The global portable coolers market is expected to grow at a CAGR of close to 14% during the period 2018-2022, according to a new market research study by Technavio.
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Technavio has published a new market research report on the global portable coolers market from 2018-2022. (Graphic: Business Wire)
The report presents a comprehensive research of the global portable coolers market by product (hard-sided coolers, soft-sided coolers, and others) and by end-users (residential or recreational segment and the commercial and government segment). The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: increased participation in outdoor recreational activities due to lifestyle changes
Hectic urban lifestyles have increased the stress quotient of many people across the globe. This has led to increased participation in outdoor recreational activities. The growing need to de-stress is leading to increased engagement in leisure and outdoor activities. Increased investments in recreational and outdoor activities will fuel the demand for outdoor camping equipment such as portable coolers.
According to a senior analyst at Technavio for home, kitchen and large appliances research, “Factors such as urbanization, hectic lifestyles, and growing health consciousness have fueled the growth of adventure tourism across the globe. This has contributed to an increase in the demand for portable coolers. The expansion of the tourism sector, too, adds to the increased global participation in outdoor recreational activities. These factors will contribute to the increased demand for portable coolers during the forecast period.”
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Market trend: increased preference for animal-resistant coolers
The high degree of competition in the global portable coolers market contributes to product innovation. As portable coolers find major applications while camping and trekking, ensuring that the coolers are resistant to scratches or wear that results from contact with animals is vital. Animals such as bears attack campers and mountaineers in varying degrees. The severity and the loss associated with such an attack may vary. However, on such occasions, it is important to employ coolers that are insulated from attacks from animals.
The Interagency Grizzly Bear Committee certifies Bear-resistant coolers available in the global portable coolers market. Such coolers assist in safeguarding food and beverages from perishing even in attack-prone situations. Some of the popular bear-resistant portable coolers available in the market are ORCA ORCW026, Engel ENG35 Roto-Molded Cooler, YETI Tundra 45 Cooler, and Pelican Elite 50 Quart Cooler.
Market challenge: unfavorable weather conditions
The growth of the global portable coolers market depends on camping and outdoor recreational activities. Unfavorable weather conditions tend to negatively impact the frequency and preference for camping. Unexpected changes in weather patterns limit the participation of a certain section of the global population in such outdoor activities. This negatively impacts the demand for camping equipment such as portable coolers.
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View source version on businesswire.com: http://www.businesswire.com/news/home/20180316005892/en/
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