INSULATED FOOD CONTAINER MARKET ANALYSIS

Insulated food containers keeps food hot as well as cold and maintains the food at a temperature sought after by the consumer. It maintains the temperature for different food types, such as hot cuisines and cold such as ice creams. It is easy to store food for long in insulated lunch boxes and can be eaten conveniently according to the time best suited by the user. An individual can easily have food according to preferred taste & temperature whether hot or cold, stored properly in insulated food containers made of steel and other materials.

Global insulated food container market was valued at US$ 1264.0 Million in 2021 in terms of revenue, exhibiting a CAGR of 5.9% during the forecast period (2022 to 2030).

Drivers

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.

Growing food and beverage industry, coupled with rising awareness associated with food contamination are some of the major factors that are expected to propel growth of the market over the forecast period. According to a report by Indian Brand Equity Foundation in December 2020, the Indian food processing industry accounts for 32 per cent of the country’s total food market, one of the largest industries in India and is ranked fifth in terms of production, consumption, export and expected growth. 

Asia Pacific is the fastest growing region and accounted for the largest market share of around 37.0% in 2021, owing to increasing adoption of insulated food containers to keep food hot and ensure food safety. Rising demand in emerging economies in Asia Pacific such as China, India & Japan  attributing to improved economic conditions and lifestyles is driving the market growth. As per the United Nations environment protection program, the strong economic growth in the Asia Pacific region has lifted about 1 Million people out of extreme poverty since the turn of the century 2021.

Figure 1. Global Insulated Food Container Market Value Share (%), By Region, 2021

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Market Restraints

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. Favourable growth of food and beverages industry across the globe creates a high growth opportunity for manufacturers in the insulated food container industry. 

Market Trends

The expansion in consumption of prepared food, which is given by speedy-service merchants is boosting the sales of insulated food containers which is a key trend in the global insulated food containers market. Increasing demand for the insulated food containers for the household use to keep the food warm and fresh for a long time is the key trend in the global insulated food containers market. Further, the simple methodology involved in the manufacturing of insulated containers has advanced the quality of the food.

Figure 2. Global Insulated Food Container Market Value Share (%), By Product Type, 2021

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Among product type, stainless steel segment held significant market share of 42.0% in the global insulated food container market in 2021. 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 drive the demand for insulated food containers in the near future.

Recent Developments

• In May 2022, Japanese multinational corporation Mitsui and food container manufacturer, FP Corporation (FPCO) acquired Lee Soon Seng Plastic Industries (LSSPI). LSSPI serves food manufacturers and packaging distributors in Malaysia, Singapore, the Philippines and other countries in South-East Asia, as well as Australia. The acquisition will cover the entire manufacturing process, from product designing and moulding to delivery of the finished products of FP Corporation.
• In September 2020, Ecovessel a manufacturer of insulated stainless steel products announced merger with U-Konserve, a reusable food storage brand based out of Sausalito, California. The merger brings both companies together to offer customers a full line-up of ‘zero-waste’ reusable drinkware and food storage containers and accessories. The companies will share supply chain, warehousing, marketing, and distribution networks and look to expand our retail partnerships and new product launch.
• In May 2020, Softbox, a provider of temperature control packaging solutions, has launched a new plastic-free 100% kerbside-recyclable cardboard insulated shipper to deliver chilled food. Designed using Softbox’s Thermaflute insulating technology, the new single-use low cost parcel shipper is manufactured from 100% recycled corrugated cardboard and zero plastic. The cardboard insulated food container is manufactured create effective insulation layers to provide efficiencies that are similar to those of traditional expanded polystyrene shippers and it is sustainable.

Competitive Section

Major players operating in the global insulated food containers market include Cambro Foodservice Equipment and Supplies, Carlisle FoodService Products, Newell Brands, Zojirushi America Corporation, Stanley, Kuukware, Thermos L.L.C., Hamilton Housewares Pvt. Ltd., Huhtamaki, TokyoPlast, Zojirushi American Corporation, and Tupperware