Growth: Insulated Lunch Box Market Size & Share to Surpass $1.7 Bn by 2028 | Vantage Market Research
Vantage Market Research
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WASHINGTON, Nov. 29, 2022 (GLOBE NEWSWIRE) -- The Global Insulated Lunch Box Market is valued at USD 1.1 Billion in 2021 and is projected to reach a value of USD 1.7 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 8.10% over the forecast period 2022-2028.
One of the most significant economic areas is the insulated lunch box business, and consistent expansion is projected going forward. Despite the industry's turmoil, numerous things could affect its development or demise. This study assesses both the current trends and the anticipated future changes to provide a full insight of the sector. Additionally, it provides details on the significant industry players and their expansion strategies.
The report provides a thorough analysis of international producers and suppliers, as well as their current situation and future prospects. It also goes into detail about the global drivers of the demand for insulated lunch box, including rising investment requirements, developing technology, and new laws.
According to Vantage Market Research, some of the key factors anticipated to accelerate the insulated lunch box market growth over the forecast period.The availability of the product, shifting lifestyles, urbanization, and an increasing middle-class population are all significant factors that have contributed to the increased demand for insulated lunch boxes. The market for insulated lunch boxes is also growing due to the development of portable meal options. As more businesses provide portable ready-to-eat meals and snacks, consumers prefer these items over conventional packed lunches at an increasing rate.
We forecast that the school category in insulated lunch box market sales will account for more than 30% of total sales by 2028.The rise in demand is mostly because of the high number of schools, particularly in developing and under developed nations, that do not yet have a cafeteria.
Asia Pacific dominates the insulated lunch box market, and this trend of dominance will continue throughout the projection period. People are spending more money on food and personal hygiene products due to growing social media influence among consumers. There is a lot of demand in this area due to the large population in the corporate sector, educational institutions, and colleges.
Top Players in the Global Insulated Lunch Box Market
Tiger Corporation U.S.A.
Zojirushi America Corporation
Bentology
Vaya
My Borosi
Hamilton Housewares Pvt. Ltd.
Signoraware
Market Dynamics
Growing Demand in from Food & Beverage Industry:
The market is anticipated to rise over the projected period due to several important factors, including the expanding food and beverage industry and rising consumer awareness of food contamination. The Indian food processing industry, one of the largest in the country and rated fifth in production, consumption, export, and anticipated growth, accounts for 32% of the nation's overall food market, according to research by the Indian Brand Equity Foundation published in December 2020. As a result, food manufacturers are paying more attention to the design and innovation of lunch box, which encourages producers to package their goods in various inventive ways and is predicted to fuel market expansion.
Food in Insulated Lunch Box is Easy to Transport:
Using an insulated lunch box can be very advantageous to logistics companies. Using regular vehicles for hot and cold food with separate insulated boxes is very efficient because the food in different containers does not mix and functions similarly to refrigerated lorries. Their appeal is the ability to transport food items with different storage temperatures; chilled, frozen, and dry goods can all live in harmony together because they are all contained in a separate insulated lunch box and are not affected by the humidity of a refrigeration system. These components increase customer convenience while reducing logistics and food delivery costs.
Increased Durable and Ease of Clean:
Insulated lunch box have several advantages, including being very durable. They are quite popular for storing food for extended periods because of their strength and extended use without costing too much. Since insulated lunch boxes can still be used for many years, consumers buy them in large quantities and in family packs. The lunch box can hold a lot of food in its numerous compartments and are simple to clean. These containers can be cleaned with water and mild detergent, making them convenient. The demand for insulated lunch boxes is expected to increase due to these factors.
One trend that Vantage Market Research (VMR) expects to see in the insulated lunch box industry is the rise of eco-friendly products. Eco-friendly lunch box options are becoming more prevalent in the marketplace. Due to their increased awareness of how their purchasing choices affect the environment, consumers are looking for products made from sustainable materials.
Another trend that VMR predicts will continue in the insulated lunch box industry is new designs and innovations. New designs and packaging innovations are driving the growth of the insulated lunch box market. Some of the most recent developments in this field include stackable containers, domed tops, thermoformed trays, and eco-friendly materials.
Top Report Findings
Based on material use, most of the insulated lunch box Market's revenue is controlled by the steel category. This is due to the long shelf life, ease of cleaning, and durability of steel lunch boxes. They are also risk-free and environmentally friendly.
Based on application, the school category dominated the insulated lunch box market, and this trend is anticipated to continue. The expansion of this market is anticipated to be fueled by parents' increasing knowledge of the value of a healthy diet and the necessity to provide their kids with nourishing food.
Based on sales channels, the e-commerce category dominated the insulated lunch box market, and this trend is anticipated to continue. The rise in online shopping and the popularity of subscription-based meal delivery services will be the main drivers of this expansion.
Top 10 Players Generates More Than 45% of the Global Insulated Lunch Box Market Revenue
The report also found that the largest players in the insulated lunch box market are technology providers such as Tiger Corporation U.S.A., Zojirushi America Corporation, Bentology and Vaya. These companies are expected to benefit from increased demand for their products and services and growing investments in new mines. Other major players include Tiger Corporation U.S.A., Zojirushi America Corporation, Bentology, Vaya, My Borosi, Hamilton Housewares Pvt. Ltd., Signoraware, and others. As per latest report published by Vantage Market Research, top 10 companies are responsible for generating more than 45% revenue of the market.
Steel Category in Insulated Lunch Box Market to Generate Over 30% Revenue
Insulated lunch box is an expensive investment. Vantage Market Research has analyzed the market for the insulated lunch box to understand its current state and potential future growth factors. For better understanding, based on material use insulated lunch box market is divided into: steel, plastic, aluminum and others.
During the forecast period, the market for insulated lunch box is anticipated to experience the highest CAGR for steel. Even acidic foods like tomatoes are considered safe, non-reactive, and unaffected by these products. The insulated lunch box market is anticipated to grow due to the products' excellent break resistance and high level of food safety. Furthermore, using stainless steel products limits the transfer of odor and bacteria.
On the other hand, the plastic category is anticipated to grow significantly over the forecast period. The preference of consumers for packing materials with lightweight qualities is predicted to continue to be a positive influence. The segment's growth is also influenced by cost-effectiveness. It has been noted that stainless steel-based product types cost one-third more than plastic containers.
Browse market data Tables and Figures spread through 147 Pages and in-depth TOC on Insulated Lunch Box Market Forecast Report (2022-2028).
Global Insulated Lunch Box Market Segmentation By Material Use
Steel
Plastic
Aluminum
Others
By Application
Schools
Workplace
Others
By Sales Channel
Retail Store
E-Commerce Stores
By Region
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
Scope of the Report:
Report Attributes
Details
Market Size in 2021
USD 1.1 Billion
Revenue Forecast by 2028
USD 1.7 Billion
CAGR
8.10% from 2022 to 2028
Base Year
2021
Forecast Year
2022 to 2028
Key Players
Tiger Corporation U.S.A., Zojirushi America Corporation, Bentology, Vaya, My Borosi, Hamilton Housewares Pvt. Ltd., Signoraware, and others and others.
Customization of the Report:
The report can be customized as per client needs or requirements. For any queries, you can contact us on sales@vantagemarketresearch.com or +1 (202) 380-9727. Our sales executives will be happy to understand your needs and provide you with the most suitable reports.
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