Ice Boxes Market Forecast and CAGR of ~6.1% - 6.9%
In the attempt to counter problems faced by the food industry like food security, food safety along with bringing down the wastage of food, iceboxes are being extensively used across the globe. As a result, the iceboxes market is set to witness a CAGR of 6.1% during 2021-2031.
What is Driving Demand for Ice Boxes Market?
In the times when people avoid eating and drinking outside, ice boxes prove to be a perfect solution to all their woes and help them carry their favorite food products or drink without hampering their quality. Iceboxes are commonly used in those areas which report higher levels of temperature. As the population of outdoor recreational activities has gone upwards, the number of ice boxes manufacturers in the markets has also witnessed a spike.
Further, ice boxes are made out of plastics majorly, these boxes are ultra-light in weight and arrive in various sizes. Meanwhile, the ice boxes that are disposable in nature are made of polystyrene foam. Several initiatives from most of the federal governments to promote outdoor activities are also likely to provide impetus to the growth of the ice boxes market.
Moreover, countries like India, Brazil, and China are expected to contribute to the growth of the iceboxes market. The governments in these countries are providing a stimulus for the development of healthcare, food & beverages, and the chemical market, and this ultimately aids the ice boxes market to grow. Availability of labor and raw material at a lower cost and favorable foreign direct investment (FDI) in these countries is luring numerous ice boxes manufacturers.
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COVID 19 Complementing the Ice Boxes Market Sales
Rising temperature and demand for a product that is not only portable but will also ensure environmental sustainability is driving the ice boxes ahead. Right from picnics and holidays to storage of medicine, ice boxes have multiple uses. The demand for ice boxes is currently witnessing a tremendous surge courtesy of the COVID 19 pandemic. As the majority of the leading companies are conducting vaccination drives on war levels, these ice boxes are used to store and carry the vials of the vaccines. During shipping vaccines, it is required to be stored at a specific temperature in order to maintain their efficacy and this is where ice boxes relying heavily on ice boxes to ensure the safety of various medications during transit.
US and Canada Ice Boxes Market Outlook
The Countries like U.S and Canada have the highest revenue share in the ice boxes market. This is mainly because of intersecting trends of these countries’ surging adoption rate of new technology and relatively hot weather conditions. Along with this, the population in this region is more interested in outdoor camping and sports recreations culture, and this is pushing industry giants to invest more.
Adding to this, key manufacturers in the U.S. market are investing heavily in research & development activities to offer enhanced customer experience and reduce operating costs. Further, rising interest in minibars among working-class professionals is expected to promote the scope for ice boxes in the U.S market.
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Europe Demand Outlook for Ice Boxes Market
The European nationals like Italy and Spain are forecasted to witness a massive surge in the demand for ice boxes, mainly because of increasing interest in outdoor activities and the higher-income amounts of the population in this region. These countries are also hubs of tourism and lure a significant number of international travelers each year. The presence of major ice box manufacturers in the region showcases the increased demand.
Moreover, governments are coming up with new policies in order to minimize the energy consumption of appliances. The policies support the consumption and manufacturing of energy-efficient electronic appliances and provide ease in contributing to environmental sustainability. This in turn will fuel the consumption of energy-efficient cold storage devices. Additionally, incentive schemes such as discounts, vouchers, and coupons provided by the companies will attract customers towards iceboxes and help in the market growth.
Who are the Key Manufacturers of Ice Boxes Market?
Some of the leading manufacturers of Ice Boxes Market are
- Bison Coolers
- Polar Bear Coolers
- K2 Coolers
- Artic Zone
- Perlick Corporation
An Adaptive Approach to Modern-day Research Needs
Ice Boxes Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
By Product Type
- Inflatable Coolers
- Marine Coolers
- Soft-Sided Coolers
- Standard Ice Chests
By Material Type
- Metal Coolers
- Plastic Coolers
- Fabric Coolers
By End Users
By Sales Channel
- Independent Small Stores
- Specialty Stores
- Multi-brand Stores
- Online Retailers
- Direct Sales
- Other Sales Channel
- North America
- US & Canada
- Latin America
- Brazil, Mexico, Others
- Western Europe
- Eastern Europe
- Asia Pacific
- Australia and New Zealand (ANZ)
- Greater China
- Rest of Asia Pacific
- Middle East and Africa
- GCC Countries
- Other Middle East
- North Africa
- South Africa
- Other Africa
- North America
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 in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company.
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