The global insulated food container market was valued at US$ 1,200 Million in 2017, according to Insulated Food Container Market Report, by Product Type (Stainless Steel, Plastics, and Others), by Distribution Channel (Hypermarket, Supermarket, Online, and Others), and by Region (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa), published by Coherent Market Insights.
Major players operating in the global insulated food container market include Cambro Foodservice Equipment and Supplies, Carlisle FoodService Products, Newell Brands, Zojirushi America Corporation, Stanley, Kuuk, Thermos L.L.C., and Hamilton Housewares Pvt. Ltd.
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The global insulated food container market is projected to reach US$ 1,200 Million by 2026, exhibiting a CAGR of 5.6% during the forecast period. Growing food and beverage industry is fueling growth of the insulated food container market. Furthermore, consumer preference towards sustainable food containers is driving growth of this market.
However, high cost of insulated food containers is expected to restrain growth of the insulated food container market.
Key Trends and Analysis of the Insulated Food Container Market:
Among product type, others segment accounted for the largest market share in 2017 in the global insulated food container market. Other insulated food container include combination of plastic and stainless steel. These containers provide advantages of stainless steel such as durability and strength, and advantages of plastic such as light weight, and leak proof with attractive colors.
Among distribution channel, online segment was the fastest growing in insulated food container market in 2017. Convenience offered by online shopping and ancillary services such as home delivery and online payments have bolstered the market growth. Many players in the insulated food container market such as Hamilton Housewares Pvt. Ltd. and Thermos L.L.C. are providing their product portfolio on the websites from where customers can directly buy the container based on their specific needs.
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Key Takeaways of the Market:
Asia Pacific accounted for the largest market share of 38% in 2017 in the global insulated food container market. This is attributed to increasing population in the region. Increasing population and rising disposable income in emerging economies such as China and India are major factors driving growth of the food & beverage industry, which in turn is expected to fuel growth of the insulated food container market over the forecast period.
Key players in the insulated food container market are focusing on enhancing their product portfolio. For instance, in March 2015, Thermos L.L.C. introduced Hydration Bottle with smart lid, which allows users to customize and monitor their hydration goals from an iOS smartphone, and a new Vacuum Insulated Dual Compartment Food Jar. This food jar allows the user to carry hot and cold foods such as soup and salad in a single container.
Furthermore, many players are adopting different strategies to expand their global footprint. For instance, Zojirushi America Corporation provides authorized e-commerce websites list on its homepage and product warranty is limited only to purchases made through actual retail stores that sell Zojirushi product or Zojirushi recognized e-commerce sites. Rapidly growing online retail sector is a major factor increasing demand for food and beverage packaging and is a contributing factor for growth of the global insulated food container market. For instance, according to the India Brand Equity Foundation (IBEF), the retail market is expected to nearly double to US$ 1 trillion by 2020 from US$ 600 billion in 2015. Also, increasing awareness regarding food contamination is driving the market growth.
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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