Global Stainless Insulated Container Market to Reach US$ 6,931.8 Mn by 2027 - Coherent Market Insights

SEATTLE, Aug. 16, 2019 /PRNewswire/ -- The global stainless insulated container market was valued at US$ 4,533.2 Mn in 2018, and is projected to exhibit a CAGR of 5.1% over the forecast period (2019–2027), in terms of revenue.

Key Trends and Analysis of the Global Stainless Insulated Container Market:

Global stainless insulated container market is expected to witness significant growth over the forecast period. Factors such as rising consumer preferences towards sustainable containers coupled with growth of online distribution channels segment is predicted to propel growth of global Stainless Insulated Container market over the forecast period.

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Plastic wastes have harmful effects on environment and can cause water, air, and land pollution. Most of this plastic waste is generated due to usage of single use or disposable plastic products. According to Earth Day Network, the world plastic production in 2016 reached 335 million metric tons, wherein single use products contributed around 50% of total plastic production. According to the same source, people in the U.S. purchase 50 billion water bottles annually, which is 13 bottles per month for each person in the U.S.

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Rising awareness among population regarding harmful effects of plastics on environment is expected to shift consumer preference towards reusable bottles, which in turn is expected to drive growth of global stainless insulated container market.

Online shopping offers convenience such as delivery at doorstep to customers. Consumers have the option of comparing prices of different products on different websites and can choose from various available options. Furthermore, online channel offers options such as free shipping, home delivery, on-time delivery, and easy exchange & return in addition to discounts. These factors are expected to increase online purchases, which will drive growth of global stainless insulated container market.

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Key Market Takeaways:

• The global stainless insulated container market is expected to exhibit a CAGR of 5.1% during the forecast period in terms of revenue. The global stainless insulated container market is expected witness growth, owing to rising number of working population in order to carry food at workplaces.
• Based on application, the market is segregated into food and beverage segment, wherein beverage segment held for the dominant share of 64.2% in terms of revenue in 2018. Stainless insulated container are used to keep beverages stored in hot/cold for longer duration. Moreover, these containers prevent foodborne illness, ensuring safety of beverages. These advantages are expected to increase demand for stainless insulated container in the near future.
• Among region, Asia Pacific held dominant position in the market in terms of revenue share in 2018, and contributed 32.1% in the global stainless insulated market in the same year. The regional demand is driven by growth of the food & beverages industry along with up surging of working population ratio in the region. According to India Brand Equity Foundation (IBEF), Indian food industry was valued at US$ 39.71 billion in 2017, and reached US$ 65.40 billion by the end of 2018, recording an average annual growth rate of 11.0% during 2017-18.
• Furthermore, Asia Pacific is projected to record the fastest growth in the market with a compound annual growth rate of 5.5% during 2019-2027. The demand for insulated food containers from online channels is expected to increase in the region, owing to high adoption of smartphones coupled with high internet penetration in the region.
• Key companies operating in stainless insulated container market include, 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

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Report Segmentation:

• Global Stainless Insulated Containers Market, By Application:
• Food
• Beverages
• Global Stainless Insulated Containers Market, By Distribution Channel:
• Hypermarkets & Supermarkets
• Online Channels
• Convenience Stores
• Others
• Global Stainless Insulated Containers Market, By Region:
• North America
• U.S.
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Rest of South America
• Europe
• U.K.
• Germany
• France
• Italy
• Spain
• Russia
• Rest of Europe
• Asia Pacific
• China
• India
• Japan
• South Korea
• ASEAN
• Rest of Asia Pacific
• Middle East & Africa
• Middle East
• Africa
• Company Profiles

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SOURCE Coherent Market Insights