Ava AbbottYeti Coolers LLC is an American outdoor manufacturer company. It was founded in 2006 by brothers Ryan and Roy Seiders to cater to the needs of adventure seekers, beach-goers, campers, and other outdoorsy souls. Based in Austin, Texas, Yeti specializes in the manufacture and retail of hard and soft coolers, stainless-steel drinkware, equipment, and related accessories.
Yeti went public in 2018 and currently has 790 employees. In 2020, Yeti shifted from wholesale retailing to direct-to-consumer leading to a surge in its DTC sales by 61% to $133 million in Q2 2020. Its sales through wholesale channels dropped by 24% to roughly $114 million.
Total revenue for Q2 2020 was $247 million, representing a 7% increase over Q2 2019. The increase is significant given that sales plunged 20% in April.
In Q3 2020, Yeti produced $294.6 million in revenue, up 29% from $229.1 million in the same period in 2019. Strong sales enabled the company to surpass $1 billion in annual revenue for the first time. Its net income for Q3 was $51.4 million, up more than 140% y-o-y.
Yeti’s impressive performance takes the company further away from its closest competitors. But it has to maintain its strong sales in 2021 and beyond to protect its market share from top competitors.
Here is an in-depth analysis of Yeti’s top competitors and alternatives:
1. Igloo Products Corp.
Year founded: 1947
Headquarter: Katy Waller County, Texas
Igloo Products Corp started as a metalworking shop and later diversified its inventory beyond metal water coolers to include drink containers, ice chests, and other outdoor accessories. Its offers high-quality products but a lower price than Yeti.
Yeti’s Panga backpack costs $299.99 while Igloo’s backpack goes for only $79.99. In 2020, Igloo’s Marine Ultra Cooler is one of the best coolers for boating and fishing. The cooler is ultra-lightweight, rust-resistant, UV-resistant, and spacious.
Igloo has over 500 products like Marine Ultra Cooler, making it the top competitor for Yeti in 2021 and beyond.
2. RTIC Coolers
Year founded: 2015
Headquarter: Houston, Texas
RTIC Coolers produces rotomolded coolers and was founded by a pair of brothers out of Texas just like Yeti. Both RTIC and Yeti were founded to manufacture unrivaled outdoor-ready gear and adventure coolers.
However, RTIC offers its products at a much lower price point than Yeti thanks to its direct-to-customer model.
For example, RTIC’s Ultra-Light Cooler is 52 quarts in size but 30% lighter and 57% cheaper than Yeti’s 52 quarts coolers. From coolers to drinkware, bags, foam-insulated kits, water bottles, and lunch boxes, all RTIC’s products are cheaper than Yeti’s.
Yeti adopted a direct-to-consumer model in 2020, which will undercut RTIC’s competitive edge. RTIC has been in the industry for five years, but it is giving YETI a run for its money.
3. ORCA
Year founded: 2012
Headquarter: Nashville, Tennessee
Outdoor Recreation Company of America (ORCA) produces rotomolded coolers, drinkware, gear, apparel, and other outdoor accessories. In FY2020, ORCA’s annual revenue was $50 million and employed 120 people.
Even though ORCA’s revenue is just a fraction of Yeti’s, the company’s premium brands match Yeti’s product-to-product. Its products are not only 100% American-made but also cheaper than Yeti. ORCA has sports licensing deals with over 80 NCAA teams, 32 NFL teams, 30 MLB teams, and 30 NHL teams, which is more than Yeti’s list and all other cooler brands.
On Jan. 13, 2020, ORCA was acquired by Brentwood, a Tennessee-based MacNeill Pride Group, which will increase its competitive advantage further.
4. Coleman Company
Year founded: 1990
Headquarter: Chicago, Illinois
Coleman Company manufactures and retails outdoor recreation products, such as camping gear and coolers. Coleman hit a revenue turnover of $1.16 billion in 2019, while Yeti reached $1 billion in revenue for the first time in 2020.
It is stronger than Yeti in terms of size, experience, and price. Coleman’s water bottle costs only $29.99, while Yeti’s Rambler goes for $49.99. But Coleman’s reputation was tainted in 2020 after it was sued for misleading consumers.
The company labels its coolers “1 Day” through “7 Days” to indicate its ice retention period even though the ice in the containers melts after about 96 hours. Disgruntled customers can migrate to Yeti.
5. Pelican Products
Year founded: 1976
Headquarter: Torrance, California
Pelican manufactures and retails rugged carrying cases, coolers, drinkware, flashlights, bags, and many more outdoor products. Its tough cases are used by adventures, travelers, and international TV crews to store sensitive tech gadgets, camera equipment, and more.
Pelican also manufactures some of the best ice coolers in the market. The company’s 20QT Elite Cooler has thick insulation that keeps ice for up to 10 days. But the insulation makes its coolers bulkier and heavier than Yeti. Its experience and variety of products make it a top Yeti competitor.
6. OtterBox
Year founded: 1998
Headquarter: Fort Collins, Colorado
OtterBox manufactures outdoor products such as hard and soft coolers, dry bags, and drinkware. It also produces tough electronics accessories like water-resistant phone cases. OtterBox employs over 550 people and attained $101.2 million in revenue in FY2020.
Even though OtterBox is primarily a phone case manufacturer, its outdoor products are ranked on the same level as Yeti’s coolers. In a test conducted by Men’s Journal, OtterBox Venture 45 Cooler outperformed Yeti’s Tundra 45 Cooler. Its Venture 25 Cooler is one of a handful of coolers that have been certified by the Interagency Grizzly Bear Committee to be bear-resistant.
7. RovR Products
Year founded: 2016
Headquarter: Boulder, Colorado
RovR Products manufactures and sells premium coolers and accessories designed to conquer all terrains. Its most iconic product is the RovR RollR 60 Cooler, which can keep ice frozen for more than a week and 10-day ice retention in mild climates.
Another competitive advantage for RovR RollR over Yeti’s coolers is its all-terrain, high-performance wheels, which sets a new standard in the cooler market. It is available in the standard model and cyclist friendly.
In 2020, RovR introduced the KeepR and the IceR to give outdoor enthusiasts more flexible options to enjoy its all-terrain cooler.
8. Hydro Flask
Year founded: 2009
Headquarter: Bend, Oregon
Hydro Flask manufactures and sells insulated steel bottles that cater to eco-conscious, outdoorsy consumers. In 2016, Helen of Troy acquired Hydro Flask for about $210 million and propelled the brand to dominance.
Celebrities, youths, and teens carry Hydro Flasks to shows off their eco-chic credentials. They post their customized flasks on social media regularly, which reinforces the Hydro Flask trend. Yeti’s premium water bottles cost $49.99.
It is too expensive for most youths and teens compared to only $30 for Hydro Flask. Also, Yeti’s S’well water bottle has a narrow mouth that doesn’t allow users to insert ice cubes. Hydro Flask is the top Yeti competitor in the outdoor water bottles market.
9. Cabela’s Inc.
Year founded: 1961
Headquarter: Sidney, Nebraska
Cabela’s Inc. is a specialty manufacturer and retailer of outdoor recreation products. In 2017, Cabela’s merged with Bass Pro Shops under the Great American Outdoors Group.
The group has expanded its portfolio by acquiring White River Marine Group and several nature-based resorts. In 2020, Bass Pro Shops and Cabela’s operate 169 stores and serves more than 500 million outdoor enthusiasts via online sales channels.
Its mail-order catalogs are shipped to 50 US states and 120 countries. In December 2020, the Great American Outdoors Group acquired Sportsman’s Warehouse for $18.00 per share. Cabela’s can now leverage over 8,000 Sportsman’s Warehouse associates and 112 stores, which increases its competitive edge over Yeti.
10. Engel Coolers
Year founded: 1962
Headquarter: Florida, United States
Engel has over 50 years of experience in the manufacturers of AC/DC fridge freezers, high-performance coolers, cooler bags, and vacuum-insulated tumblers. Engel High-Performance Series ranks alongside the big dogs in the sector.
Its coolers are tough and can retain ice for 10 days and used by EMS and fire rescue. Engel coolers are certified bear-resistant and ranked on the same level as Yeti’s hard-sided coolers like the Yeti Tundra and Yeti Roadie.
11. Bison Coolers
Year founded: 2011
Headquarter: Fort Worth, Texas
Bison Coolers is a father-son company that produces and sells hard coolers, soft coolers, drinkware, and accessories. All its products are American-made and customized to meet the customer’s needs and preferences.
Bison Coolers is a small company with 20 employees and a revenue turnover of $15.7 million. But, it is making a name for itself among outdoor adventurers. The Bison Gen 2 Cooler is ranked alongside giants like RovR RollR 60 Cooler in terms of design.
It is sturdy enough to sit or stand on during fishing trips and sold along with nonslip traction mats for the lid to ensure the adventure does not slip.
12. Tervis Tumbler
Year founded: 1946
Headquarter: Venice, Florida
Tervis Tumbler is a manufacturer of insulated tumblers, water bottles, mugs, wine glasses, and many more products. Its double-walled, insulated tumblers is a leader in the outdoor recreation market and compete with Yeti’s Rambler.
The company has sports licensing deals with the NHL, NFL, NBA, MLB, and NCAA colleges. Tervis Tumbler’s products are customizable and cheaper than Yeti’s drinkware.
In 2020, Tervis attained more than $100 million in annual sales but was adversely affected by the crisis and relocated from its 12.5-acre campus as part of its transition to a remote workforce.
13. Mammoth Coolers
Year founded: 2006
Headquarter: Cincinnati, Ohio
Mammoth Coolers manufactures premium coolers, drinkware, and various outdoor accessories. The company started with only the Discovery Series and diversified its offering to include new hard-sided cooler models, including the Mammoth Ranger and the Mammoth Cruiser.
Mammoth’s smaller coolers like Cruiser 15 and Cruiser 20 can keep ice for 2 to 3 days, while its large Ranger 125 cooler has an ice life of a week or more.
Both Mammoth and Yeti have been competing in the premium cooler business for over a decade.
14. Grizzly Coolers
Year founded: 2020
Headquarter: Decorah, Iowa
Grizzly Coolers is an American outdoor company that manufactures rotomolded coolers, insulated drinkware, and more. All Grizzly coolers are IGBC Bear Resistant and made in the USA.
The company makes both hard-sided and soft-sided coolers that compete with Yeti’s coolers. Grizzly’s enormous G400 model can hold over 500 cans and keep ice for up to 10 days.
The G400 retails for $999.99, which is expensive than Yeti’s coolers. But Grizzly Coolers also offers other models like G100 and G165 that cost around $500.
15. K2 Coolers
Year founded: 2011
Headquarter: New Iberia, Louisiana
K2 is a small cooler company that specializes only in hard-sided coolers. Its Summit series offers durable coolers of different sizes that can handle the rigors of outdoor use.
Both K2 Coolers and Yeti Coolers share a lot in common. Their premium coolers are targeted at the higher-end market. K2 Coolers are ranked among the toughest coolers on the market and are cheaper than Yeti’s coolers.
References & more information
- Sharma, A. (2020, Aug 9). YETI’s Earnings Suggest a Long-Lasting Boost From COVID-19. The Motley Fool
- Anderson, W. (2020, Nov 5). Yeti Coolers surpasses $1B in 12-month sales for the first time. Biz Journal
- Klein, R. (2020, Aug 11). The Best Coolers To Buy For Every Summer Activity. Forbes
- Tirman, S. (2020, Oct 20). YETI vs. RTIC: Which Cooler Is Better? Hi Consumption
- Snyder, E. (2020, Jan 13). Nashville-based Yeti competitor bought out. Biz Journals
- Rizzi, C. (2020, Nov 2). Ice for Days? Class Action Alleges Coleman Coolers Falsely Labeled, Advertised. Class Action Org
- Guest Editor (2020, Jan 28). The Pelican 20QT Elite Cooler is Cooler than your Cooler. Overland Expo
- Matthews, L. (2020, Aug 25). The 8 Best Coolers to Take on Outdoor Adventures. A-Far
- RovR Products (2020, Feb 20). RovR Unveils New Accessories For Award-Winning Coolers. Outdoor Newswire
- Vega, P. (2020, Feb 23). Hydro Flask started at farmers’ markets. Here’s how it got so huge. Los Angeles Times
- Sportsman’s Warehouse (2020, Dec 21). Sportsman’s Warehouse to join The Great American Outdoors Group to better serve outdoorsmen and women. Globe Newswire
- Brandon, F. (2020, June 30). Engel Cooler Reviews. The Cooler Zone
- Crist, R. (2020, Dec. 30). Best coolers in 2021: Cabela, Igloo, Yeti, Coleman, and more. CNET
- Garrett, C. (2020, Jun 2). Tervis’ future in North Port? Some excited, others urge caution. Your Sun
- Brandon, F. (2020, July 13). Mammoth Cooler Review. The Cooler Zone
- FSF Staff (2020, May 15). Grizzly Coolers keep it cold for the Duration of Extended Stays. Florida Sport Fishing
- Brandon F. (2020, July 10). K2 Cooler Review. The Cooler Zone
- Featured image by Andy Falconer
Kevin Johnson
Brianna Parker
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