Insulated Lunch Box Market Size, Share & Industry Analysis, By Material Use (Steel, Plastic, Aluminum, Others), By Application (Schools, Workplace, Others), By Sales Channel (Retail Store, E-Commerce Stores) and regional Forecast, 2024-2032

Nowadays, the use of an insulated lunch box is becoming a trend on an account of helping users to consume healthier food, save money, take home-cooked meals to other places. The various advantages of the usage of the product include store food at a perfect temperature, sustain the nutrients and freshness of the food, assist to achieve personal health goals, and others. The rising number of hospital patients receiving a home-cooked meal from their family increases the demand of the product as it assists them to avoid food items that could harm their health condition. Furthermore, there is an escalating usage of the product in different workplaces such as offices, construction, stores, and others as it assists to maintain their diet, brings their favorite home meals for lunch, and also due to its cost-efficiency.

There is an increasing consumption of the product in schools and colleges due to the growing number of students having an allergic reaction to a certain type of food large number of students often prefer carrying their own lunch. Thus this propels to upsurge the demand of the insulated launch box and act as a driving factor for the market growth. According to the data published by the Times of India, February 2020, India is estimated to have 1.5 million schools which is projected to be more than that of China of 500 thousand schools. The rising number of people preferring home-cooked meals for consumption purposes while doing outdoor activities such as camping, picnic, fishing, and others give rise to the increasing usage of the product. Furthermore, the increasing number of motorcycle or cycling enthusiast taking a trip for a cross country ride also generate traction of the product as they cover long distances to places where restaurants might not be even available in their journey.

Nonetheless, the insulated lunch box having intense competition its substitute products such as plastic containers, electric tiffin boxes, and others are acting as a hampering factor for the growth of the market. As its substitute products are anticipated to have certain advantage interms of their design, price range, features, and others.

Key Market Driver -

The escalating consumption of the product in schools and colleges act as a driving factor for the market growth.

Key Market Restraint -

Intense competition with its substitute product act as a restraining factor for the market growth.

Key Players Covered:

Tiger Corporation U.S.A., Zojirushi America Corporation, Bentology, Vaya, My Borosi, Hamilton Housewares Pvt. Ltd., Signoraware, and others are the key players operating in the insulated lunch box market.

The insulated lunch box market is segmented into by material use, by application, and by sales channel and by geography.

On the basis of material use, the market is divided into steel, plastic, aluminum, and others. Plastic is projected to be the dominating segment on an account of easy to carry around due to its light, low cost as compared to other types of material, and also possess decent strength and toughness.

Based on applications, the market is separated into schools, workplaces, and others. Schools is anticipated to be the largest market owing to large number of schools especially in developing and undeveloped countries that are still not possessing their own cafeteria is in turn to have a large contribution for the increase in demand. Also, large number of employees in their workplace are estimated to have their lunch in cafeteria or in restaurants.

By sales channel, the market is divided into retail stores and e-commerce. Retail store is estimated to hold a larger share due to large number of consumers still skeptic about buying goods from e-commerce store owing to the presence of scammers, and counterfeit products. Also, retail stores possess the ability to provide instant gratification as the consumers can feel, touch, and compare various types of products.

Regional Analysis:

On the basis of region the market is divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa.

The Asia Pacific is projected to be the dominating market during the forecast period of 2020-2027 owing to home-cooked meal still being preferred as lunch by large number of working professionals and students as it helps to save money, and assist to avoid junk food which can be injurious to health. The low wage of unskilled workers in this region also increases the usage of the product as the majority of them are preferring to carry their lunch boxes with them to save more money. For instance according to the Economic Times article’ National database of workers in informal sector in the works’, January 2020, there is an estimation of about 90% of India’s workforce are projected to be working in the informal sector with no minimum wages or any kind of social security.

Europe is projected to display a significant growth during the forecast period owing to the high cost of eating out in a restaurant and other food outlets. This, thus makes large number of low, and middle budget tourists wanting to carry an insulated tiffin while visiting their tourist destinations. Additionally, the popular tradition followed by large number of citizens in this region in spending their time with their friends and family in breaches, parks, lakes, rivers, and others on weekends and holidays plays an important role for the increase in consumption of the product.

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Segmentation

Key Industry Developments-

• In January 2019, Hydro Flask announced the launch of new kids insulated lunch box. This lunch box comes with attractive design for kids and also has maximum insulation to retain foods cold for long period of time.


• In August  2019, S’well declared the introduction of new vacuum-insulated food containers. The containers are made with triple-layer insulation and food-grade stainless steel to retain food hot or cold for extended periods of time.