Ne, Nov. 07, 2019 (GLOBE NEWSWIRE) — Increase in popularity of outdoor recreational activities coupled with lifestyle changes and greater product innovation and portfolio expansion by market leaders are expected to positively impact market growth and will drive the ice chests and coolers market at a high CAGR during the forecast period.

According to the current analysis of Reports and Data, the Global Ice Chests and Coolers market was valued at USD 1,051.5 million in 2018 and is expected to reach USD 2,137.2 million by year 2026, at a CAGR of 9.2%. By volume, the ice chests and coolers market will see a CAGR of 9.5% during the forecast period. The ice chests and coolers is growing out of leisurely customer needs. are often taken on picnics, and on vacations or holidays. Where summers are hot, they may also be used just for getting cold groceries home from the store, such as keeping ice cream from melting in a hot automobile. Even without adding ice, this can be helpful, particularly if the trip home will be lengthy.

Some coolers have built-in cupholders in the lid. They are usually made with interior and exterior shells of plastic, with a hard foam in between. They come in sizes from small personal ones to large family ones with wheels. Disposable ones are made solely from polystyrene foam (such as is a disposable coffee cup) about 2 cm or one inch thick. Most reusable ones have molded-in handles; a few have shoulder straps. The cooler has developed from just a means of keeping beverages cold into a mode of transportation with the ride-on cooler. A thermal bag or cooler bag is very similar in concept, but typically smaller and not rigid.

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Camping is on the rise across the world, and especially more in developed regions, where rising income levels and changing trends have made many people venture out either solo, or in groups. Camping and camp related activities tend to surge in the summer months in the Northern Hemisphere, primarily due to amenable weather conditions that the season brings. Also, in northern European countries, especially in Scandinavian and surrounding regions, summer is the only time when it is safe to spend overnight hours outside, as temperatures tend to remain chilly for most of the year.

The recent high summer temperatures and sultry conditions in Europe and North America has spurred camping and hiking activities in these parts. To stay hydrated, most families and campers tend to carry ice-coolers to keep their drinks chilled. Beach holidays are also on the rise during the summer months, and chilled drinks call for affordable ice coolers to be readily available. These unique industry trends will further spur industry growth for ice chests and coolers.

Camping generated USD 166.9 billion in retail spending for the year 2017, according to an Outdoor Industry Association report for the US. The huge amount spend on camping bodes well for equipment manufacturers who can occupy a sizable chunk of this very lucrative market. According to the National Park Services, approximately 11 million people visit the Great Smoky Mountains National Park on an annual basis. Other national parks like the Yellowstone and Yosemite have recorded increase in footfalls. Demand for both soft and hard lined ice coolers are expected to increase from diverse demographic cohorts who go for these camping trips in North America. Europe, and other developed regions are also seeing an increase in interest towards camping related activities, due to which demand for accessories and equipment is projected to increase during the forecast period.     

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Segments covered in the report:

For the purpose of this study, Reports and Data have segmented the Ice Chests and Coolers market by Type, by Application, and by Region:                     

Ice Chests and Coolers Market by Type (Revenue, USD Million; 2016–2026) (Volume, Thousand Units; 2016-2026)

Ice Chests and Coolers Market by Application (Revenue, USD Million; 2016–2026) (Volume, Thousand Units; 2016-2026)

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Ice Chests and Coolers Market by Region (Revenue, USD Million; 2016–2026) (Volume, Thousand Units; 2016-2026)

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