Global Insulated Food Container Market – Insights
The market is projected to reach US$ 1,860 million by the end of 2026, at a CAGR of 5.6% over the forecast period, attributing to the growth of food and beverage industry coupled with rising awareness associated with food contamination.
Factors such as increasing workforce is fueling growth of the insulated food container market. Increasing number of working population is resulting in huge demand for healthy and fresh food at the workplace. Insulated food containers are used to keep the things stored in hot/cold condition for a longer duration. Moreover, good quality containers prevent foodborne illness, ensuring the safety of food. These factors are expected to increase the demand for insulated food containers over the forecast period.
Distribution channel of insulated food container includes hypermarkets, supermarkets, online, and others. Other distribution channel comprises convenience stores and departmental stores. The online channel is predicted to grow at a faster pace during the forecast period attributing to the increased penetration of internet and mobile phones across the globe.
According to the Internet and Mobile Association of India (IAMAI)’s report published in 2017, the number of internet users in India was 481 million in December 2017 and is expected to reach 500 million by June 2018, recording an increase of 11.34% over the period. This scenario is expected to contribute to growth of the e-commerce industry in the near future, thereby boosting the sales of insulated food containers sold through the online distribution channel.
High cost associated with insulated food container is projected to hamper the market growth. However, technology advancements in the industry is expected to increase demand for insulated food container in the near future. Favorable growth of food and beverages industry across the globe creates a high growth opportunity for manufacturers in the insulated food container industry.
The global insulated food container market was valued at US$ 1,200 million in 2017 and is expected to register a CAGR of 5.6% in terms of revenue over the forecast period (2018 – 2026).
Figure 1. Global Insulated Food Container Market Share (%), By Region, 2017
Source: Coherent Market Insights, 2017-18
Asia Pacific is the fastest growing region and accounted for the largest market share of around 37.0% in 2017, owing to increasing adoption of insulated food containers to keep food hot and ensure food safety. Rising demand in emerging economies such as China, India, and Brazil attributing to improved economic conditions and lifestyles is driving the market growth.
Furthermore, companies are focusing on advanced technologies and superior-grade material for enhancing the durability and performance. For instance, in 2017, Thermos L.L.C introduced new insulated food container, which is BPA-free, microwaveable, dishwasher safe container. The companies operating in the insulated food container market are also concentrating on developing strong and durable products with superior fittings and hardware, approved grade materials for manufacturing, 100% hygienic, rust and leak proof products.
Figure 2. Global Insulated Food Container Market Share (%), By Application, 2017
Source: Coherent Market Insights, 2017-18
Among product type, stainless steel segment held significant market share of 42.0% in the global insulated food container market in 2017. The segment growth is driven by the benefits offered by stainless steel, which includes temperature control and assured food safety. Moreover, increasing purchasing power is shifting consumer preference towards technically advanced and sophisticated household items, which in turn is expected to bolster the demand for insulated food containers in the near future.
Players operating in the global insulated food container market are adopting various growth strategies such as mergers & acquisitions and business expansion to cater to increasing demand for insulated food containers. For instance, in July 2017, Thermos L.L.C., the world’s leading manufacturer of portable insulated food and drinks container, announced the acquisition of Lifefactory, Inc., a privately held housewares company based in Sausalito, California. This acquisition will help the company to enhance its product portfolio and its presence in untapped regions over the forecast period.
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.