Storage basket racks are preferred for neatly storing and displaying retail items in organized piles or layers. They provide easy accessibility to products such as canned goods, packages food items, bottles, etc. and allow better visibility of products on shelves.
The global Storage Basket Rack Market is estimated to be valued at US$ 2.61 Mn in 2024 and is expected to exhibit a CAGR of 4.2% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing adoption of storage basket racks from retailers and supermarkets is a major trend driving the market growth. Storage basket racks have emerged as an efficient solution for retail stores to neatly arrange products on shelves based on categories such as food, beverages, home care, and personal care products. They facilitate easy locating and retrieving of items by customers and help in displaying more stock in less retail space. This has boosted their deployment across grocery stores, supermarkets, and hypermarkets globally. Furthermore, manufacturers are focusing on developing storage basket racks with durable and corrosion-resistant materials along with innovative designs tailored to specific product requirements of retailers, which is also contributing to the increasing preference for these storage solutions.
Segment Analysis
The global storage basket rack market can be segmented by product type, material type, end user, and region. Based on product type, the holed basket segment dominates the market as they provide better organization and easy accessibility of household items. Based on material type, the wire segment dominates as wire racks are cost-effective and durable for storing and organizing items. Based on end user, the residential segment dominates due to rising demand for organizing small household items in the kitchen, bathroom, and laundry room.
Key Takeaways
The Global Storage Basket Rack Market share is expected to witness high growth over the forecast period. The global Storage Basket Rack Market is estimated to be valued at US$ 2.61 Mn in 2024 and is expected to exhibit a CAGR of 4.2% over the forecast period 2024-2031.
Regional analysis
Asia Pacific dominates the global storage basket rack market and is expected to continue its dominance over the forecast period. This is attributed to rapid urbanization and growth in disposable income in developing countries such as India and China. Additionally, the focus on organized storage spaces in homes is driving sales of storage baskets and racks in the region.
Key players
Key players operating in the storage basket rack market are Thorlabs Inc., VIVE, Honeywell, and PHS West. Thorlabs Inc. offers a wide range of storage basket racks made of wire, holed baskets, and stackable designs targeted towards commercial and industrial users. VIVE provides premium quality wire and plastic storage racks for residential use.
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https://www.newswirestats.com/storage-basket-rack-market-size-share-growth-outlook-2023/
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