Plastic Toy Storage Market is Estimated to Witness High Growth...

Plastic Toy Storage Market is Estimated to Witness High Growth Owing to Opportunity of Offering Organized Storage For Growing Number of Toys

Posted 2023-12-20 14:03:29

Plastic toy storage products provide storage solutions for toys through bins, bins with lids, stackable drawers, cabinets and shelves made using durable plastic material. They help in organizing voluminous toys in an organized manner and keep them clean. With growing number of toys being purchased for kids due to rising disposable incomes, there is a need for easily accessible and durable storage containers that maintain toys in an organized way.

The global Plastic Toy Storage Market is estimated to be valued at US$ 4.53 Bn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:
The opportunity of offering organized storage for growing number of toys owned by children is fueling the growth of plastic toy storage market. As parents are investing more on toys, there is need for storage solutions that maintain toys neatly without clutter. Plastic toy storage products provide dust-free and clean storage of large volume of toys. Furthermore, clear plastic bins allow visibility of stored toys and help children access their favorite toys easily. Growing middle class population along with rising penetration of nuclear families in developing regions is contributing to the demand for toy storage products. Manufacturers are innovating storage products with bright colors and ergonomic designs that appeal to children and provide years of usage. This wide availability of affordable and durable plastic toy storage solutions catering to growing demand is driving the market growth.

Porter’s Analysis
Threat of new entrants: Low startup costs however established brands have significant brand recognition and distribution networks. Bargaining power of buyers: Buyers have moderate bargaining power as there are numerous manufacturers. Bargaining power of suppliers: Suppliers have low bargaining power due to availability of substitute raw materials. Threat of new substitutes: Threat of new substitutes is moderate as there are a few storage options like fabric, metal and wooden storage units. Competitive rivalry: Intense rivalry exists among established players to gain market share.

SWOT Analysis
Strengths: Wide product range, brand recognition, established distribution channels. Weaknesses: Strong competition, dependence on few key customers. Opportunities: Expanding into developing regions, developing eco-friendly products. Threats: Volatility in raw material prices, changing consumer preferences.

Key Takeaways
The Global Plastic Toy Storage Market Size is expected to witness high growth over the forecast period of 2023 to 2030.

North America currently dominates the market owing to rising adoption of organizational products among households. However, Asia Pacific is expected to register fastest growth due to increasing middle class population and their spending on children toys and products.

Key players operating in the plastic toy storage market are Sterilite Corporation, Rubbermaid, IKEA, KidKraft, Badger Basket, Tot Tutors, Costway, Sauder, Prepac, Honey-Can-Do, Creative Scents, Contico, South Shore Furniture, Seville Classics, Boori, Home Max, Three Posts, Langria, mDesign, Honey Can Do. Sterilite Corporation offers an extensive range of plastic toy storage boxes and units. Rubbermaid is another prominent player focusing on developing eco-friendly and durable plastic storage containers.

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