MRFR (Market Research Future) expects the toys market to thrive at a sluggish rate of 2.5% from 2020 to 2027 (analysis period). The toys market size is projected to touch USD 94 billion by 2027-end.
Top Boosters and Deterrents
The toys market has been experiencing incredible growth in the past few years, driven primarily by the surging demand in entertainment, education, development, engagement, and interactivity sectors. Sustainability has emerged as a notable trendsetter in the global industry, with numerous environment-friendly items like plastic-free games for kids, wooden baby toys, organic cotton stuffed animals and recycled plastic bath games gaining popularly worldwide.
The COVID-19 outbreak however, put a dampener on the sales in view of the disrupted supply chains along with lockdown as well as curfews across several countries. However, families were also forced to spend time together at homes, which led to higher demand for toy categories including board games, outdoor games, games, and puzzles, particularly in matured markets like Canada, the US, the UK, Australia, and many European countries. Most of the sales happened via the online medium as specialty stores and supermarkets faced strict regulations and lower workforce. With popular entertainment avenues as well as theme parks like Walt Disney shutting down, parents were forced to shift from expensive entertainment facilities to lower priced toys.
Commercialization of some of the most famous movies as well as cartoon characters like Ironman, Spiderman, Doraemon and Superman remains a key strategy employed by the toy manufacturers to draw the attention of children. In view of the surging household income along with favorable demographics, emerging countries in Latin America and Asia Pacific have become lucrative markets. Players are launching high-value and premium dolls & accessories made of high-performance raw materials. China is fast developing into a prime manufacturing hub for toys, with massive facilities for exporting toys to other regions.
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, and hypermarkets, and more. Mounting use of online channels among consumers has fostered the accessibility to different types of toys. Easy access and high internet penetration have boosted e-retailing of a variety child products, especially toys, since it is cost effective and saves time.
The regions where the toys industry should witness growth at varying rates include Europe, MEA or Middle East, the Americas along with APAC/Asia Pacific.
The North American market for toys 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 industry 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.
The LEGO Group (Denmark), Mattel, Inc. (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 manufacturers toys in the global industry.
Canal Toys, a renowned activity kit manufacturer, has released its latest Studio Creator 2 Video Maker Kit. The toy is deemed as a perfect tool for children aspiring to be content creators on social media and otherwise. This kit comprises a tripod, green screen, and a multicolored LED ring light to help create creative photos and videos.
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