Retail Cooler Market Size, Share & Trends Analysis Report By Capacity (Below 10 Quarts, Between 11-25 Quarts, Between 26-50 Quarts, Above 50 Quarts), By Distribution Channel (Online, Offline), By Region, And Segment Forecasts, 2022 - 2030

Report Overview

The global retail cooler market size was valued at USD 1.50 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 8.6% from 2022 to 2030. A rise in the popularity of outdoor recreational activities such as off-roading and hiking among travelers is driving the market. In addition, improved manufacturing technologies for lightweight chillers that can keep ice for an extended period will contribute to market expansion over the foreseeable future. However, the COVID-19 pandemic has impacted the growth of the market. In the wake of the COVID-19 pandemic, customers are willing to spend more time in nature through activities such as hiking, camping, fishing, boating, and cycling, which is boosting the market demand for retail coolers. For instance, according to Outdoor Industry Association, Americans took up new activities such as hiking, walking, and running during the COVID-19 period.

Moreover, polystyrene coolers are perceived negatively as most products made from the material are dumped in landfills. Polystyrene materials also occupy a disproportionate amount of space by volume in a landfill on account of their bulky nature. Polystyrene coolers take approximately 500 years to decompose completely. Polystyrene is built of multiple units of styrene, which is believed to be carcinogenic by the Department of Health and Human Services and the International Agency for Research on Cancer.

Additionally, the rising number of hypermarkets, specialty food stores, and supermarkets across the globe has significantly boosted the adoption of retail coolers. According to The Food Institute, Costco is expected to open around 22 new warehouses each year, with 75% of them located in the U.S. The retailer also plans to open three new stores in Bradenton, Florida; Bismarck, North Dakota; and Plainfield, Illinois. Similarly, Walmart invested billions in new stores and improvements throughout 2019.

An increasing number of companies are striving for innovation in the sustainable space, particularly when it comes to choosing materials. For instance, NIKU Farms, a Toronto-based meat delivery service, opted for a new biodegradable and compostable packaging material from KTM Industries for its insulated coolers in 2019. NIKU became the first meat delivery service company to use KTM’s Green Cell Foam in Canada for its farm-to-door meat subscription boxes. 

Furthermore, companies operating in the market cater to consumers worldwide, particularly in North America and Europe. Increasing innovation by these companies is rapidly transforming the product’s material composition. For instance, in 2019, Yeti launched Yeti V, a stainless-steel cooler that uses a combination of a vacuum and polyurethane foam in order to be able to store ice 50% longer than a regular Yeti cooler.

Capacity Insights

In terms of revenue, the above 50 quarts segment dominated the market with a share of over 50.0% in 2021. The high retention capacity is perfect for long road trips, days spent at campsites, and sporting events, which is fueling the demand for the segment. Moreover, the benefits such as heavy-duty wheels to roll the cooler through tough terrain with the rigged wheels while it’s fully loaded are driving this segment.

Below 10 quarts capacity is projected to register the highest CAGR of 9.7% from 2022 to 2030. The growing customer base of outdoor travelers for recreation is boosting the adoption of retail coolers with a small capacity. According to a blog by Northstar Travel Media LLC, solo travel comprised 18% of the global bookings in 2019, witnessing an increase of 7% as compared to the previous year. Furthermore, according to Cox & Kings, solo travel is the second-most popular category for post lockdown trips.

Distribution Channel Insights

In terms of revenue, the offline segment dominated the market with a share of over 80.0% in 2021. 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 coolers through offline distribution channels across the globe over the forecast period. Moreover, major manufacturers in the market are inclined to sell their products via offline channels, positively impacting the growth of the segment.

The online segment is estimated to register the fastest CAGR of 9.7% over the forecast period. An increase in internet penetration among the middle-class population, coupled with the rising use of smartphones and similar devices, is the key factor driving the popularity of online channels in the market. For instance, in June 2019, YETI launched the YETO.ca.website in Canada to provide customers the opportunity to purchase YETI products directly online.

Regional Insights

North America dominated the market with a revenue share of over 35.0% in 2021. This is attributed to the high inclination of people in America toward outdoor recreational activities, short trips, and picnics, which is fueling the demand for retail coolers in the region. Moreover, consumers in the U.S. and Canada prefer to travel short distances with hassle-free planning and retail coolers are a convenient option for them.

Asia Pacific is expected to register the fastest CAGR of 9.7% from 2022 to 2030. The growth of the Asia Pacific market can be attributed to an increase in consumer interest in glamping among Asian households. In addition, several camping sites and 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, which is likely to favor the growth of the market over the forecast period.

Key Companies & Market Share Insights

The market is characterized by the presence of a few established players and new entrants. Many big players are increasing their focus on the growing trend of retail coolers. Players in the market are diversifying the service offering in order to maintain market share.

• For instance, 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.

• For instance, in January 2020, MacNeill Pride Group (MPG), a diversified global designer and manufacturer of sporting goods and related products, purchased ORCA Coolers, LLC. ORCA Coolers, LLC will continue to operate from its Nashville headquarters.

Some prominent players in the global retail cooler 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 Cooler Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2030. For the purpose of this study, Grand View Research has segmented the global retail cooler market report on the basis of capacity, distribution channel, and region:

• Capacity Outlook (Revenue, USD Million, 2017 - 2030)

  • Below 10 Quarts

  • Between 11 to 25 Quarts

  • Between 26 to 50 Quarts

  • Above 50 Quarts

• Distribution Channel Outlook (Revenue, USD Million, 2017 - 2030)

  • Online

  • Offline

• Regional Outlook (Revenue, USD Million, 2017 - 2030)

  • North America

    • U.S.

  • Europe

    • U.K.

    • Germany

  • Asia Pacific

    • China

    • Japan

    • Australia

  • Central & South America

    • Brazil

  • Middle East & Africa (MEA)