The toy storage market is anticipated to grow to a value of US$ 9.05 billion in 2023 and is projected to register a CAGR of 6.5% between 2023 and 2033 to reach US$ 16.99 billion in 2033.
The toy storage is an industry which is directly related to the toy industry. The sales of toys also drive the sales of toys storage in many parts of the world and the toy industry too has seen growth which factors to the toy storage industry. Toy storages are used for storing kids toys which is accessible to the kid as well as a good way to organize kids toys so as to not create a litter. There is great demand for toy storages according to the previous year report analysis.
Due to the increase of purchase of toys parents search for ways to store them to keep the room tidy after their young one is done playing with them. With increase in number of toys and the growth of the toy industry the demand for toy storage has been increasing.
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The increased purchase power of developing countries and both working parents have led to an increase in disposable income and hence the kids get more toys than previous years increasing demand for toy storage options. Traditional toy storages are not enough in many households hence different styles and sizes of toy storages are required by the consumer. Also Playschool, cafeterias, kids’ recreation centers, caretaking centers also increase demand for toy storage products.
Trends for the Toy storage market
There are various toy storage options like toy basket, toy storage hammock, cabinet based detachable storage units are different types of trend to store toys. Multi bin storage is one of the very popular toy storage options that can store a lot of toys. Whereas for people with less toys buy a toy chest. Safety concerned parents often buy fabric basket which are also in good demand. Parents also look for Toy storage and Kids book shelf all in one options and it is also in trend and shows good sales figures. A lot of toy storage products are purchased based on the cartoon which is imprinted on the box based on their child’s liking.
Opportunities for Toy storage market
The expanding demand of toy storage options from developing countries is a huge opportunity for established as well as new players. The countries in Asia pacific, Africa, Latin America, Middle east will generate huge demands in the upcoming years whereas North America and European countries have already shown increase in growth of the industry as well as great demand in previous years.
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Challenges for Toy storage market
The toy industry is an extremely competitive market with a lot of competitors hence it is very difficult to enter the market. Due the Covid-19 pandemic the toy industry has experience in temporary drop in growth which also led to drop in toy storage industry. Having an online store is a great way to deal with the scenario as parents avoid physically gong to shops to buy toys so as to not put the kids at risk.
E-commerce sites continue to cater to the demands avoiding the hassle to the consumer. Supply chain has also taken a hit and its very important to manage it with good planning to cope with the situation. Also due to the Covid-19 situation demand for toy storages from commercial users has declined tremendously such problems will have to be faced by the Toy storage industry.
Global Toy storage market: Key Players
Some of the key players operating in the global Toy storage market are
Kidkraft
Badger Basket
Honey-can-do
Humble crew
Sauder
Disney
Nickelodeon
Super Why
WildKin
Bacati
Caillou
Delta Children
Contender
Creative Motion
Nordic Ware
Whitmor
PAW patrol
Gift Mark ECR4kids
Prepac
Humble Crew
Toy storage market: Regional Outlook
North America and Europe has always been a huge market for toy storages due to high purchasing power and more disposable income. There are already a lot of competitors in this region and is highly competitive adhering to the trends.
The more increasing growth rate of demand can be observed in developing countries where there are not as many competitors making it a great option for penetration into the market. The increasing purchasing power in the African, Asia Pacific, Middle East, and Latin America can be promising markets in the forecast period.
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