Global Stainless Insulated Container Market – Insights
Stainless insulated container are containers, which are used to carry or store food and beverages at their original temperature for longer hours. These containers ensure the safety of the food and beverage items by protecting it against foodborne illness. The growth of food and beverage industry, increasing working population, and rising preferences of populace towards sustainable alternatives is predicted to boost the demand for stainless insulated container over the near future.
Furthermore, increasing internet penetration is driving growth of online distribution channel segment, which is a key factor fueling growth of global stainless insulated container market. For instance, according to International Telecommunication Union, in 2017, 48.6% of the global population i.e. 3.6 billion people had access to internet, which increased to 51.2% (3.9 billion people) by end of 2018.
Growth of e-commerce platforms in emerging economies is expected to drive growth of online distribution channel segment. According to India Brand Equity Foundation, India’s e-commerce industry generated revenue of US$ 39 billion in 2017, which is expected to reach US$ 120 billion by 2020, exhibiting an annual growth of 51%.
Moreover, increasing number of working population is resulting in huge demand for healthy and fresh food at workplace. Insulated food containers are used to keep food items stored in hot/cold condition for longer duration. Moreover, good quality containers prevent foodborne illness, ensuring safety of food. These factors are expected to increase the demand for insulated food container over the forecast period.
Insulated containers made from stainless steel are the most preferred containers due to benefits offered by stainless steel such as temperature control and assured food safety. Moreover, increasing disposable income is shifting consumer preference towards stainless insulated food containers, which is expected to drive growth of global stainless insulated container market over the forecast period. For instance, according to National Bureau of Statistics of China, China’s per capita disposable income was US$ 4,104 in 2018, showing a growth of 8.7% from 2017.
However, prices of stainless insulated container are high compared to plastic containers, which is expected to hamper growth global of stainless insulated container market in the near future.
The global stainless insulated container market was valued at US$ 4,533.2 Mn in 2018, and is expected to register a CAGR of 5.1%, in terms of revenue over the forecast period (2019-2027), to reach US$ 6,931.8 Mn by 2027.
Figure 1. Global Stainless Insulated Container Market Share (%), By Region, 2018
Source: Coherent Market Insights, 2018-19
Asia Pacific accounted for the largest revenue share of 32.1% in the global stainless insulated container market in 2018, and is projected to continue its dominance during the forecast period. According to 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 was expected to reach 500 million by June 2018, recording an increase of 11.34% over the period. This, in turn is increasing the preference for online trade channels, which is likely to fuel demand for insulated food containers from online channels over the forecast period.
Furthermore, North America is projected to record substantial growth in the global stainless insulated container market during the forecast period. Factors such as rising working population, increasing shift of consumers towards consumption of healthy food along with increasing need to carry hot meals to workplace is boosting the demand for stainless insulated container. According to the U.S. Department of Labor, Bureau of Labor Statistics, the total number of employed people in the U.S. increased to 1,55,761 thousands in 2018 from 1,53, 337 thousands in 2017.
Figure 2. Global Stainless Insulated Container Market Share (%), By Distribution Channel, 2018
Source: Coherent Market Insights, 2018-19
Based on distribution channel, in 2018, hypermarkets & supermarkets segment accounted for the largest share of 45.4%, in terms of revenue in the global stainless insulated container market. Increasing number of hypermarkets & supermarkets chains, wide range of products offered by various companies, and marketing and promotional activities such as trade discounts and offers are some of the major factors that are expected to drive growth of the market over the forecast period.
Major players operating in the global stainless insulated container market are Thermos L.L.C., Zojirushi Corporation, Tiger Corporation, Can't Live Without It LLC, Stelton A/S, Hewy Wine Chiller, LLC, EMSA GmbH, and Steel Technology, LLC