The Cooler Box Market is projected to grow from USD 4.6 billion in 2020 to USD 8.1 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 12.1% during the forecast period. Growth in the pharmaceutical industry, ongoing COVID-19 vaccination drives, transportation of processed and fresh fruits, vegetables, dairy products, and other perishable food products are contributing to the growth of the cooler box market.
A cooler box is a temperature-controlled packaging solution that is used to maintain a product within a specified low-temperature range from harvest/production until the point of consumption. A cooler box helps in extending the shelf life of perishable products, such as fresh agricultural produce, seafood, frozen food, pharmaceutical drugs, and vaccines. Hence, the use of cooler boxes ranges from small applications such as picnics to large applications such as cold chain logistics. Passive cold storage devices such as cooler boxes are widely used due to their ease of use, affordability, and convenience.
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On the basis of type, the reusable cooler box segment is projected to grow at the highest CAGR from 2020 to 2025. Reusable cooler boxes available in the consumer market are becoming more robust in terms of their exterior, with hard shells being deployed in comparison to the cardboard and foam of disposable cooler boxes. These cooler boxes are primarily used in the pharmaceutical industry, wherein maintaining the temperature of products for a longer time is a critical factor.
Among material types, the PU foam segment is projected to grow at the highest CAGR from 2020 to 2025. PU foam has the lowest thermal conductivity among insulation materials, which enables space saving by using lower insulation thickness while achieving the same insulation efficiency as with other materials. This is especially important in space-limited cold chain logistics.
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Asia – Pacific is expected to be the fastest-growing regional segment in the cooler box market.
The cooler box market in the Asia Pacific region is expected to grow at the highest CAGR during the forecast period. China, Japan, South Korea, and India are the key countries contributing to the high demand for cooler boxes in the Asia Pacific region. Availability of cheap labor and raw materials has resulted in making Asia Pacific a preferred region for manufacturing facilities of cooler boxes. This makes Asia Pacific the fastest-growing region of the cooler box market.
