Coolers Market Analysis and Forecast 2020-2030

Coolers Market Overview

The Global US Coolers Market Size is expected to reach USD 13.55 Billion by 2033. The Global US Coolers industry size accounted for USD 6.52 Billion in 2023 and is expected to expand at a CAGR of 11.85% from 2023 to 2033. Coolers are appliances designed to lower the temperature of an environment or preserve the coolness of contents within a confined space. They serve various purposes, including climate control and refrigeration. Examples of coolers include air coolers, refrigerators, and beverage coolers. Air coolers, also known as evaporative coolers, use the principle of evaporation to cool the air efficiently. Refrigerators maintain low temperatures to preserve perishable items, while beverage coolers are compact units designed for rapidly chilling drinks. These devices play a crucial role in everyday life, providing comfort, preserving food, and ensuring beverages are served at desirable temperatures. The market for coolers encompasses a diverse range of products catering to residential, commercial, and industrial needs.

Global and US Coolers Market Synopsis

COVID-19 Impact Analysis

The COVID-19 pandemic had a multifaceted impact on the cooler market. Initially, the industry faced disruptions in manufacturing and supply chains due to lockdowns and restrictions, leading to delays and shortages. However, as the pandemic persisted, the market experienced shifts in consumer behavior. Increased awareness of health and hygiene, coupled with the rise in remote work, fueled demand for air purifiers and coolers. Consumers, spending more time at home, showed an interest in upgrading their living spaces, contributing to a surge in sales of refrigerators and beverage coolers. Conversely, the economic uncertainties and financial constraints led to a more conservative approach to spending in certain regions. The market demonstrated resilience by adapting to the evolving needs of consumers, emphasizing health-related features, and aligning with changes in lifestyle and preferences prompted by the ongoing Global and US health crisis.

Coolers Market Dynamics

The major factors that have impacted the growth of Coolers are as follows:

Drivers:

Ø  Increased Focus on Health and Wellness

The growing emphasis on health and wellness acts as a key driver for the cooler market. Consumers are increasingly concerned about indoor air quality and maintaining a healthy living environment. This trend has boosted the demand for air purifiers and coolers that contribute to better air circulation and temperature control, aligning with a broader focus on well-being.

Restraint:

• Supply Chain Disruptions

A significant restraint for the Coolers market is the impact of supply chain disruptions, particularly during the COVID-19 pandemic. Lockdowns, restrictions, and disruptions in Global and US logistics have led to delays in manufacturing and distribution, affecting the availability of coolers and related products. This has created challenges for manufacturers and suppliers in meeting consumer demand on time.

Opportunity:

⮚      Technological Advancements and Smart Cooling Solutions

The opportunity within the Coolers market lies in technological advancements and the integration of smart cooling solutions. Innovations such as energy-efficient cooling technologies, smart sensors, and IoT connectivity present opportunities for manufacturers to offer more sophisticated and efficient cooler options. As consumers increasingly seek smart home solutions, the integration of technology in coolers can enhance user experience and provide a competitive edge in the market.

Coolers Segment Overview

By Product Type

Based on Product Type, the market is segmented based on Hard Side, Soft Side. The Hard Side segment in the Coolers market is poised for substantial growth throughout the forecast period, propelled by the robust demand for durable and high-performance cooling solutions. This surge is notably attributed to an increased focus on outdoor recreational activities, including camping, hiking, and sports, where the need for resilient coolers that can withstand rugged environments is paramount.

By Application

Based on the Application, the market has been divided into Camping, Medical, and Military. The Camping segment in the Coolers market is poised for substantial growth during the forecast period, attributed to an increasing trend of outdoor activities and camping, driving the demand for portable, durable coolers that cater to the specific needs of campers for efficient food and beverage storage in various environmental conditions.

Global and US Coolers Market Regional Analysis

Based on region, the Global and US Coolers market has been divided into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. North America is projected to dominate the use of the Coolers market followed by the Asia-Pacific and Europe regions.

North America Market

North America has consistently maintained a dominant position in the Coolers market, driven by a combination of factors such as a high standard of living, a strong culture of outdoor activities, and a significant focus on health and well-being. The region’s robust demand for coolers is influenced by the popularity of recreational pursuits like camping, hiking, and outdoor events, where portable and durable cooling solutions are essential. Moreover, the increasing adoption of coolers for residential use, aligned with the rise in remote work and home-centric lifestyles, further contributes to North America’s sustained prominence in the market. The market in North America is characterized by a diverse range of products catering to varying consumer preferences and lifestyle needs, solidifying the region’s position as a key player in the global Coolers market.

Asia-Pacific Market

The Asia-Pacific region has witnessed a rapid and remarkable surge in the Coolers industry, propelled by several key factors. The burgeoning population, rising disposable incomes, and changing consumer lifestyles have contributed to an increased demand for cooling solutions. The region’s fast-paced urbanization and growing awareness of health and well-being have further fueled this demand, with consumers seeking efficient cooling appliances for both residential and commercial purposes. The expansion of the middle-class population, coupled with a rising trend in outdoor activities and recreational pursuits, has driven the need for portable and innovative cooler solutions. Additionally, advancements in technology and increasing investments in the retail sector have facilitated the market’s growth, making the Asia-Pacific region a dynamic and thriving hub for the Coolers industry.

Competitive Landscape

The Global and US Coolers market is highly competitive, with numerous players offering a wide range of solutions. The competitive landscape is characterized by the presence of established companies, as well as emerging startups and niche players. To increase their market position and attract a wide consumer base, the businesses are employing various strategies, such as product launches, and strategic alliances.

Prominent Players:

• K2 Coolers
• Newell Brands Inc
• Igloo Coolers
• DeWALT
• CleverMade
• AO Coolers
• Yeti Holdings
• Polar Bear Coolers
• Bison Coolers
• Pelican Products, Inc

Key Development:

In June 2023, Cooler Screens, a digital retail media company, introduced Cooler Health, a health-focused offering as part of its strategic initiative to broaden its advertising technology footprint in health-related environments such as pharmacies and healthcare clinics. Cooler Screens specializes in smart screen software displayed on cooler doors in stores, replacing conventional glass doors.

In May 2023, Kroger, the American retail company, revealed plans to extend its collaboration with Cooler Screens by deploying digital smart screens in 500 of its stores throughout the US.

Scope of the Report

Global and US Coolers Market, by Product Type

• Hard Side
• Soft Side

Global and US Coolers Market, by Application

• Camping
• Medical
• Military

Global and US Coolers Market, by Region

• North America
  • US
  • Canada
  • Mexico
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Benelux
  • Nordic
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • South Korea
  • Indonesia
  • Austalia
  • Malaysia
  • India
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of Middle East & Africa

 

Parameters	Indicators
Market Size	2033: $13.55 Billion
CAGR	11.85% CAGR (2023-2033)
Base year	2022
Forecast Period	2023-2033
Historical Data	2021
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Key Segmentations	Product Type, Application
Geographies Covered	North America, Europe, Asia-Pacific, Latin America, Middle East, Africa
Key Vendors	K2 Coolers, Newell Brands Inc, Igloo Coolers, DeWALT, CleverMade, AO Coolers, Yeti Holdings, Polar Bear Coolers, Bison Coolers, Pelican Products, Inc
Key Market Opportunities	• Opportunities in providing cooling solutions for home offices and remote workspaces. • Leveraging online platforms for product sales and distribution.
Key Market Drivers	• Increasing popularity of outdoor activities and recreational pursuits. • Growing demand for innovative and smart cooling solutions.

 

REPORT CONTENT BRIEF:

• High-level analysis of the current and future Coolers market trends and opportunities
• Detailed analysis of current market drivers, restraining factors, and opportunities in the future
• Coolers market historical market size for the year 2021, and forecast from 2023 to 2033
• Coolers market share analysis at each product level
• Competitor analysis with detailed insight into its product segment, Government and defense strength, and strategies adopted.
• Identifies key strategies adopted including product launches and developments, mergers and acquisitions, joint ventures, collaborations, and partnerships as well as funding taken and investment done, among others.
• To identify and understand the various factors involved in the Global and US cooler markets affected by the pandemic
• To provide a detailed insight into the major companies operating in the market. The profiling will include the Government and defense health of the company’s past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.