As stated in our extensive report; the Global Insulated Lunch Box Market accounted forUSD 1.1 Billionin the year 2021.
The changed lifestyle, product availability, urbanization, and growing middle-class population base are significant aspects of mounting demand for Insulated Lunch Box across the globe.
The increasing usage of the product in different workplaces such as schools, offices, stores, construction, and others helps maintain their diet and bring their favorite home food for lunch are significant elements stirring the market sales.
Growing consciousness relating to health and hygiene is fuelling the usage of Insulated Lunch Boxfor storing food items and eating them fresh, which will help the global market to generate more income during the forecast period.
Key factors influencing Insulated Lunch Box Market Growth
The growth of the Insulated Lunch Box global market can be attributable to the following:-
1. The growth in the number of hospital patients getting home-cooked meals from their families augments the demand for the product as it helps avoid food items that can harm their health.
2. Growing number of working people and school-going students are anticipated to enhance the market in the coming years.
3. Intensifying number of people who prefer home-cooked meals for utilization purposes during outdoor activities such as camping, fishing, picnic, treks, long journeys, and so on surges the use of the product, boosting the Insulated Lunch Box market sales.
4. Rise in the number of motorcycle or cycling enthusiast taking trips for a cross country ride create traction for the product since they cover long distances to places where restaurants are not available on their journey.
5. Product differentiation and great branding opportunities will generate high demand for Insulated Lunch Box, making the overall market profitable during the forecast period.
On the other hand, the Insulated Lunch Box has extreme competition due to the availability of substitute products like electric tiffin boxes, plastic containers, etc., which might hamper the market growth.
Asia Pacific Region to Lead the Market
Asia PacificInsulated Lunch Box market is escalating with maximum market share in the forecast period. This surge is due to the increased preference for the home-cooked meal as lunch by a high number of working professionals and school & college students since it helps in saving money, plus aids in avoiding junk food that is harmful to health. InAsia Pacificmarket, most revenue is generated from India and China due to the presence of plentiful labor in these regions. Also, the low wage of the unskilled workforce in the part ofAsia Pacificincreases the consumption of the product as the bulk of them prefer to take their lunch boxes with them to save more money. Furthermore, the availability of raw materials at a low price will probably boost the Insulated Lunch Box regional market growth in the coming years.
As per Vantage Market Research, the rise in consumption of the product in several workplaces like offices, schools, construction, and others will positively influence the overall Insulated Lunch Box market.
Some of the key players in the Global Insulated Lunch Box Market include- Tiger Corporation U.S.A., Zojirushi America Corporation, Bentology, Vaya, My Borosi, Hamilton Housewares Pvt. Ltd., Signoraware and others.