In 2023, the toy storage market is predicted to expand to a valuation of US$ 9.05 billion and is estimated to exhibit a CAGR of 6.5% from 2023 to 2033, reaching US$ 16.99 billion in 2033.
Toy storage is closely intertwined with the toy industry, benefiting directly from its growth. As the toy sector expands, so does the demand for toy storage solutions. The increasing revenue generated by the toy industry serves as a significant driver for toy storage sales worldwide.
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.
Drivers for Toy storage market
- The rise in toy purchases prompts parents to seek storage solutions to maintain tidy rooms after their children finish playing.
- With the growing number of toys and the expansion of the toy industry, the demand for toy storage has surged.
- Developing countries experiencing increased purchasing power, along with more families with both parents working, have led to higher disposable incomes.
- Increased disposable income translates to children receiving more toys than in previous years, consequently driving up the demand for toy storage options.
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.
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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Key Segmentations
Installation:
- Portable
- Non Portable
Application:
- Automotive
- Chemical
- Agriculture
- Oil and Gas
- Research and Development
- Others
Type:
- Shelf based bins
- Chests with different materials
- Baskets
- Toy box
- Detachable compartments
- elopment
- Others
Material:
- Wood
- Plastic
- fabric
Price Range:
- Premium
- Mass
Sales Channel:
- Direct Sales
- Wholesalers/Distributors
- Specialty Stores
- Online Retailers
- Department Stores
- Multi-Brand Stores
- Other Sales Channel
Author
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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