Pune, India, Nov. 08, 2023 (GLOBE NEWSWIRE) -- According to our latest study on “Kids Toys Market Size Report, Forecast to 2030 – COVID-19 Impact and Global Analysis – by Product Type, Distribution Channel, and Geography,” the Kids Toys market is expected to grow from $122.90 billion in 2022 to $183.15 billion by 2030; it is estimated to grow at a CAGR of 5.1% from 2022 to 2030.
Competitive Landscape and Key Companies:
KIRKBI A/S, Mattel, Inc., Hasbro, Inc., Clementoni S.p.A., Goliath Games, LLC, Atlas Games, Giochi Preziosi SpA, Bella Luna Toys, TOMY Company, Ltd., Simba Dickie Group GmbH are a few leading players operating in the kids toys market. These players focus on developing innovative and attractive products in kids toys market to meet the changing requirements of consumers.
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The global kids toys market is growing significantly due to the increasing population worldwide. The shifting preference from traditional toys to modern and hi-tech electronic toys drives kids toys market. The rising demand for sensory toys for kids with exceptional needs and the adoption of smart toys are expanding the kids toys market. Smart toys use technologies such as the Internet of Things (IoT) and smart devices to enhance kids' learning experience. For instance, Fisher Price Company offers smart teddy bears that can be operated & controlled by smart gadgets. Moreover, the emergence of mass digitalization & social networks has opened new opportunities for the kids toys market growth.
Shifting Preference Towards Modern and Hi-Tech Toys Propels Kids Toys Market Growth
The shift in preference towards high-tech and modern toys in the global kids toys market can be attributed to several key factors. Firstly, the rapid advancement of technology has led to the creation of innovative and interactive toys that increasingly captivate kids attention. These toys often incorporate augmented reality, artificial intelligence, and robotics, providing a unique and engaging play experience. As kids grow up in the digital age surrounded by smartphones, tablets, and smart devices, they are naturally drawn to toys that mirror the technology they see in their everyday lives.
Parents and caretakers increasingly recognize the educational benefits of high-tech toys. The key players in designing modern toys focus on entertainment and education, helping children develop problem-solving, critical thinking, and creativity skills. These toys often have interactive features that encourage learning through play, making them attractive choices for parents keen on providing their children with toys that offer entertainment and cognitive development.
Additionally, the rise of online platforms and e-commerce has made it easy for consumers to access a broad range of toys worldwide. This accessibility has enabled the global exchange of toys across different cultures and regions. Social media and online reviews also significantly shape consumer choices, as parents often seek recommendations and reviews from other parents before making toy purchases.
Furthermore, the COVID-19 pandemic accelerated the shift towards high-tech toys as families spent more time at home. With outdoor activities limited, parents turned to technology-driven toys to keep their children engaged and entertained indoors. The pandemic also highlighted the importance of toys that could provide both entertainment and learning experiences, further fueling the demand for high-tech options in kids toys.
Kids Toys Market: Segmental Overview
Based on product type, the kids toys market is segmented into building blocks, figurines and dolls, soft toys, puzzles, and board games, others. Soft toys often resemble a different creature stuffed with soft fabric and plush. The material commonly used for the external texture contains simple cloth and pile textiles like plush. The stuffing materials include synthetic fiber, cotton, straw, wood fleece, plastic pellets, and beans. Expanding the international child rate and demand for soft toys will continue to grow in the global market. The soft toys segment can be classified into cartoon characters, animals, dolls, and other creatures. Market key players in the kids toys industry are introducing new product lines in the action soft toys segment. For instance, 'Heroes of Goo Jit Zu' offers different soft toys, from action to moose figures. Hence, innovative, attractive, and colorful soft toys further boost the sales of soft toys worldwide.
Based on distribution channels, the kids toys market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. Supermarkets and hypermarkets are large retail establishments that offer a broad range of products in kids toys market, such as groceries, toys, and other products. Products from different brands are available at reasonable prices in these stores, allowing shoppers to find the right product quickly. Moreover, these supermarkets and hypermarket stores offer plenty of discounts, multiple payment options, and a pleasant customer experience. Supermarkets and hypermarkets focus on maximizing product sales to increase their profit. Hence, all the above-mentioned factors drive the demand for soft toys, propelling the growth of the kids toys market.
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Impact of COVID-19 Pandemic on Kids Toys Market
The COVID-19 pandemic affected economies and industries in various countries. Lockdowns, business shutdowns, and travel banns in leading countries in continents such as North America, Europe, Asia Pacific (APAC), South & Central America (SAM), and the Middle East & Africa (MEA) negatively affected the growth of various industries, including the consumer goods, and food & beverages. The shutdown of manufacturing plants disturbed global supply chains, manufacturing activities, delivery schedules, and sales of various essential and nonessential products including kids toys. Worldwide companies announced delays in product deliveries and a slump in future product sales in 2020.
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