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U.S. demand for home storage and organization products is expected to increase 3.6% annually to $8.6 billion in 2015, according to a study released by the Freedonia Group. The Cleveland-based market research firm forecasts that gains will be supported by the introduction of decorative and specialty home organization products, as well as by the strong growth in larger, more expensive closet and garage systems.
Bins, baskets and totes accounted for the largest share of home organization product sales in 2010, with 37% of the total market. Demand for modular units is expected to post the fastest annual gains among home organization products, rising 4.9% annually through 2015.
Metal and wire home organization products accounted for the largest share of sales by material type, with just under one-third of the total in 2010. These products are also expected to post above-average gains through 2015, benefiting from strong growth in sales of modular units and cabinetry organization accessories. However, demand for wood- and laminate-based products is expected to post the fastest gains over the forecast period, driven by strong increases in modular units and shelving, including higher-end closet systems that resemble furniture and fine cabinetry.