STAINLESS INSULATED CONTAINER MARKET ANALYSIS

The global stainless insulated container market was valued at US$ 5,055.4 Million in 2022, and is expected to register a CAGR of 7.52%, in terms of revenue over the forecast period (2023-2030), to reach US$ 9,027.9 Million by 2030.

Driver:

Increasing internet penetration:

Increasing internet penetration is driving growth of online distribution channel segment, which is a key factor that is fueling the growth of the global stainless insulated container market. For instance, according to International Telecommunication Union (ITU), in 2022, ​​​​​​​​​​​​ITU estimates that approximately 5.3 billion people – or 66% of the world’s population is using the Internet in 2022. This represents an increase of 24% since 2019, with 1.1 billion people estimated to have come online during that period.

Increasing number of working population:

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 stainless insulated food container over the forecast period.

Moreover, increasing disposable income is shifting consumer preference towards stainless insulated food containers, which is expected to drive the growth of the 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 stood at US$ 5,487 (36,883 Yuan) in 2022, up 5% on year in nominal terms.

Restraint:

High prices of container:

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. Stainless steel is more expensive to produce because of the addition of the variety of alloying elements, such as iron, chromium, nickel, manganese and copper. Manufacturers also add about 10% chromium to the steel as an added agent to provide corrosion resistance. According to MEPS International Ltd. in Dec 2022, steel prices in India increased compared to 2021.

Global Stainless Insulated Container Market- Impact of Coronavirus (Covid-19) Pandemic

Steel prices have been volatile in the U.S. as steel demand decreased. The automotive sector, which has been the second-largest end user for steel, has already curtailed production. The steel demand from the construction sector, the largest end user, remained stagnant, as demand declined, integrated steelmaker, US Steel decided to idle blast furnaces and cut production. Steelmakers ArcelorMittal and Gerdau also announced in 2020 decreasing operations in North America amid falling steel demand from coronavirus-related closures, particularly in the automotive sector, to shield themselves from rising inventories. ArcelorMittal also stopped multiple blast furnaces in Europe due to coronavirus-related shutdowns.

Segmentation Analysis:

The global stainless insulated container market is segmented by distribution channel and by application. By distribution channel it is segmented into hypermarkets & supermarkets, online channel, convenience stores, others. By application it is segmented into food and beverages. By region the global organic farming market analysis conducted across North America, Latin America, Asia Pacific, Europe, Middle East, and Africa.

Figure 1. Global Stainless Insulated Container Market Share (%), By Region, 2022

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Asia Pacific accounted for the largest revenue share of 35% in the global stainless insulated container market in 2022, and is projected to continue its dominance during the forecast period. North America is projected to record substantial growth in the global stainless insulated container market during the forecast period.

Figure 2. Global Stainless Insulated Container Market Share (%), By Distribution Channel, 2022

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Based on distribution channel, in 2022, hypermarkets & supermarkets segment accounted for the largest share of 40%, 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.

Recent Development:

On February 1, 2023, Thermos L.L.C.  introduced the all-new Icon series. Since 1904, Thermos® Brand has been perfecting the art of keeping coffee hot, water cold, and food fresh. The Icon™ Series is the latest masterpiece. The new line includes hot beverage and food storage options, which have been celebrated categories of Thermos Brand products for 119 years. In addition, the new line now includes a wide array of products with a focus on cold beverage and hydration.

On July 8, 2022, Musselman’s Apple Sauce and Thermos Brand, two well-known ‘lunch box brands,’ are combined forces in the 2022 back-to-school season to offer consumers a chance to win one of 100 Thermos® lunch boxes filled with Musselman’s Apple Sauce.

On September 20, 2022, Thermos L.L.C. renamed the Guardian Collection as Alta Series. The Alta Series will continue to provide customers with the reliable drinkware and food storage products they have come to know and love.

On June 10, 2022,   Thermos L.L.C. provided resources to the relocated families, donated supplies, including Thermos Brand water bottles, lunch boxes, and beverage bottles. This donation was made through the Backpack School Supply Drive hosted by Help Heroes of Ukraine Inc. Nfp and United for Ukraine.

Major Players:

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

Market Definition:

Stainless insulated container are containers that 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 containers in the near future.