Insulated Lunch Box Market: Influential Factors Determining the Trajectory of the Market
An insulated lunch box is a thermally insulated container which helps to maintain the temperature of its contents, and keeps cold items cold, and hot items hot. The lunch box is made up of vacuum layer and insulating layer which helps to block thermal transmission and keep the food fresh. It has three layers which act as a barrier against temperature change. The outer layer is made of medium to heavy weight fabric such as neoprene and nylon. The second layer is made from insulating material, generally foam. The third inner layer is generally made of plastic and foil. All these three layers help to maintain the temperature of food for a longer period of time.
Major factors such as product availability, changing lifestyle, urbanization, and increasing middle class population has led to the increasing demand for insulated lunch boxes. Increasing number of working people and school going students are expected to fuel the growth of the market during the forecast period. Rising consciousness about health and hygiene has propelled the use of insulated lunch boxes to store food items and eat them fresh. Moreover, consumers are opting to use the insulated lunch box to carry home cooked food during trips, treks, and long journeys.
This rising demand is boosting growth of the global insulated lunch box market. Availability of substitutes such as electric lunch box and plastic containers are major restraints to the insulated lunch box market. Product differentiation and excellent branding opportunities make this a lucrative market. All these factors are anticipated to increase the demand for insulated lunch boxes in the coming years.
The insulated lunch box market can be segmented in terms of product type, end-user, distribution channel, and geography. In terms of product type, the insulated lunch box market is categorized into stainless steel insulated lunch box and plastic insulated lunch box. On the basis of distribution channel, the market is divided into online and offline. Online channel is expected to dominate the market due to increasing adoption of digital technology and a wide variety of products offered by online vendors at discounted price. The offline market is further segmented into hypermarket and supermarket. In terms of end-user, the insulated lunch box market is segmented into office workers and students.
In terms of geography, the insulated lunch box market is categorized into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Asia Pacific is expected to dominate the global insulated lunch box market in terms of growth rate due to presence of cheap and abundant labor in countries such as China and India. It makes the region ideal for large scale cost-effective production and leads to increasing growth rate of the insulated lunch box market. Availability of raw material at low cost is also boosting the growth of the insulated lunch box market in the Asia Pacific region. North America coupled with Europe are expected to dominate the market in terms of share due to the large working population in the regions. Middle East & South America is expected to show significant amount of growth due to increasing working women population during the forecast period.
Key players operating in the insulated lunch box market are Pacific Market International, Lock and Lock, Guangzhou Zhenxing Industrial, Tiger Corporation etc. The main strategies adopted by key players include product innovation, and merger and acquisition, as the insulated lunch box market is highly fragmented due to the presence of large number of local as well as regional players. Major players can gain a better position by serving customers in multiple locations. On the other hand, small companies have a better foothold in the local market.