Market Trends of Cooler Box Industry
This section covers the major market trends shaping the Cooler Box Market according to our research experts:
The Reusable Segment Dominated the Market
The reusable segment held the largest market share, accounting for 67% of the total. Reusable Cooler boxes are preferable to other types of boxes due to their high efficiency and hard shell. They are less expensive and more durable than disposable cooler boxes. These factors are propelling cooler box growth during the forecast period. Reusable cooler boxes are primarily used in the pharmaceutical industry, where product temperature comfort is critical.
For instance, in order to meet public demand for the COVID-19 vaccine, Coldchain Technologies Inc. built a new factory in Lebanon to produce additional reusable and disposable thermal boxes.
Asia-Pacific is the Fastest Growing Region in the Ice/Cooler Box Market
Asia-Pacific is expected to be the fastest-growing region in the forecast period and is predicted to have the largest revenue growth in the cooler box market. This is attributable to the rise in demand for cold storage and shipping in nations like China and India. Moreover, the countries like China, India, Japan, and Korea are a hub of end-user companies, demanding higher rates for cooler boxes. China alone holds over 8% of the market share in the pharmaceutical sector, which causes a strong need for cooler boxes. The nations in the APAC region are also enhancing their current manufacturing sector potential to support large-scale cooler box contracts. For instance, in December 2020, B Medical Systems established a manufacturing factory in Gujarat, India to manufacture cold chain products and fulfill the increasing demand for vaccine cold chain products.
With customers becoming more knowledgeable about the advantages of using cooler boxes, the cooler box market is also anticipated to expand in developed nations like Japan and South Korea. Also, the market for cooler boxes is anticipated to gain from the rising need for cooling solutions that are both environmentally friendly and energy-efficient. The government is also increasing awareness about quality pharmaceutical as well as food products.
