Stainless Insulated Container MarketChallenges and Opportunities

Stainless Insulated Container Market, By Application (Food and Beverages), By Distribution Channel (Hypermarkets & Supermarkets, Online Channels, Convenience Stores, and Others) and By Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa)

Published In : Mar 2023

Code : CMI2969

Pages :120

Formats :

Excel and PDF

Industry : Consumer Goods

Market Challenges And Opportunities

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.