A cooler box is a portable, temperature-controlled, compact packaging solution that is used to maintain a product within a confined low-temperature range from harvest/production until the point of consumption. Polystyrene cooler box is one of the efficient and cost-effective cooler boxes available in the market. Polystyrene boxes can be made from both expanded polystyrene (EPS) and extruded polystyrene (XPS). Some other materials that can be used are Polyurethane (PU) foam and Expanded Polypropylene (EPP).
Cooler box Global market trends
The cooler box global market is estimated to rise from USD 4.6 billion to USD 8.1 billion, at a Compound Annual Growth Rate (CAGR) of 12.1% during the forecast period (2020-2025). The cooler Box market can be segmented into the following for clear understanding.
- By Type
- By end-use
- Food and Beverages
- Logistics and Transportation
- By region
- North America
- The Middle East and Africa
- South America
Major Drivers of the market
- The increasing need for prevention of food loss and Potential Health hazards has increased the requirement of temperature control
- Ongoing COVID- 19 Vaccination Drives across the globe
- Stringent temperature control requirements in the pharmaceutical industry
- Due to trade liberalization, there is considerable growth in International Food Trade
Global Market Forecast
While the Middle East and Africa hold a market share of 25% in the global cooler box market, North America is expected to lead during the forecast period. The Asia-Pacific region is expected to witness the fastest growth between 2020-2025 owing to rising demand in China, Japan, India, and South Korea.
High Growth Potential markets for insulated Packaging
Strong economic development in countries has provided a stimulus for the healthcare, chemicals industries, and food & beverages growth. Growth in these sectors has led to increased demand for packaging products of a broad range of fish, meat, and poultry, among other perishable items.
Polystyrene Cooler Box is used to store and ship perishable and frozen products. Given the pandemic situation, the need for storing perishable items has got utmost importance. Food industries have to keep and send the products to prevent food loss and health hazards. The need for transportation of processed and fresh fruits, vegetables, dairy products, and other perishable food products creates a potential market for cooler boxes. The freshness of food has to be preserved to earn the customers’ trust. Polystyrene cooler box is lightweight and has full-proof cushioning properties to ensure safe transit. Metal coolers cost high, so the food industry prefers to use the cooler box.
In spite of having high industrial applications, the foam cooler boxes are increasingly used by individuals for temporary cooling solutions in outdoor activities. Polystyrene cooler box provided excellent insulation properties, which is useful to keep food fresh longer. Availability, affordability, and disposability are three critical factors for consumers while selecting the foam cooler box. The availability of cooler boxes in variable sizes makes it convenient for the customers to choose. A foam cooler box is the best option for single applications compared to a hard or soft insulated cooler. Cooler boxes are best suitable for seafood items.
The pharmaceutical industry has a huge demand for the cooler box. A foam cooler box is an important part of the pharmaceutical cold chain solutions. Insulated foam cooler box is a significant container for storing and shipping temperature-sensitive medicines and pharmaceutical items. The pandemic circumstances have led to an uptick in demand for the cooler box, which will be used for the last-mile delivery of vaccines across the globe. The need for specialized equipment to store drugs and vaccines is expected to create a potential market for cooler box in the forecast period.
Growth in the organized retail sector
Manufacturers opt for custom-sized and also printed cooler box to sustain in the heavy market competition. Polystyrene box suppliers in UAE have come up with a wide range of products to accommodate the customers’ different needs and supply top-quality packaging. The cooler boxes with different handling methods such as wired or slide handled or wheeled are expected to boost the demand. Availability of polystyrene box in various shapes and sizes give them an edge over metal cooler boxes.
To summarise, there is an ongoing demand for cooler boxes across the globe. The main Industries contributing to this growing demand are the Food and Beverages Industry and Pharmaceutical Industry. Their demand is about to increase during the forecast period, which proves the high growth potential for polystyrene cooler box in the global market.