The toy storage market is predicted to expand to a valuation of US$ 9.05 billion in 2023 and is estimated to exhibit a CAGR of 6.5% from 2023 to 2033 to reach US$ 16.99 billion in 2033. Toy storage is employed to keep children's toys organized and within reach of the children. This prevents clutter from developing around the toys. Based on a report from the previous year, there is a high demand for toy storage.
One business that has a direct connection to the toy business is toy storage. The toy sector has witnessed growth, which contributes to the toy storage industry. The revenue from the toy industry also motivates the sales of toy storage in many countries around the globe. In order to maintain the space clean after their child has finished playing with the toys, parents are increasingly looking for places to store those. The requirement for toy storage has grown as the count of toys and the business have expanded.
The rising economic strength of emerging economies and the presence of two working parents have enhanced expendable income, which has led to growth for toy storage solutions as children now receive more toys than in past years. Many residents find that conventional toy storages are insufficient, so the customer needs toy storage in a variety of designs and sizes. The market for toy storage products is also expanded by playschools, cafés, kids' recreation centers, and childcare facilities.
In the world today, there are reportedly 2 billion children aged 0 to 14 years old, based on a report released by World Population Review in 2022. Consequently, it is anticipated that as the number of children grows, the market for toy storage will also develop. The industry is therefore projected to expand during the predicted time frame as the population of children rises.
There are many different ways to store toys, including toy baskets, toy storage hammocks, and cabinet-based detachable storage units. One of the most well-liked toy storage solutions that can hold a lot of toys is multi-bin storage Parents also seek out integrated options for toy storage and children's bookshelves, which are popular and generate strong sales. Many toy storage items are chosen by parents for their children based on the cartoon that is imprinted on the box. Therefore, the diverse range of toy storage varieties is estimated to drive market growth over the upcoming decades.
Moreover, In the toy storage sector, customer preferences for designer products are advancing. As individuals become more conscious of the adverse effects of plastic on our surroundings, market players are seizing great opportunities in fancy and designer children's toy storage. Disused plastic toys and similar furniture constructed from recycled plastic are both in development. Fancy and designer toy storage has the potential to become prominent with both kids and their parents because of the significant amount of visual appeal of these products. These elements are encouraging the market's expansion in the upcoming years.
Due to their high spending power and greater disposable income, North America and Europe have always been significant markets for toy storage. This place already has a significant number of rivals, and it is very competitive while following the trends.
In emerging economies with fewer competitors, where consumption is increasing at a quicker pace, there are many opportunities to enter the market. African, Asian, Pacific, Middle Eastern, and Latin American economies with high purchasing power may present promising markets during the forthcoming years.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value (2023) | US$ 9.05 billion |
| Anticipated Forecast Value (2033) | US$ 16.99 billion |
| Projected Growth Rate (2023 to 2033) | 6.5% CAGR |
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.
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.
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Drivers for Toy storage market
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.
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 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.
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.
Principal Consultant
Some of the key players operating in the global Toy storage market are
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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Toy Storage Market
