Yeti Coolers LLC. is an outdoor manufacturing company based in America. The company was founded by brothers Rayan and Roy Seiders in 2006. The mission of the company was to build products for the need of campers, beach-goers and adventure seekers.
The Yeti company has its headquarters in Austin, Texas. It manufactures and markets products such as hard and soft coolers, stainless steel drinkware, equipment, and related accessories.
The company went public in 2018 with 790 employees. As of 2021, it hired over 1000 employees and made a profit of $914 million.
Yeti moved from wholesale to direct-to-customer marketing in 2020, which increased the direct-to-customer sales by 61% and achieved $133 million in Q2 2020. its wholesale channels lost by 24% to around $114 million.
In Q2 2021, the net profit was $358 million defining a 45% increase over Q2 2020.
Yeti produced sales of $362.6 million revenue in Q3 2021, increased by 23% from $294.6 million at the same period of time Q3 2020.
Huge sales helped the company to achieve $1 billion revenue in a year for the first time. As a result, the net income for Q3 2021 was increased by 3% to $53.0 million compared to the $51.4 million in the previous year.
The outstanding performance of Yeti takes the company stays ahead of its competitors. But Yeti has to focus on its sales to hold the current position and protect its market share from other competitors.
Right here, we’re going to give you a complete analysis of Yeti’s top competitors and alternatives:
1. Igloo Products Corp.
Igloo products corp. is an American company that manufactures drink containers, ice-chests and other related accessories. Similar to Yeti, this company has headquarters in Texas.
Founded in 1947, Igloo offers high-quality outdoor products at low prices compared to Yeti.
The medium-hard coolers of Igloo cost around $49.99, whereas the Yeti’s one cost around $199.99. Igloo offers rustproof, UV-protected,ultra-lightweight coolers that can be carried easily.
Igloo has more than 15,000 outlets and over 500 kinds of products. The products’ variety and the budget-friendly cost make Igloo one of the top Yeti competitors.
2. Hydro Flask
Hydro Flask creates and sells insulated steel water bottles for nature and adventure lovers. Helen of Troy owned the company in 2016 for $210 million and increased the brand’s sales.
The company is popular on social media for its customized flasks. Generally, young teens or millennials are fond of such hydro-flasks to show their eco-consciousness.
However, the Yeti S’well water bottles cost around $50 but come with a narrow mouth, making it hard to insert ice cubes. On the other hand, Hydro Flask produces water containers that only cost $30 and look cool.
3. The Coleman Company
Coleman company started its venture in 1900. It produced items for outdoor adventure like camping tents, coolers, sleeping bags etc. According to growjo, the annual revenue of this Chicago-based company is approximately $208.3 million per year.
The company had more than 4000 employees and set its product price cheaper than Yeti to make a stronghold on the outdoor gear business market. For example, the Coleman Xtreme cooler (52 Quart) costs around $50, whereas the Yeti Tundra’s (45 quart) price is almost $300.
Coleman named it coolers “1 day through 7 days” to point out the ice retention period, although the ice in the containers started melting after 96 hours. That’s why unhappy customers can move to Yeti.
4. RTIC Cooler
RTIC cooler was founded by two brothers in 2015 out of Texas to create rotomolded coolers, same as Yeti. Both Yeti and RTIC both founded to produce and sell the best outdoor-ready products.
RTIC uses the tagline “Overbuilt but not Overpriced,” which clearly indicates the company’s view to keep the products’ price low. This is the reason it has adopted the “direct-to-consumer” business model.
For example, the 45 quarts RTIC coolers cost $197 to $219, whereas the price of Yeti 45 quarts coolers is $325. All RTC product, such as lunch boxes, drinkware, bags, coolers, is cheaper than Yeti.
Yeti also has tried adopting the direct-to-consumer model from 2020, which might make a major change in their sales. However, being a new company, RTIC is still making it hard for Yeti.
ORCA or Outdoor Recreation Company America was founded in 2012. It specially manufactures outdoor accessories such as rotomolded coolers, apparel, drinkware, etc. It offers a lifetime warranty for its completely American-made coolers, which have a wide variety of colors and sizes.
The ORCA coolers’ price range starts from $199 (20 Quart) to $499 (140 Quart). However, the price of the Yeti coolers is much high, it starts from $399 (21 Quart) and for 150 Quart, the price is $999.
In addition, ORCA has licensing deals with many sports teams like NCAA teams, MLB teams, NFL teams and NHL teams. It also offers limited edition coolers with the logo of these sports teams.
ORCA reported a final revenue of $50 million in the final year of 2020. The number might sound nothing compared to Yeti holdings. Still, the popularity of ORCA is making Yeti run for making money.
Brentwood, a Tennessee-based MacNeill Pride Group, acquired ORCA in January 2020, which will raise its further competitive advantage.
6. Pelican Products
Pelican makes outdoor products like coolers, flashlights, travel gear, cases, etc. Founded in 1976, this California-based company is one of the strong competitors of Yeti.
The Pelican coolers have some “rough and tumble” alternative features that Yeti coolers don’t have. For example, the Pelican manufactured coolers come with fish-rulers, cup-holders and bottle openers to save extra expenses. It also produced some of the best ice coolers like 20QT Elite Cooler, which keeps the ice for 10 days.
Additionally, the coolers are 30% lighter than other rotomolded coolers because the manufacturer uses a special injection molding technology. Pelican also offers a lifetime warranty on the coolers– everything comes at such a price that is lesser than the Yeti ones.
OtterBox is a Colorado-based company mainly popular for manufacturing water, shock and drop-resistant phone cases. However, the outdoor products of OtterBox have the same level of ranking as Yeti.
This company has a revenue of $650 million in the FY2020 with more than 550 employees.
Otterbox’s Products like Venture 25 have been certified as bear-resistant by the Interagency Grizzly Bear Committee. Some other products like Venture 45 have outperformed the Yeti Tundra 45.
The price, warranty period, and brand reputation of Otterbox have made it one of the top Yeti competitors.
8. Engel Coolers
Engel coolers is a Florida-based company that began its journey in 1962. Both Yeti and Engel coolers manufacture rotomolded, bear-resistant coolers. However, the Engel coolers are more economical than Yeti.
EMS and fire-rescue people mostly prefer Engel coolers as the coolers can hold ice for almost 10days. These coolers are certified as a bear-resistant and share the same position as Yeti Tundra and Yeti Roadie
9. RovR Products
RovR Products is a Colorado-based company that manufactures premium coolers and relevant accessories.
The RovR 60 coolers are capable of holding ice for more than 7days and in mild-climate areas, the cooler can retain ice for 10+ days.
RovR introduced two new coolers (KeepR & IceR) in 2020 with more added flexible features.
The product price is almost as similar as Yeti, but the sturdy material with the feature of easy bike attaching makes RovR a tough Yeti competitor.
10. Bison Coolers
Bison is a small company owned by a father-son duo with a revenue of $15.7 million. However, the company is growing itself as a strong brand in the outdoor gear industry.
The company manufactures and retails drinkware, soft and hard coolers and other outdoor accessories. All the products of Bison Coolers are made in America, and it produces items based on consumers’ preferences.
The Bison Gen-2 Cooler has the same ranking as the RovR RollR 60. In addition, the coolers of the Bison company are sturdy enough to sit or stand during any fishing adventure.