Toys Market
Toys are an integral part of a child’s co-curricular activity where incorporating the right toys at an early age will help promote the overall development and decrease the chances of stunted physical and mental growth. According to a recent study by MRFR, 90% of young children’s playful activities involve toys. Furthermore, toys help in keeping the children engaged while guardians perform other important tasks or simply rest.
Toys also assist in bridging an emotional gap and improve the quality of interactions between older and younger family members. Additionally, construction games participate in the development of the skills and abilities of a child. Educational games make learning easier and more effective for children due to several interactive activities that are preferred over traditional teaching pedagogies.
The global toys market is projected to grow from $141.08 billion in 2021 to $230.64 billion by 2028 at a CAGR of 7.30% in the forecast period, 2021-2028. The increasing demand for toys among children is offering a lucrative opportunity to market players, thereby encouraging new and innovative product launches. However, the shift toward game consoles and smartphones from traditional cartoon toys and games is expected to hamper the market growth during the forecast period.
Top Companies
The LEGO Group (Denmark), Mattel, Inc. (the US), Hasbro, Inc. (US), Playmates Toys Limited (Hong Kong), Tomy Company, Ltd (Japan), Kenner Products (US), Spin Master Ltd (Canada), Jazwares, LLC (US), VTech (Hong Kong), Funko Inc. (US), NECA (US), Tru Kids Brands (US), MGA Entertainment Inc. (US), Basic Fun, Inc. (US), are the key manufacturer’s toys in the global industry.
Market Segmentation
The toys industry can be considered for type and distribution channel.
The various types of toys available in the global industry include soft toys and dolls, preschool toys, arts and crafts toys, action toys, vehicles, construction toys, and others.
The distribution channels listed in the market study are store-based as well as non-store-based. The store-based channels are specialty stores, supermarkets, hypermarkets, and more. The mounting use of online channels among consumers has fostered the accessibility to different types of toys. Easy access and high internet penetration have boosted the e-retailing of various child products, especially toys since it is cost-effective and saves time.
Regional Study Analysis
The regions where the Toys market industry should witness growth at varying rates include Europe, MEA or the Middle East, the Americas along APAC/Asia Pacific.
The North American market for Toys market Demand Growth is the highest gainer among all the regions, primarily due to the presence of reputed manufacturers and the burgeoning fanbase for superhero movies. A striking trend in the North American toy market, especially in the US, is the popularity of collectibles, such as mini-cars, cards and stickers, coins, figurines and dolls antiques, stamps, and comic books. The collectibles market also receives a push from the influx of major brands like Fingerlings from WowWee Group Limited and LOL Surprise! from MGA Entertainment Inc. trying to widen their customer base armed with innovative marketing campaigns.
The APAC Toys market should record the fastest CAGR between 2020 and 2027, as the region has witnessed incredible growth in the organized retail sector over the years. The rising significance of educational games with parents growing focused on enhancing their children’s mental capabilities has also favored the Toys market in the region. Intense product advertising and the launch of technically sophisticated toys in China, Indonesia, and Japan further add to the regional market’s value.
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