The global camping cooler market size is expected to reach USD 1.05 billion by 2025, according to a new report by Grand View Research, Inc., registering a 6.4% CAGR during the forecast period. The market is expected to witness considerable growth over the forecast period owing to adoption of innovative technologies for manufacturing chillers and growing inclination of people spending time outdoors in the wild.
Millennials continue to change the camping landscape through their growing participation in various physical or recreational activities, such as backpacking, mountain biking, and hiking, which is indirectly increasing the popularity of camping iceboxes.
As per Outdoor Industry Association’s report in 2017, the annual consumer spending on outdoor recreational activities in North America amounted to USD 887 billion, which is much higher than the amount spent on essential amenities, including education, fuel, and medical care. It has been observed that annually, around 50% of the U.S. population participates in at least one outdoor activity.
Prominent manufacturers in the camping and outdoor cooler market assemble parts manufactured by third-party vendors and integrate those with their distinctive technology for developing their end product. For instance, Yeti Coolers, LLC outsources product parts from its partners, including Hedstrom Plastics and Solar Plastics, Inc., for manufacturing its rotomolded chillers.
Key camping cooler manufacturers are engaging in retail through e-commerce and brick and mortar stores to expand their product reach. For instance, in February 2017, Yeti Coolers, LLC launched its first retail store in Texas to expand its regional footprint. The store offers an immersive experience to create a permanent brand reputation in the minds of the customer. The store resembles a museum with a variety of products and merchandise displayed, along with marquee exhibits.
Further key findings from the report suggest:
- The 50-75 quarts volume segment is expected to account for a market share of approximately 38.0% by 2025
- The soft cooler product segment was valued at around USD 175 million in 2017
- The dry camping application segment is anticipated to account for over 35% of the total revenue by 2025
- The North American region held the maximum share in 2017 and is anticipated to continue its dominance over the camping cooler market over the forecast period
- Key players in the market include AO Coolers, Bison Coolers, Engle Coolers, Grizzly Coolers, Igloo Products Corp., and Outdoor Active Gear.