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, technological advancements in the cooler box industry for the transportation of processed and fresh fruits, vegetables, dairy products, and other perishable food products are contributing to the growth of the cooler box market.
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Key players in the cooler box market include Sonoco ThermoSafe (US), B Medical Systems (Luxembourg), Blowkings (India), ISONOVA (Italy), Eurobox Logistics (Romania), Nilkamal Ltd. (India), AOV International LLP (India), Cool Ice Box Co Ltd (UK), Apex International (India), Softbox Systems Ltd. (UK), va-Q-tec AG (Germany), Coldchain Technologies, Inc. (US), Sofrigam Group (France), FEURER GmbH (Germany), ORCA Coolers (US), Cold Chain Controls (India), CIP Industries CC (South Africa), Igloo Coolers (US), Liderkit (Spain), YETI Coolers, LLC (US), Dhruvraj Syndicate (India), MB Plastic Industries (India), Rollawaycontainer (Italy), K2 coolers (US), Grizzly Coolers LLC (US), Koolatron (Canada), Coleman Company, Inc.(US),Cambro (US), Engel Coolers (US), Harwal Group of Companies (UAE), Polar Tech Industries Inc. (US), Embalex S.L.U., and AUCMA Company Limited (China) are some of the key players operating in the global cooler box market. Key market players have focused on acquisitions, partnerships, product launches, expansions and investment to cater to the demand for cooler boxes across various applications for various end-use industries.
In December 2020, B Medical Systems announced the establishment of a new manufacturing factory in Gujarat, India. This facility is projected to cater the increasing demand for medically certified vaccine cold chain products in India. This is expected to help the country reinforce the critical cold chain required to deliver COVID-19 vaccines.
In November 2020, Coldchain Technologies Inc. opened a new facility in Lebanon, Tennessee (US) to increase the production of reusable and single-use passive thermal boxes to meet the unprecedented demand for the delivery of the COVID-19 vaccine to the public.
In October 2020, Va-Q-Tec AG expanded its TempChain service network in Scotland and the US. The expansion of the network is expected to further optimize the global availability of va-Q-tec’s container and box rental fleet.
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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.
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