by Plastic toy storage products such as bins, cubes, baskets and racks provide families with safe and hygienic storage solutions to keep toys organized and accessible for children. Plastic materials are durable, affordable and easy to clean compared to other materials. They are available in variety of bright colors and designs that appeal to young children. The storage units come in assorted sizes suitable for different types of toys like blocks, dolls, cars etc. This helps children to independently put away and retrieve toys, developing their organization and cognitive skills. The growing middle class in developing nations is increasingly adopting Western parenting styles that emphasize educational toy play over screen time for young kids. This is promoting the sales of toy storage solutions.
The global Plastic Toy Storage Market is estimated to be valued at US$ 4.53 Billion 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 key trends:
One of the major trends in the plastic toy storage market is customization and multi-functional designs. Manufacturers are offering modular plastic storage units that can be assembled in different configurations based on the available space. Some models come with additional functions like integrated seats, steps or chalk/dry erase boards. This allows parents to customize the storage as per the child’s age and changing needs. Furthermore, eco-friendly designs made of recycled plastics are gaining market share with conscious consumers. Sustainable materials and toxin-free surface finishes further enhance the appeal of these advanced storage solutions. Manufacturers focus on development of multi-storage units integrating bins, drawers, hanging rods and open shelves in compact designs optimized for small living spaces.
Porter’s Analysis
Threat of new entrants: New entrants face high initial costs for manufacturing and distribution. Established brands have strong brand recognition and distribution networks.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes. However, a wide range of products allows buyers some level of control.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of substitute raw materials. Established players source materials from diverse global suppliers to avoid dependency.
Threat of new substitutes: Substitutes include fabric baskets, cardboard boxes and drawers. However, plastic toys provide durability and better organization.
Competitive rivalry: The market is moderately competitive with the presence of various global and regional players. Players compete based on product innovation, quality and pricing.
Key Takeaways
The Global Plastic Toy Storage Market Size is expected to witness high growth. North America dominates the market currently owing to the large consumer base. However, Asia Pacific is expected to grow at the fastest pace due to increasing disposable incomes.
Regional analysis: North America currently holds the largest share of around 30% of the global plastic toy storage market due to high disposable incomes and evolving lifestyles. Asia Pacific is anticipated to grow rapidly over the forecast period with countries like China and India expected to dominate the demand.
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, and Langria. Major players are focusing on sustainable product innovations and expansion in high growth regions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
