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Do hiking, camping and fishing with advanced Cooler Bags | Top Facts
|Cooler Bags Market: Structure and Overview of Key Market Forces Propelling Market|
Cooler Bags Market: Overview
Cooler bags are soft-side portable coolers used for the storage of a variety of goods. They are highly durable and hence, suitable for outdoor usage. High wear and tear strength, coupled with good impact resistance, makes cooler bags the preferred choice among end-users. Perishable food products including meat & poultry, cheese and other dairy products need to be kept cold during transit and cooler bags are extensively used for the storage and transport of such goods. Cooler bags provide insulation to the packaged product from the surrounding environment. Hard-side coolers are also available in the coolers market but they do not enjoy similar popularity, owing to their bulkiness. Hence, soft-sided cooler bags, which offer ease in carrying, are projected to grow at a high CAGR. Players are manufacturing cooler bags in a wide range of sizes, colors and capacities to cater to various end-uses.
Cooler Bags Market: Dynamics
With the rising popularity of outdoor recreational activities such as hiking, camping and fishing, the demand for cooler bags is expected to increase during the forecast period. The flexible nature of cooler bags makes them popular among hikers and campers. Many pharmaceutical products and healthcare equipment need to be stored at cooler temperatures, owing to their temperature-sensitive nature and sterility. This is expected to generate high demand for cooler bags in the pharmaceutical & healthcare industries during the forecast period.
Manufacturers of cooler bags are focusing on diversifying their current product portfolios by incorporating unique features in their existing products. For instance,
- In September 2017, Pelican Products Inc., a leading manufacturer of drinkware, and portable lighting systems, announced the launch of Pelican Soft Cooler, a 24-can-sized soft side cooler that is waterproof, leak-proof, durable, easy to carry and a more convenient alternative to hard sided coolers
- In January 2017, Engel Coolers upgraded the outer 500 denier rip-stop polyester fabric of its backpack chillers to 600 denier rip-stop polyester fabric to enhance the durability of the cooler bags
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On the basis of end use application, the global cooler bags market has been segmented as:
- Food & Beverage
- Consumer Goods
Cooler Bags Market: Regional Outlook
From a geographical perspective, the global cooler bags market has been divided into seven key regions, namely Asia-Pacific excl. Japan, Japan, North America, Latin America, Middle East & Africa, Western Europe and Eastern Europe. The Asia Pacific cooler bags market is expected to grow at a high CAGR, owing to the increasing tourist attraction towards Southeast Asian countries such as Malaysia and Thailand. Governments of these countries are taking a number of initiatives to attract more tourists and develop luxury campsites, which is anticipated to fuel the demand for cooler bags in the region. Attributing to the popularity of chilled foods, a steady demand for cooler bags is projected in the U.S. and European countries. Also, the penetration of cooler bags is high in developed markets such as the U.S., Canada and European countries, as compared to that in developing countries. This can be attributed to the popularity of camping, hiking and fishing in developed regions.
Cooler Bags Market: Market Participants
Examples of some of the key players operating in the global cooler bags market are San Global Inc., Bag Makers, Inc., Mierbag Co., Ltd., Igloo Products Corp., YETI Coolers, LLC, Twin Oaks Global, Pelican Products, Inc., Bison Coolers, Sofrigam SA and Engel Coolers. Many local and unorganized players are expected to contribute to the growth of the global cooler bags market during the forecast period.
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