The American company Yeti Coolers LLC makes outdoor products. The company was formed in 2006 by brothers Ryan and Roy Seiders to serve adventure seekers, beachgoers, campers, and other outdoor enthusiasts.
The Yeti Company, with headquarters in Austin, Texas, manufactures and markets hard and soft coolers, stainless steel drinks, equipment, and other accessory products.
The company is known for its outdoor products, including coolers, equipment, drinkware, and other outdoor accessories.
Water lovers, beachgoers, fishing enthusiasts, high-end hunters, and other outdoor adventure-seekers are the company’s core target market.
Yeti went public in 2018 and employed 790 people at the moment. Yeti transitioned from wholesale to direct-to-consumer retailing in 2020, resulting in a 61 percent increase in direct-to-consumer sales to $133 million in Q2 2020. Its wholesale channel revenues fell by 24% to approximately $114 million.
The YETI Tundra Haul was won the 2019 Men’sHealth Outdoor Awards’ Best Cooler. YETI offers a diverse assortment of items, with some going for as much as $500.
As of 2021, the company employed over 1000 people and generated revenue of $914 million.
Total revenue for Q2 2020 was $247 million, up 7% from Q2 2019. The gain is remarkable in light of April’s 20% decline in sales.
Yeti had sales of $294.6 million in Q3 2020, up 29% from $229.1 million in the same time in 2019. For the first time, the company exceeded $1 billion in yearly revenue due to strong sales. Its third-quarter net income was $51.4 million, up more than 140 percent year over year.
Yeti’s outstanding performance distances the company from its nearest competitors. However, it must sustain its good sales performance in 2021 and beyond to safeguard its market share against top competitors.
Top Yeti Competitors and Alternatives
|1.||Igloo Products Corp.||1947||https://www.igloocoolers.com|
1. Igloo Products Corp.
Igloo Products Corp is a United States-based manufacturer of beverage containers, ice chests, and other accessories. Founded in 1947, the corporation is headquartered in Katy Waller County, Texas.
It began as a metalworking shop dedicated to the production of metal water coolers for blue-collar workers.
Texas Tennessee Industries (TTI) acquired Igloo in 1960, and as a result, the firm was renamed Texas Tennessee Industries and reverted to its former name.
Igloo became a subsidiary of ACON Investments in 2014. As of 2019, Igloo employed 1,200 people and had a revenue of $512.43 million.
Igloo Products Corp began as a metalworking shop and eventually expanded its product line to include drink containers, ice chests, and other outdoor items. Its products are of comparable quality to Yeti’s but at a lesser price.
Yeti’s Panga backpack is available for $299.99, while Igloo’s backpack is only $79.99. Igloo’s Marine Ultra Cooler is one of the top coolers on the market for boating and fishing in 2020.
The cooler is extremely lightweight, corrosion-resistant, and UV-resistant, as well as spacious.
Igloo offers over 500 products, including the Marine Ultra Cooler, making it Yeti’s primary competitor in 2021 and beyond.
Igloo considers itself to be the world leader in cooler manufacturing. It sells around 500 goods worldwide.
It has been in business for almost 70 years and has a sizable social media following. Igloo is also less expensive than YETI. Yeti’s Panga backpack is $299.99, while Igloo’s insulated cooler bag is $79.99.
OtterBox is a consumer electronics accessory firm that specializes in water-resistant, shock-resistant, and drop-resistant phone cases. It also produces outdoor products, including hard and soft coolers, dry bags, and beverage containers.
Curt Richardson and David Bridge launched the firm in 1998. The company’s headquarters are located in Fort Collins, Colorado. OtterBox had 550 employees and sales of $101.2 million in 2019.
OtterBox is an outdoor goods manufacturer specializing in hard and soft coolers, dry bags, and drinkware. It also manufactures water-resistant phone cases and rugged electronics accessories.
OtterBox currently employs over 550 people and expects to generate $101.2 million in revenue in 2020.
OtterBox is primarily a manufacturer of phone cases, with outdoor items and accessories as a supplementary offering.
Ironically, the company began by manufacturing dry storage containers for electronic gadgets. It returned to its roots in 2017 by manufacturing bear-resistant coolers.
Men’s Journal tested both YETI and OtterBox coolers and discovered that the OtterBox cooler outperformed the YETI. It maintained ice for a longer time than YETI.
OtterBox is best known for its phone cases, but its outdoor products rival Yeti’s coolers. Men’s Journal found that the OtterBox Venture 45 Cooler outscored Yeti’s Tundra 45 Cooler in a test.
Its Venture 25 Cooler is a few coolers certified bear-resistant by the Interagency Grizzly Bear Committee.
3. RTIC Coolers
Jim Jacobsen and his twin brother John founded RTIC Coolers in 2015. The company has its headquarters in Houston, Texas.
The company manufactures and distributes rotomolded coolers from California, Illinois, Texas, Georgia, and Pennsylvania. The company had revenue of $200 million and employed 100 employees in 2019.
Like Yeti, RTIC Coolers manufactures rotomolded coolers. RTIC and Yeti were created to produce unmatched outdoor gear and adventure coolers.
Yeti charges a higher price point for its products than RTIC, which delivers its goods directly to clients.
YETI is already being challenged by RTIC, which entered the market five years ago. The company boasts that its coolers have twice the ice capacity of YETI coolers for a fraction of the cost.
They also have distinct business models. RTIC operates exclusively online, while YETI operates both physical and online stores. The goods are distributed by five warehouses located in the United States.
RTIC’s Ultra-Light Cooler, for example, has a 52-quart capacity but is 30% lighter and 57% cheaper than Yeti’s 52-quart cooler. RTIC’s products, such as coolers, drinkware, bags, foam-insulated kits, water bottles, and lunch boxes, are all cheaper than Yeti’s.
Yeti switched to a direct-to-consumer model in 2020, eroding RTIC’s competitive edge. RTIC has already been operating in the sector for five years, but it is competing with YETI.
4. Pelican Products
Pelican Products was formed in 1976 by Dave Parker and his wife Arline to manufacture durable flashlights and cases.
The Pelican Float flashlight was the company’s first trademarked product. Following that, the SabreLite torch and Protector Cases were introduced.
The company has since grown its product offerings to include coolers, drinkware, and bags. The company also produces items for the military, fire safety, and law enforcement sectors.
Pelican Products is headquartered in Torrance, California, and has a sales turnover of $378 million.
Pelican designs and distributes tough carrying cases, coolers, drinkware, torches, and various other outdoor products.
Its rugged cases keep sensitive technology gadgets, camera equipment, and more by adventurers, travelers, and international television crews.
Pelican also manufactures some of the best ice coolers available. The company’s 20QT Elite Cooler has dense insulation that keeps ice for up to ten days.
Yeti’s coolers are heavier and bigger because of the insulation. It offers a wide range of products and knowledge that distinguishes it from Yeti.
5. Coleman Company
Coleman Company develops and distributes equipment for outdoor enjoyment, including camping gear and coolers. Coleman generated revenue of $1.16 billion in 2019, whereas Yeti generated $1 billion for the first time in 2020.
William C. Coleman created the Coleman Company in 1900 to manufacture gasoline pressure lights.
Pressure lights manufactured by the firm were used to illuminate a football match between Fairmount and Cooper in 1905.
It presently makes and distributes things for outdoor enjoyment, such as camping equipment, coolers, and illumination. Chicago, Illinois, is the company’s headquarters.
Coleman Company had over 4,000 employees and a revenue turnover of $1.16 billion as of 2019. It is a wholly-owned subsidiary of Newell Brands.
It outclasses Yeti in terms of size, experience, and cost. Coleman’s water bottle is available for $29.99, while Yeti’s Rambler is $49.99.
Coleman’s image, however, was tarnished in 2020 when the company was sued for misrepresenting consumers.
Coleman is one of the industry’s most venerable manufacturers of outdoor leisure items. It has greatly increased its product offering since its inception in 1900.
The firm is a less expensive option to YETI. While the YETI Rambler retails for $49.99, a Coleman water bottle retails for only $29.99. However, YETI is built stronger than Coleman.
The manufacturer names its coolers “1 Day” through “7 Days” to highlight the duration of their ice retention, although the ice in the containers melts after approximately 96 hours. Customers that are dissatisfied with their current provider can switch to Yeti.
ORCA was founded in 2012 by Cliff Walker. The company is known by its abbreviation Outdoor Recreation Company of America. The company, which is based in Tennessee, manufactures rotomolded coolers for outdoor excursions.
The company offers beverageware, clothes, and a variety of accessories, including baskets, cooler locks, cooler holders, and cleaning supplies.
Several sports organizations, colleges, baseball, football, and hockey leagues have partnered with ORCA to create customized drinkware.
A manufacturer of rotomolded coolers, drinkware, camping gear, and clothes, ORCA also designs and manufactures outdoor items. The company employed 120 people and generated $50 million in sales in FY2020.
ORCA manufactures coolers, beverageware, and outdoor equipment. Although it earns a fraction of what the latter does, the company is a major competitor to YETI. These firms both offer premium brands with products that are virtually identical in terms of pricing and features.
The cost of Yeti, on the other hand, is higher than that of ORCA. YETI is manufacturing in China, but ORCA is entirely made in the United States.
MacNeill Pride Group acquired ORCA at the start of 2020, and the company’s revenue is expected to increase due to the additional funding.
Yeti’s income is a tenth of ORCA’s, but its premium brands rank as high as Eveni’s. Moreover, it is less expensive than Yeti and is entirely produced in the United States.
ORCA has licensing agreements with more NCAA teams, NFL teams, MLB teams, and NHL clubs than any other company, including Yeti.
Brentwood, a subsidiary of the MacNeill Pride Group based in Tennessee, acquired ORCA on Jan. 13, 2020, further strengthening its competitive position.
7. RovR Products
RovR Products designs and produces quality coolers and accessories that are capable of conquering any terrain.
Its most recognizable product is the RovR RollR 60 Cooler, which can keep ice frozen for up to a week and ice for up to ten days in warm climes.
Yeti coolers do not have the off-road, high-performance wheels of RovR RollR coolers, which set a new standard for the cooler market. This model is available in a standard variant, and it is designed specifically for cyclists.
RovR released the KeepR and IceR in 2020 to provide outdoor fans with additional options for enjoying its all-terrain cooler.
8. Hydro Flask
Hydro Flask makes and sells insulated steel bottles for eco-conscious outdoor enthusiasts.
Hydra Flask was acquired by Helen of Troy for $210 million in 2016, securing the brand’s leading position.
Hydro Flask was founded by Travis Rosbach and Cindy Morse in 2009 and produced insulated steel bottles.
Helen of Troy Limited acquired the business in 2016. The company makes some of the world’s most popular water bottles.
Cooler Cup won a gold award at 2019 iF Design Awards. Hydro Flask had 132 employees and a sales revenue of $66 million in 2019.
The Hydro Flask is often seen on celebrities, the young, and the young at heart.
The Hydro Flask trend is gaining traction due to the social media sharing of customized flasks. Yeti’s high-end water bottles cost $49.99.
Hydro Flask and YETI have similar building quality and prices.
Hydro Flasks can be washed. However, YETI is more durable. Hydro Flask products have a lifetime warranty, whereas YETI products have a 5-year warranty.
The Hydro Flask costs $30, which is prohibitively expensive for most adolescents and teenagers.
Yeti’s S’well water bottle lets consumers insert ice cubes through a tight lip, which prevents them from slipping them in. Hydro Flask is Yeti’s main competitor in the outdoor water bottle market.
9. Tervis Tumbler
Tervis Tumbler is a company that manufactures insulated double-walled tumblers. Additionally, water bottles, mugs, wine glasses, and sippy cups are manufactured by the company.
Tervis Tumbler is a maker of insulated tumblers, water bottles, mugs, and wine glasses. Its double-walled, insulated tumblers are a market leader and compete with Yeti’s Rambler.
The NHL, NFL, NBA, MLB, major NCAA institutions, the US Armed Forces, and other organizations have worked with the company to supply them with customized drinkware.
Frank Cotter and Howlett Davis founded Tervis in 1946. The company, headquartered in Venice, Florida, employed 300 people and generated $108.33 million in 2019.
The company has agreements with the NHL, NFL, NBA, MLB and NCAA institutions for sports licensing. Tervis Tumbler’s drinkware is more customized and less expensive than Yeti’s.
Tervis Tumbler cups are less expensive than YETI Rambler cups. Additionally, they come with a lifetime warranty, and consumers can have them tailored to their specifications.
Additionally, for only $5, you can add a handle. However, YETI maintains the temperature of the contents for a longer time than Tervis.
Tervis exceeded $100 million in yearly sales in 2020 but was harmed by the crisis and was forced to relocate from its 12.5-acre facility as part of its transition to a remote workforce.
10. Bison Coolers
Bison Coolers is a father-son partnership that manufactures and sells hard and soft coolers, drinkware, and accessories.
All of its items are manufactured in the United States and are personalized to the customer’s specifications and preferences.
Dennis Denson and his son Jeremy established Bison Coolers in 2011 to create American-made coolers for outdoor trips.
The headquarters of the corporation is located in Fort Worth, Texas. It manufactures and distributes customized hard coolers, soft coolers, drinkware, and accessories. Bison Coolers had a workforce of 20 employees and a revenue of $15.7 million in 2019.
Bison Coolers is a modest business with 20 workers and $15.7 million annual sales. However, it is establishing a following among outdoor explorers.
Bison Gen 2 Coolers are up there in terms of design with industry giants such as RovR RollR 60 Coolers.
Bison Coolers entered the market to address a void in the market for American-made outdoor items.
It is a relatively new manufacturer with a small workforce. Its income in 2019 was a sliver of YETI.
Bison Coolers offers a limited selection of products, but as a premium brand, YETI offers a much wider selection and customization options.
It is solid enough to sit or stand on during fishing trips and is sold with nonslip traction mats for the lid, ensuring that the experience does not slip.
11. Engel Coolers
Engle makes high-performance refrigerator-freezers, cooler bags, and vacuum-insulated tumblers with over 50 years of experience. The Engel High-Performance Series is among the best in the sector.
Their rugged coolers are ideal for EMS and firefighters since they can be used for up to ten days without losing ice.
These Engel coolers, like Yeti’s hard-sided coolers like the Yeti Tundra and Roadie, are certified bear-resistant.
12. Grizzly Coolers
Grizzly Coolers is an outdoor firm based in the United States that develops rotomolded coolers, insulated drinkware, and other products.
All Grizzly coolers are IGBC Bear Resistant and manufactured in the United States of America.
The company manufactures both hard-sided and soft-sided coolers that rival Yeti. Grizzly’s massive G400 model holds over 500 cans and maintains ice for up to ten days.
The G400 is priced at $999.99, which is higher than Yeti’s coolers. However, Grizzly Coolers also sells additional models such as the G100 and G165 for roughly $500.
13. Cabela’s Inc.
Cabela’s Inc. is a manufacturer and reseller of outdoor recreation products with a focus on the outdoors.
Cabela’s and Bass Pro Shops merged in 2017 to form the Great American Outdoors Group.
The group expanded its portfolio by the acquisition of White River Marine Group and many nature-themed resorts.
Cabela’s and Bass Pro Shops are expected to operate 169 stores by 2020, serving over 500 million outdoor enthusiasts online.
It ships catalogs to all 50 US states and 120 countries. The Great American Outdoors Group acquired Sportsman’s Warehouse for $18.00 per share in December 2020.
Cabela’s can now harness Sportsman’s Warehouse’s nearly 8,000 associates and 112 locations, giving it a competitive edge over Yeti.
14. Mammoth Coolers
Mammoth Coolers creates high-quality coolers, drinkware, and a variety of outdoor accessories.
The company started with the Discovery Series and expanded to include hard-sided cooler models such as the Mammoth Ranger and Mammoth Cruiser.
Mammoth’s smaller coolers, the Cruiser 15 and Cruiser 20 retain ice for two to three days, while the Ranger 125 cooler retains ice for up to a week.
Mammoth and Yeti have been competing in the luxury cooler market for nearly a decade.
15. K2 Coolers
K2 is a tiny cooler manufacturer that focuses exclusively on hard-sided coolers. Its Summit line features rugged coolers in various sizes that are designed to withstand the demands of outdoor use.
Both K2 and Yeti coolers have a great deal in common. Their premium coolers are aimed towards a more affluent demographic.
K2 Coolers are among the most durable coolers on the market and are significantly less expensive than Yeti coolers.
How Does Yeti Make Money?
YETI was formed by Ryan and Roy Seiders to manufacture coolers and other outdoor gear for outdoor lovers. Since its founding, the company has grown significantly and recorded a revenue turnover of $914 million in its most recent fiscal year.
How does YETI generate revenue? The company generates revenue through three distinct business segments: Coolers & Equipment, Drinkware, and Other.
It sells its products through wholesale and direct-to-consumer channels in the United States, Canada, Europe, New Zealand, Australia, and Japan.
Coolers & Equipment
YETI generates revenue in this sector by selling hard and soft coolers, outdoor living products, and associated accessories like beverage holders, locks, and other add-ons.
Furthermore, it provides storage and transportation services for money. The YETI Roadie, YETI Silo, YETI TANK, Tundra Haul, and YETI Tundra are among the hard coolers. Soft coolers are classified as the Hopper brand.
YETI’s Coolers & Equipment category accounted for 40% of its revenue in 2019.
The drinkware section includes goods that help maintain the desired temperature of beverages. This category includes the Rambler Jug, Rambler Bottles, Rambler Tumblers, Rambler Mugs, Stackable Pints, Rambler Wine Tumbler, Rambler Lowball, and Rambler Colster. YETI accounted for 58% of total revenue from this category in 2019.
Finally, the company earns money by selling ice alternatives, bottle openers, t-shirts, and caps bearing the YETI trademark. This revenue is classified as Other. It accounted for 2% of revenue in 2019.