The world of toys transcends mere entertainment; it's a multi-billion-dollar industry brimming with potential. This blog, crafted for business leaders and decision-makers, unlocks the secrets of India's thriving toys market, offering valuable insights and navigating the exciting opportunities that lie ahead.
Market Size of Toys Industry
Fasten your seatbelts! The Indian toys market is on a thrilling ride, projected to reach a staggering USD 1.5 billion by 2026, fueled by a healthy CAGR of 10.7% (Ken Research). In 2022 alone, the industry generated a remarkable USD 1.1 billion in revenue, solidifying its significant contribution to the Indian economy.
Global Giants in Toys Market
While international titans like The LEGO Group and Mattel hold a strong global presence, the toys market in India boasts its own powerhouses like Funskool, Hamleys, and Tara Toys. Furthermore, a vibrant ecosystem of smaller players and skilled local artisans adds a unique dimension to the competitive landscape. According to a report by the Associated Chambers of Commerce and Industry of India (ASSOCHAM), over 15,000 micro, small, and medium enterprises (MSMEs) operate in the Indian toys sector, contributing significantly to job creation and fostering a spirit of entrepreneurship.
Toys Market Segmentation
The market is strategically segmented by age groups, catering to specific playtime preferences. It's further divided by product types like dolls, action figures, and educational toys, along with distribution channels encompassing online marketplaces, traditional brick-and-mortar stores, and even lively flea markets. Mastering these segments is crucial for identifying niche opportunities and refining product offerings to resonate with target audiences.
For instance, the growing popularity of STEM (Science, Technology, Engineering, and Mathematics) education has fueled demand for educational toys that integrate learning seamlessly into playtime.
Trending Toys in Market
- Tech Takes Over: Interactive toys with educational and entertainment features are capturing hearts and minds, keeping kids engaged and fostering learning through play. From robots and coding toys to augmented reality experiences, technology is revolutionizing the way children interact with toys.
- Made in India, Loved by All: The "Vocal for Local" movement champions indigenous toys, fostering cultural connections and supporting local businesses. This trend has led to a surge in demand for traditional Indian toys like wooden puzzles, spinning tops, and handcrafted dolls.
- Subscription Surprise: Subscription boxes offering curated toys cater to busy parents and curious kids, providing convenience and a constant stream of playful discovery. This segment is expected to witness significant growth in the coming years, driven by the increasing popularity of online shopping and personalized experiences.
- Personalized Play: From customized characters to unique play experiences, catering to individual preferences is key to standing out in a crowded marketplace. Companies are leveraging technology and innovative design to create toys that reflect a child's individuality and interests.
Challenges in Toys Market
While the future seems bright, there are hurdles to overcome. Fluctuating raw material prices, competition from established players in China, and the presence of counterfeit products necessitate strategic planning and innovative solutions. However, the opportunities are equally promising: rising disposable incomes, increasing online penetration, and a growing demand for educational toys create fertile ground for forward-thinking businesses.
A report by Ken Research highlights that rising disposable incomes in urban households are a key driver of growth in the Indian toys market. Additionally, the increasing popularity of e-commerce platforms is making it easier for consumers to access a wider variety of toys, particularly in smaller towns and rural areas.
Weapon to Sustain in this Market
Equipping yourself with a comprehensive Indian toys market research report empowers informed decision-making and strategic planning. These reports provide valuable data, insightful analysis, and future projections – knowledge that is truly power in this dynamic market. Reports typically cover aspects like market size and segmentation, growth drivers and challenges, competitive landscape, and consumer preferences.
The global toys market size is expected to experience significant growth by reaching USD 212.49 billion in 2027 while exhibiting a CAGR of 7.3% between 2020 and 2027.
This is attributable to the increasing social media influence that is being leveraged by manufacturing companies to boost their revenues globally.
Fortune Business Insights published this information in its latest report, titled, “Toys Market Size, Share & COVID-19 Impact Analysis, By Product Type (Dolls, Outdoor and Sports Toys, Building and Construction Set, Infant and Preschool Toys, Games & Puzzles, and Others), Age Group (0-3 Years, 3-5 Years, 5-12 Years, 12-18 Years, and 18+ Years), Distribution Channel (Online and Offline), and Regional Forecast, 2020-2027.” The report further observes that the market stood at USD 105.85 billion in 2019.COVID-19 Impact: Market to Exhibit Astonishing 22.30% CAGR in 2020The lockdown is turning out to be favorable for several toy manufacturers as they are registering significant sales.
To enable entertainment of the kids confined at their home spaces, parents are buying play products through offline and online platforms.
Therefore, based on our analysis, the market is likely to exhibit an impressive CAGR of 22.30% in 2020.What does the Report Provide?The market report provides a qualitative and quantitative analysis of several factors such as the key drivers and restraints that will impact growth.
Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market.
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