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The insulated storage vessel market size is forecast to increase by USD 1.83 billion at a CAGR of 5.46% between 2023 and 2028. The market is experiencing significant developments, driven by the growing penetration of organized retail and the rise in mergers and acquisitions (M&A) activities. The market is witnessing considerable impact in regions such as Asia-Pacific and Europe, where underlying forces like increasing demand for temperature-controlled logistics and the expansion of the food and beverage industry are fueling growth. The highly fragmented and unorganized retail sector in developing countries presents opportunities for commercial developments, as players look to tap into untapped markets. Qualitative information from industry experts and supporting data indicate that these trends are expected to continue, with the market poised for steady growth in the coming years. The market's future looks promising, with Harvey Ball estimates projecting a positive outlook for this sector.
The market is witnessing significant developments due to the increasing demand for efficient and cost-effective storage solutions in various industries. This guide provides qualitative information on the latest updates and underlying forces shaping the market. Impact: The chemical, oil and gas, food and beverage, and dairy industries are major contributors to the market's growth. Moreover, these companies are focusing on expanding their product portfolios and improving their manufacturing capabilities to meet the growing demand. Regions: The market is witnessing significant growth in regions such as North America, Europe, and Asia Pacific. The increasing demand for energy storage solutions and the growing food and beverage industries in these regions are key factors driving the market's growth. Supporting Data: According to recent reports, The market is expected to grow at a CAGR of over 5% during the forecast period. The market's growth is being driven by the increasing demand for efficient and cost-effective storage solutions, technological advancements, and the growing demand from various industries.
Further, the market is poised for significant growth in the coming years. The market's structural trends include the increasing demand from various industries, technological advancements, and the growing focus on energy efficiency and cost savings. Companies in the market are responding to these trends by expanding their product offerings and improving their manufacturing capabilities.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The offline segment is estimated to witness significant growth during the forecast period.Insulated storage vessels are essential components in various industries, including food and beverage, pharmaceuticals, and chemicals. These vessels are designed to maintain specific temperatures, ensuring the quality and safety of stored products. Visual communication plays a crucial role in guiding consumers and professionals in selecting the right insulated storage vessel. The latest updates in the market reveal structural trends, including increasing demand for larger capacity vessels and a growing preference for eco-friendly materials. Regulations, such as those set by the Food and Drug Administration (FDA) and the European Union (EU), impact the market by setting standards for material safety and temperature control.
Moreover, offline distribution channels, including retail formats like specialty stores, hypermarkets, supermarkets, warehouse clubs, convenience stores, and department stores, offer insulated storage vessels to consumers. Specialty stores provide a pleasant shopping experience with short queues, neat aisles, and good product display. Hypermarkets, supermarkets, and warehouse clubs offer competitive pricing, making insulated storage vessels accessible to a broader audience. Department stores like JCPenney, Macy's, and Sears also stock these vessels, catering to diverse customer needs. Barriers to entry in the market include high production costs, stringent regulations, and intense competition. Effective market players focus on innovation, quality, and customer service to differentiate themselves.
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The offline segment was valued at USD 5.12 billion in 2018 and showed a gradual increase during the forecast period.
APAC is estimated to contribute 41% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The market in North America is primarily driven by the US, with its significant industrial sector, including food and beverages (F&B), pharmaceuticals, and oil and gas industries. Stringent regulations imposed by regulatory bodies like the FDA further drive the demand for innovative packaging solutions in the US market. This professional guide offers an overview of the latest updates, structural trends, and regulatory landscape in the US market.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Growing penetration of organized retail is the key driver of the market. The market is witnessing noteworthy advancements, driven by the expanding retail sector, particularly in developing countries like Brazil, China, and India. The increasing number of hypermarkets, supermarkets, and specialty stores offers consumers convenience and comfort. These large organized retail outlets stock an extensive variety and multiple designs of insulated storage vessels, providing consumers with a multitude of options. The entrance of international players and the availability of diverse product offerings will fuel sales through the organized retail sector. Consumers can now compare prices, quality, and designs of products, facilitating informed purchasing decisions. According to recent studies, the organized retail sector's penetration is expected to significantly impact the market's growth trajectory during the forecast period.
A rise in M and A activities is the upcoming trend in the market. The market is experiencing significant developments through mergers and acquisitions (M&A), strategic alliances, and joint ventures. Key market participants are actively pursuing these strategies to expand their global and regional footprints. M&A transactions enable companies to leverage the distribution networks, customer bases, and financial resources of the acquired companies. These deals also help in reducing manufacturing, distribution, and supply chain costs, which can be reallocated towards research and development (R&D), product innovations, and expansions. The current market landscape indicates a growing trend towards M&A activities among companies to strengthen their market positions.
The highly fragmented and unorganized retail sector in developing countries is a key challenge affecting market growth. The market is witnessing significant developments due to underlying forces such as increasing demand for energy storage and transportation of temperature-sensitive goods. Commercial developments, including infrastructure projects and expanding industries, are driving market growth. However, the market faces intense competition, with well-established companies contending against unorganized players. These unregistered competitors offer cheaper alternatives, posing a challenge to major players. The unorganized sector holds a substantial market share, particularly in regions where price sensitivity is high. Despite the challenges, key players continue to innovate and invest in research and development to maintain their market position.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
FAYREN INTL GROUP Co. Ltd. - The company offers insulated storage vessels such as sports kids and children's water bottles with rope handles.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market is witnessing several developments that are impacting its growth trajectory. In this guide, we provide qualitative information and supporting data on the latest updates and structural trends in the market. Underlying Forces: Regulations and policies are key driving factors for the market. The need for efficient and cost-effective storage solutions in industries such as chemical, oil and gas, food and beverage, and dairy is also supporting market growth. Impact of Commercial Developments: Mergers and acquisitions, manufacturing cost reductions, and development plans are some of the commercial developments shaping the market.
For instance, the use of visual communication tools such as Harvey Balls is also gaining popularity among product manufacturers and financial analysts to guide investment decisions. Long-term Growth: the market is expected to experience significant long-term growth due to increasing demand for insulated storage solutions in various industries. However, restrictive factors such as high manufacturing costs and regulatory challenges pose risks to market growth.
Further, the market scenario for insulated storage vessels varies across regions due to differences in regulatory frameworks, market size, and growth potential. Understanding these regional dynamics is crucial for investors and product manufacturers looking to enter or expand the market. Regulations and Barriers: Regulatory compliance and safety concerns are key barriers to entry and growth in the market. Understanding the latest regulations and policies is essential for market players to navigate the complex regulatory landscape and ensure compliance. Conclusion: the market is an effective market with significant growth potential. By staying informed of the latest developments and trends, investors and product manufacturers can position themselves to capitalize on the opportunities and mitigate risks in this dynamic market.
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Market Scope |
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Report Coverage |
Details |
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Page number |
152 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.46% |
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Market growth 2024-2028 |
USD 1.83 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
4.88 |
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Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 41% |
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Key countries |
US, China, Germany, France, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Bradford White Corp., Buckeye Fabricating Co., Compagnie de Saint Gobain, Cyrospain SL, Delbert Industries Pvt. Ltd., DFC Pressure Vessel Manufacturer Co. Ltd., EcoVessel, FAYREN INTL GROUP Co. Ltd., Healthy Human LLC, Ice Shaker, LocknLock Co., MIRA Brands, Mitsubishi Chemical Corp., MOS Techno Engineers, Newell Brands Inc., Pacific Market International LLC, Paul Mueller Co. Inc., Rehydrate Pro, ThermoServ, ZHE JIANG HAERS VACUUM CONTAINERS CO. LTD., and Zojirushi America Corp |
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Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Material
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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