The Toys Industry- Product Innovation, New Trends, and Market Insights
The global toys industry has witnessed significant growth in recent years, driven by advancements in technology, changing consumer preferences, and innovative product offerings.
The global toys market size was valued at USD 182.11 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 7.66% from 2023 to 2032, reaching USD 380.95 billion by 2032.
The market is segmented by product type, age group, distribution channel, and region, with Asia-Pacific being the largest market.
Major Players in Global Toys Industry
The global toys market major player such as Dream International Ltd., The LEGO Group, VTech Holdings Ltd., Sanrio Company, Ltd., JAKKS Pacific, Inc., Playmates Toys Ltd., Mattel, Inc., Konami Holdings Corp., Hasbro, and Bandai Namco Holdings Inc. among others.
Product Innovation and Trends in Toys Industry
The toys market research says the market has seen a shift towards more educational and interactive products. Educational toys, in particular, are gaining popularity as parents seek to provide their children with a well-rounded learning experience.
The global educational toys market is projected to grow from USD 66.22 billion in 2024 to USD 126.02 billion by 2032, at a CAGR of 8.37%.
Consumer Preferences
Consumers are increasingly opting for eco-friendly and sustainable toys, which has led to a rise in the production of toys made from environmentally friendly materials. Additionally, the growing preference for online games has impacted the traditional toy market, with many consumers opting for digital alternatives.
Technology Advancements
Advancements in technology have significantly impacted the toys industry. The integration of digital elements, such as augmented reality and artificial intelligence, has enhanced the overall play experience. Moreover, e-commerce has simplified the purchasing process for consumers, addressing distribution issues.
Import and Export Trends
India, in particular, has seen a significant shift in its toy industry. Until 2019, 80% of toys in India were imported, but the government has taken initiatives to boost domestic production. The Indian toys market witnessed a remarkable growth in FY 2022-23, with a decline in imports by 52% and an increase in exports by 239%.
Conclusion
The toys industry is undergoing significant transformations driven by technological advancements, changing consumer preferences, and innovative product offerings. The market is expected to continue growing, with key players dominating the market. As the industry evolves, it is crucial for manufacturers to focus on sustainability, quality, and innovation to meet the evolving needs of consumers.
