The 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:
The plastic toy storage market includes products such as boxes, drawers, cabinets, and more which are used to store a wide variety of toys including puzzles, games, blocks, action figures, dolls, cars, trucks and more. These storage solutions keep toys organized and allow easy access for children. They are available in various sizes, shapes and colors making them attractive for both parents and kids.
Market Dynamics:
Growing popularity of plastic toy storage: Plastic toy storage products have gained popularity among parents as they are durable, affordable, easy to clean and help teach children organization skills. They come in bright, colorful designs that appeal to kids. Rising working parents: Busy lifestyles leave parents with less time. Plastic toy storage helps parents quickly put away and find toys, reducing mess and saving time otherwise spent searching. Portable and compact: Plastic toy storage boxes, shelves and drawers are lightweight, portable and take up less floor space than wooden units. They can easily be moved around as per the child's age and interests. Affordability: Plastic materials used in making toy boxes, cabinets and shelves make them affordable for mass consumption compared to wooden options. This accelerates their adoption rate.
SWOT Analysis
Strength: The plastic toy storage market offers durable and versatile storage solutions for toys. Plastic materials are water resistant and highly customizable in terms of shapes and sizes. These storage products help in keeping toys organized and clutter free.
Weakness: Plastic materials used in toy storage items are non-biodegradable and contribute to environmental pollution. The quality of plastic storage containers varies between manufacturers which can affect durability.Storage drawers, bins and boxes made of plastic are prone to scratches and cracks with regular use over long periods of time.
Opportunity: Rising penetration of nuclear families in developing countries boosts demand for organized toy storage solutions. Innovation of multipurpose and space saving plastic toy storage units present new revenue opportunities. Growing consumer inclination towards curated play spaces for children at home supports market growth.
Threats: Stringent regulations on plastic product manufacturing limits expansion opportunities. Volatility in raw material prices can increase production costs.
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 urbanization and rising middle-class population. The market size for 2023 is US$ 4.53 Bn.
Regional Analysis - Asia Pacific region dominates the global plastic toy storage market and is expected to grow at fastest pace during the forecast period. Growth in this region can be attributed to rising disposable income, increasing birth rate and rapid urbanization.
Key players - 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. Major players are focusing on new product development and expansion in untapped markets to strengthen their market position.
