Future Market Insights (FMI) recent report on the global foam cooler box market covers developments and trends across various segments including capacity, carrying method, material, and end-use industry. The study highlights growth drivers, restraints, opportunities, and threats impacting sales of foam cooler boxes worldwide. It projects the sales of above 150 quartz capacity foam cooler boxes to continue rising through 2031.
Sales of foam cooler boxes are estimated to top 7 million units in 2021, finds Future Market Insights (FMI) in a recent market analysis. Owing to high demand for convenient cold storage solutions from the food & beverage industry, the market is projected to expand at a 6.8% CAGR, reaching US$ 1.5 Bn by 2031.
Various industries are shifting from steel boxes to cooler boxes made from foam due to their lightweight and durability. Foam cooler boxes effectively preserve the quality of perishable food items during storage and transit. They are thus expected to remain highly sought after in the food and beverage industry through the assessment period.
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The demand for foam cooler boxes increased at an impressive pace amid COVID-19. This is primarily on account of the rising need for temperature-controlled packaging solutions for pharmaceutical and food supplies. As these industries retail essential items, sales of foam cooler boxes grew by 4.7% year-over-year in terms of volume between 2020 and 2021, finds FMI.
Application of foam cooler boxes will increase in the pharmaceutical industry to transfer temperature-sensitive drugs, vaccines, and general medicine. This will continue pushing sales of foam cooler boxes over the forecast period.
To facilitate and regulate adequate supply of critical drugs and medicine, the World Health Organization (WHO) has issued guidelines that mandate all time and temperature-sensitive pharmaceutical products to be shipped in a temperature-controlled environment inside an insulated closure.
Considering this, manufacturers, suppliers, and storage partners are striving to offer convenient foam cooler boxes in various forms and materials. This is anticipated to bode well for the global foam cooler boxes in the forthcoming years.
As per FMI’s in-depth regional analysis, North America will emerge as an attractive pocket in the global foam cooler box market, accounting for 28.3% of the total sales in 2021. Manufacturers are also looking to expand their distribution network in developing economies such as Mexico and Brazil to tap into larger markets by offering products at lower prices in different formats, shapes, and sizes.
“Leasing and rental services of foam cooler boxes is expected to increase in the near future. This, coupled with favorable transport and storage laws implemented by international authorities for transportation of temperature-sensitive products will continue pushing sales of foam cooler boxes over the forecast period,” says the FMI analyst.
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Key players operating in the global foam cooler box market are investing in research and development to develop innovative and convenient products for end-use industries. Apart from this, players are focusing on providing advanced temperature-controlled packaging by offering renting and leasing services to gain a competitive edge in the market. For instance:
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Leading players operating in foam cooler box market profiled by FMI include:
More Insights on FMI’s Foam Cooler Box Market
The latest market study on the foam cooler box market by Future Market Insights gives a detailed segmentation for the forecast period of 2021-2031. In order to gain a better perspective of the global foam cooler box market potential, its growth, trends, and opportunities, the market is segmented on the basis of:
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Key Questions Covered in Foam Cooler Box Market Report
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