Global Insulated Cooler Market: Overview
The rising outdoor recreational activities among people from Europe and North America is offering a lucrative opportunity to the camping and outdoor equipment industry. An insulated cooler is a significant segment in camping and outdoor equipment as it facilitates efficient storage for food and beverage products. In the insulated cooler market, retailers are significant value chain participants due to the high revenue generation from the indirect sales channel. As the need for high durability, the rotational molded process is estimated to be highly adopted for manufacturing insulated cooler. Lightweight and longer duration for retain ice are two key consumer preferences to choose the insulated cooler. Folding and collapsible insulated cooler are estimated to be popular among millennials due to easy handling compact design.
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Global Insulated Cooler Market: Dynamics
The technological advances in the insulated cooler are inspiring consumers to shift from outdated coolers with newer designed insulated cooler. The rising consumer spending and improved focus on ease during camping and outdoor activities are anticipated to be critical factors in the growth of the insulated cooler market. Rising beverages consumption during outdoor activities is attributed to expanding the insulated cooler market. A biodegradable insulated cooler is gaining traction in demand owing to increased intolerance for plastic use and low-cost offerings. The product launch is estimated to be the key strategy among the key players of insulated cooler market to sustain in the competition. The threat of new entrants in the global insulated cooler market is maximum owing to the high market penetration of several key players and the dominance of leading brands. Adoption of the insulated cooler for promotional purpose is increased by the companies related to camping, outdoor activities, and beverages.
Global Insulated Cooler Market: Geographical Outlook
The United States is estimated as a dominating country for the insulated cooler in terms of production and demand. The United States insulated cooler market is expected to be forefront due to a high growth of camping and outdoor activities. Insulated cooler with multiple functions is projected to witness a gain in market share in the next decade. Germany, France, and the United Kingdom are playing a vital role in the development of European insulated cooler market. Key players of insulated cooler market are looking forward to introducing their products in East & South Asia due to lucrative market opportunity. Brazil and Mexico are estimated as major insulated cooler market in Latin America.
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Global Insulated Cooler Market: Segmentation
The global insulated cooler market has been segmented by capacity, product type, base, and material.
On the basis of capacity, the global insulated cooler market has been segmented into:
· Below 25 quart
· 26-75 quart
· 76-150 quart
· Above 150 quart
On the basis of product type, the global insulated cooler market has been segmented into:
· Hard Coolers
· Soft Coolers
On the basis of carrying method, the global insulated cooler market has been segmented into:
· Side handles
· Lid Handle
· Shoulder Strap
On the basis of material type, the global insulated cooler market has been segmented into:
Global Insulated Cooler Market: Key Players
Some of the key players operating in the global insulated cooler market are as follows:
· Yeti Coolers LLC
· Pelican Products, Inc.
· Igloo Products Corp.
· Thermos LLC
· AO Coolers
· K2 Coolers
· Bison Coolers
· Outdoor Recreation Company of America (ORCA) Coolers
· Stanley a brand of PMI
· The Coleman Company, Inc.
Global Insulated Cooler Market: Recent Developments
Some of the recent developments in global insulated cooler market are as follows:
· In August 2019, Yeti launched the Hopper M30, the soft cooler, featured with a new leak-resistant HydroShield magnetized closure.
· In April 2019, Igloo launched biodegradable cooler (made up by molded pulp) to reduce Styrofoam use in coolers.
· In 2018, Yeti introduced ‘BackFlip’ cooler backpack with HitchPoint grid system which offers to clip other accessories.
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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
· Customer Experience Maps
· Insights and Tools based on data-driven research
· Actionable Results to meet all the business priorities
· Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
· North America
· Asia Pacific
· Latin America
· The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.