by Storage basket racks are wooden or plastic racks designed to store grocery bags, laundry baskets, towels, and other household items. They are commonly found in laundry rooms, garages, and utility rooms to neatly organize items. Storage basket racks help improve home organization and declutter living spaces. They come in various designs such as wall-mounted, free-standing, corner-style, and over-the-door styles. The global storage basket rack market is gaining traction due to growing urbanization and changing lifestyles of consumers. Families are adopting innovative storage solutions to efficiently utilize storage areas in homes.
The global storage basket rack market is estimated to be valued at US$ 2.61 Mn in 2023 and is expected to exhibit a CAGR of 4.2% over the forecast period 2023 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
The rapid growth of e-commerce industry has been a key driver for the storage basket rack market. Increased online shopping has resulted in accumulation of packaging materials such as boxes, air pillows, and plastic wrappers at homes on a daily basis. Storage basket racks help consumers efficiently store these packaging waste until collection. Moreover, rising disposable incomes and growing middle-class population are augmenting home renovations and purchases of household organization products including storage basket racks. Improved aesthetics and multi-functional storage capacities of innovative rack designs by manufacturers are further catalyzing the market growth. However, availability of substitute storage furniture such as shelves, cabinets, and under-the-bed organizers can hamper the storage basket rack market.
Segment Analysis
The storage basket rack market can be segmented into wooden racks, plastic racks and metal racks. The metal racks sub-segment currently dominates the market accounting for around 35% share owing to high durability, rust-resistance and strength offered by metal racks. They are especially common in warehouses and storage facilities due to load bearing capacity. The wooden racks sub-segment is the second largest segment and is projected to witness moderate growth during the forecast period due to increasing demand from residential sector.
PEST Analysis
Political: No major political instability impacting the growth of storage basket rack market globally.
Economic: Rising warehousing and storage activities along with increasing global trade has been positively impacting the demand.
Social: Growth in nuclear families and small spaces driving need for optimized storage solutions.
Technological: Advancements in material science and manufacturing processes leading to stronger, durable and affordable racks.
Key Takeaways
The global storage basket rack market 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 2023 and is expected to exhibit a CAGR of 4.2% over the forecast period 2023 to 2031.
The Asia Pacific region currently holds around 30% share of the global market and is expected to witness fastest growth owing to rapid industrialization, growth in warehousing & logistics industry and rising disposable income in the region.
Key players operating in the storage basket rack market are Thorlabs Inc., VIACOM, B&B Hardware, Safco Products. Key players are focusing on organic and inorganic strategies such as partnerships, collaborations and new product launches to consolidate their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
