The global insulated food containers market is projected to touch USD 2.1 billion by 2025, according to a new report by Million Insights. The market is projected to grow at a CAGR of 5.5% over the forecast duration. The growing demand for home-cooked and fresh food is driving market growth. As of 2018, over 60 % of the world population was employed in one form or the other. Insulated food containers are capable of maintaining the freshness of the food up to 6 hours, thus, becoming popular among the working population.
Based on product, the market is classified into stainless steel and plastic. Of these, stainless steel accounted for USD 861.7 million of market size, in 2018. Features such as non-reactive, corrosion-resistant and non-toxicity are attributing to the growth of stainless steel segment. Further, stainless steel helps in keeping bacteria away, thus, ensuring the freshness of food. On the other hand, plastic containers are expected to exhibit the highest growth rate over the forecast period owing to their lightweight and low cost.
Hypermarket & supermarket accounted for over 45% of the market share, 2018. Easy availability of a variety of products and consumer willingness to physically check the product before making a purchasing decision are supplementing the online sales. The online sales channel is projected to grow fastest owing to increasing e-commerce platforms and the growing trend of multi-retailing.
Among different regions, Asia Pacific is likely to exhibit the highest CAGR throughout the forecast years. Growing working population owing to rapidly increasing IT, manufacturing and construction industries in countries such as China and India is attributing to the growth of this region. Nearly 68% of the population in Asia Pacific is employed as of 2018. Among these working groups, fresh food consumption is a trend and they mostly rely on home-cooked food, thus, proliferating growth of the insulated food containers market.
Major companies in the market are Huhtamaki, Cambro, Stanley, Valor Industries, Zojirushi America Corporation, Carlisle, TokyoPlast, Hamilton Housewares Pvt Ltd, American Aerogel and Thermos LLC. These players are emphasizing on the introduction of the product with innovative design to gain the larger market share. For example, in 2017, Avon Appliances introduced stainless steel made food containers in capacity ranging from 14 to 40 liters.
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Further key findings from the report suggest:
• By product types, plastic segment is anticipated to occupy 30.8% of the market share by 2025.
• The online distribution channel segment is likely to grow at a CAGR of 6.8% during the forecast period.
• Asia Pacific market size was valued at USD 520 million, in 2018. The region is expected to show a significant growth rate from 2019 to 2025.
• Key players in the insulated food container market are Huhtamaki, Cambro, Stanley, Valor Industries, Zojirushi America Corporation, Carlisle, TokyoPlast, Hamilton Housewares Pvt Ltd, American Aerogel and Thermos LLC among others.
Million Insights has segmented the global insulated food containers market on the basis of product, distribution channel, and region:
Insulated Food Containers Product Outlook (Revenue, USD Million, 2015 - 2025)
• Stainless Steel
Insulated Food Containers Distribution Channel Outlook (Revenue, USD Million, 2015 - 2025)
• Hypermarkets & Supermarkets
• Convenience Store
Insulated Food Containers Regional Outlook (Revenue, USD Million, 2015 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
• South Africa