Retail Coolers Market Size, Share & Trends Analysis Report By Capacity (Below 10 Quarts, Between 11 To 25 quarts, Between 26 to 50 Quarts, Above 50 Quarts), By Distribution Channel (Online, Offline), By Region, And Segment Forecasts, 2021 - 2028

Report Overview

The global retail coolers market size was valued at USD 1.30 billion in 2020 and is expected to expand at a compound annual growth rate CAGR of 7.2% from 2021 to 2028. The growing popularity of outdoor recreational activities such as off-roading and hiking among travelers is a leading factor driving the market. In addition, better technologies used for manufacturing lightweight chillers that can retain ice for a longer duration will contribute to market growth over the coming years.

The COVID-19 outbreak has adversely impacted the demand for retail coolers quite significantly across the globe, especially in the hospitality sector. The closure of non-essential businesses has been one of the major changes to have taken place over the past few months, with the food-service industry being adversely affected. With restaurants, clubs, bars, pubs, and hotels shut down, food and beverage sales are continuously falling. Industry conferences and events have been either canceled or postponed.

Rising demand for packaged food and beverages, along with the rapid expansion of the hospitality sector, has led to substantial market growth. The ongoing expansion of consumer goods retail chains across the globe is also likely to drive the market further. A cooler or an icebox presents a great advantage all year round. It offers the comfort of storage space, particularly while traveling for picnics, long drives, fishing trips, camping, and boating, among many others.

The emergence of transformational travel and wellness trips in order to restore balance and transform the mind, spirit, and body has driven the overall travel market. Moreover, the prominence of outdoor recreational activities such as fishing, camping, and hiking is being witnessed across the globe. Such travel and outdoor recreation trends are significantly boosting the demand for cool drinks, processed foods, and refrigerated snacks, especially among young individuals. This increases the adoption of retail coolers across most store formats and box coolers, collapsible coolers, ice boxes, and camping coolers for personal use.

Capacity Insights

In terms of value, retail coolers with a capacity above 50 quarts dominated the market and accounted for the largest revenue share of 54.3% in 2020. By 2028, this segment is expected to witness a growth rate of 6.9% over the forecast period. These large-capacity retail coolers are perfect for long road trips, days spent at campsites, and for sporting events. Additionally, the product is often equipped with heavy-duty wheels to roll the cooler through tough terrain with the rigged wheels while it’s fully loaded. In weekend camping situations with more than two people, a 50-60 quarts cooler serves the ideal capacity for storing all foods and drinks.

The fastest-growing segment is the retail coolers below the capacity of 10 quarts. Retail coolers with a capacity of under 10 quarts often serve the purpose of chilling food and beverages for an individual or two. The growing customer base of outdoor travelers for recreation is boosting the adoption of retail coolers with a small capacity.

Distribution Channel Insights

In terms of distribution channels, the offline segment accounted for the largest revenue share of 83.6% in 2020. However, the online segment is projected to witness the fastest CAGR of 8.2% over the forecast period. Consumers are rapidly shifting toward the online mode of purchases with the growing popularity of e-commerce giants such as Amazon, Alibaba, EBay, and JD.com. 

Placing retail coolers on the shelves of supermarkets, hypermarkets, and specialty stores is proven to improve the sales of these products as these places are visited by a large number of customers each day. Growing urbanization, coupled with the expansion of supermarkets and hypermarkets to further extend their reach to maximum consumers, is expected to drive the sales of retail cooler products across the globe over the forecast period.

Regional Insights

North America dominated the market and accounted for the largest revenue share of 38.0% in 2020 and is estimated to be the same over the forecast period on account of a significant rise in consumers who take road trips in summers, which is boosting the sales of outdoor coolers. Decreasing fuel prices in the U.S. have resulted in a number of consumers seeking off-road activities. Retail coolers of 26 - 50 quarts serve the purpose best as these are compact, lightweight, and available in soft as well as hard product variants.

In the Asia Pacific, the market is estimated to grow fast over the forecast period. The region observes a notable growth rate owing to the rising trend of camping, hunting, fishing, and other outdoor activities. Several camping sites, as well as adventure destinations, are being developed at a fast pace in most of the countries in the Asia Pacific, including Thailand, Hong Kong, Cambodia, Australia, and India.

Key Companies & Market Share Insights

The market is characterized by the presence of several well-established players. These players account for a considerable market share and have a presence in several regions. The retail cooler market also comprises small-to-midsized players, which offer a selected range of retail coolers and mostly serve regional customers.

For instance, in July 2019, Huntington Solutions acquired Texas Foam, a manufacturer of customized extended-duration shippers (XDS™) and temperature-sensitive protective foam packaging solutions. This acquisition enabled the company to increase and broaden its production capabilities and bolster its cold chain offering.

In March 2020, Lifoam Industries LLC launched a new temperature-controlled EnviroCooler packaging product. The new EnviroCooler EVG has been designed as part of its initiative to minimize plastic waste without affecting performance or end-user convenience. It is one of the company’s several sustainable product offerings in 2020. Some of the prominent players in the retail coolers market include:

• Polar Bear Coolers

• Lifoam Industries LLC 

• ORCA Coolers, LLC 

• Plastilite Corporation

• ICEE Containers Pty Ltd.

• Bison Coolers 

• Grizzly Coolers LLC 

• Huntington Solutions 

• The Coleman Company, Inc.

• YETI Holdings, Inc.

Retail Coolers Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For the purpose of this study, Grand View Research has segmented the global retail coolers market on the basis of capacity, distribution channel, and region:

• Capacity Outlook (Revenue, USD Million, 2016 - 2028)

  • Below 10 quarts

  • Between 11 and 25 quarts

  • Between 26 and 50 quarts

  • Above 50 quarts

• Distribution Channel Outlook (Revenue, USD Million, 2016 - 2028)

  • Online

  • Offline

• Regional Outlook (Revenue, USD Million, 2016 - 2028)

  • North America

    • U.S.

  • Europe

    • Germany

    • U.K.

  • Asia Pacific

    • China

    • Japan

    • Australia

  • Central & South America

    • Brazil

  • Middle East & Africa (MEA)