increasing availability of soft coolers in several variants, including shoulder bags, lunch boxes, and backpacks, the product demand is anticipated to witness an upsurge in the forecast period.
Region-wise, North America held the largest revenue share in 2022 owing to the rising propensity of people toward outdoor recreational activities, short trips, and picnics. The region will retain its dominance by garnering 38.5% market share by end of 2033. For example, according to the North America Camping Report by KOA, in 2021, around 57 million households reported going on at least one camping trip, depicting a rise of 18% compared to 2020.
On the other hand, Asia Pacific is expected to register the highest CAGR of 8.8% during the forecast period. The growth in the region is attributed to an upsurge in the number of outdoor activities such as camping among consumers.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2023 | US$ 2.1 billion |
| Projected Market Value in 2033 | US$ 4.8 billion |
| Growth Rate (2023 to 2033) | 8.62% CAGR |
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Recent developments and breakthroughs in technology, mergers, acquisitions, tie-ups, and partnerships within the companies involved in manufacturing wheeled insulated coolers are expected to create lucrative opportunities for market growth during the forecast period.
These days, everyone is looking for a dependable, portable cooler that is easy to bring to everything from following events to backyard parties, they've got more options than ever. Before the rise of insulated convenient coolers, everyone had traditional coolers which were heavy and difficult to carry around. It’s been very tranquil since the advent of wheeled insulated coolers.
Wheeled insulated coolers are coolers which protect the items inside it from the external temperature conditions by cooling them and also making it easy to carry them around. The insulated coolers are thermally insulated to preserve and prevent the internal product. The thermal conductivity materials are used for the manufacturing of wheeled insulated coolers. It protects the products stored inside them from external heat, moisture and light.
The continuous fitness awareness and benefits from physical and adventurous sports like hiking, camping and mountaineering have significantly increased the market for wheeled insulated coolers, also gatherings and get-togethers have benefitted the business of wheeled insulated coolers.
They’re handy, portable and also keep products fresh and protected from the outer temperature wand environment. They come adjusted as per the needs of customers in different sizes and colours.
The market for wheeled insulated coolers is usually customer driven rather than manufacturer driven. The new inclination in the wheeled insulated coolers is sustainability which is affecting the materials used in them. Due to their durability and effective cooling, wheeled insulated hard coolers continue to sell higher in the insulated coolers market than soft coolers.
Wheeled insulated cooler manufacturers are planning their business according to consumer demands and responses, the regional shift in the eating habits and penetration of modern food products such as fast food and beverages. These factors impact the market of wheeled insulted coolers within various regions as well as globally.
In the midst of developing market structure, driving forces in the wheeled insulated coolers are usage of ecological materials. Due to increasing intolerance of plastic usage and low-cost offerings, biodegradable wheeled insulated coolers are gaining huge traction in the global marketplace.
Launch of such products is expected to realign the key strategy of players to sustain in the global wheeled insulated cooler market. Igloo, for example, has presented eco-friendly protected coolers made from a blend of paraffin wax and reused tree mash. Such cost-effective arrangements will disrupt the market space in the next years.
Principal Consultant
The overall growth of global wheeled insulated cooler market will remain healthy throughout the next decade, on the back of increasing spending on camping gears and rising outdoor recreational activities. The prospects for growth in the wheeled insulated cooler market are driven by the growing demand from the pharmaceutical and the rapidly growing e-commerce industries.
The American region is expected to show a slow but a steady growth due to high penetration in the region already. Asia Pacific holds a vast market for wheeled insulated cooler due to presence of big players like India and China; it is expected to flourish significantly. Middle East and African market is expected to show a decent growth for wheeled insulated cooler.
The key players in the wheeled insulated cooler
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 insulated cooler market segments and geographies.
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Wheeled Insulated Cooler Market
