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 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Plastic toy storage products are manufactured using durable, lightweight, and long-lasting plastic material. They help in organizing toys neatly and maintaining children’s play areas clean and clutter-free. Plastic toy boxes and containers come in various shapes, sizes, and designs. They provide ample storage space and can be stacked vertically to save floor space. Some key advantages of plastic toy storage products include robustness, portability, moisture and crack resistance, transparency, affordability, and easy handling and maintenance. Growing urbanization leading to compact living spaces and increasing product offerings with modern aesthetics are propelling the demand for plastic toy storage solutions across the globe.
Market key trends:
One of the major trends gaining traction in the plastic toy storage market is the adoption of multi-functional products. Manufacturers are introducing storage products having added functionality such as built-in seats, tables, lids for outdoor use, dividers, and caddies for additional storage. This is helping consumers utilize limited floor space effectively. Another key trend observed is the incorporation of character and theme-based designs. Toys with images of favorite cartoon characters, animals, shapes, colors, etc.are witnessing high popularity among kids and parents. Increasing focus of manufacturers on sustainable production with recycled plastic materials will also be a defining trend in the upcoming years.
Porter’s Analysis
Threat of new entrants: Low capital requirements and established brand loyalty make it difficult for new players to enter the market.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and price sensitivity of customers.
Bargaining power of suppliers: Few global players dominate the supply market giving them higher bargaining power over manufacturers.
Threat of new substitutes: Substitutes like cardboard boxes and furniture present low threat due to inefficient and less durable alternatives for toy storage.
Competitive rivalry: Intense competition exists among existing players due to low product differentiation leading to price wars.
Key Takeaways
The Global Plastic Toy Storage Market Size is expected to witness high growth, exhibiting CAGR of 7.9% over the forecast period, due to increasing demand for easy organization, safety, and durable storage solutions. North America dominates the market currently due to high per capita spending and nuclear families.
The regional analysis indicates that North America will continue dominating the market through 2030 on account of high product demand from United States and Canada. Asia Pacific plastic toy storage market is expected to grow the fastest exhibiting a CAGR of over 9% during the forecast period with China and India becoming major markets.
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 and Rubbermaid captured over 30% of global market share in 2023 on back of well recognized brands and wide distribution network.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.