Clifton, New Jersey, Dec. 08, 2022 (GLOBE NEWSWIRE) -- The recent research report "Global Toy Market Outlook, 2027", published by Bonafide Research, states that the global toy market fell to USD 105.95 billion in 2020 due to pandemic disruptions. However, after the pandemic, the market reached USD 113.35 billion in 2021. Toys play a major role in developing children's intelligence quotients, increasing motor development, and improving decision-making ability. Toy manufacturers and retailers have access to robust and cost-effective marketing channels at local, regional, and global levels. Additionally, the various explorative toys like Rubik’s cube in different forms & shapes, logical reasoning, and other toys are expected to drive future market growth considerably.
The rising expenditure on educational toys and games, especially in dual-income households, is projected to drive the demand for toys. The ability of toys to aid brain development by enhancing logical and reasoning abilities urges parents to spend on toys. The process of learning while playing also develops the social and communication skills of children. The social media influence of creating kid-friendly content is driving the toy market sales ahead. Gaming events are organized by leading players to engage more children and attract new consumer spending, which further propels demand. The popularity of online games during the pandemic acted as a major restraining factor for the growth of the toy market. The use of smartphones and tablets without the requirement of any new play toy has acted as a challenge for the video gaming industry. The skin allergies caused by dolls and playthings made from harmful chemicals also hindered market growth. High product development and promotional costs coupled with stiff competition restrict further growth. The rapid miniaturization and reduced cost of electronics allow manufacturers to introduce many new features into toys.
Key Takeaways:
- Asia-Pacific region leads the global toy market by nearly 35% in 2021 and is further expected to continue its dominance.
- Outdoor & sports toys, Infant/Toddler/Preschool and Dolls remains the most demanded toys driven by the increased importance of outdoor sports activities for the overall development of children.
- The majority of the toys are demanded by the age group of 9 to 15yrs old.
- Parents prefer buying toys through offline sales channels by reading their labels and deciding which type of toy best suits their child’s play.
- United States & China lead the global toy market and are expected to continue further growth over the forecast period.
Opportunities & Challenges
Millennials’ growing predilection for old-school games at social gatherings is likely to propel the market's growth over the forecast period. The incorporation of eco-friendly materials such as bamboo, wood, and others is expected to increase safety and eliminate damage from prolonged exposure to dolls and play kits. This factor is likely to boost market growth and create new opportunities for manufacturers to diversify materials used in the production of these toys. Further, the partnership strategies may enable companies to create new products and improve their brand image. A diverse base of toy producers and brands, from major companies to small and vibrant start-ups, ensures broad choices for consumers. Children's entertainment, in particular, offers a plethora of marketing opportunities. New products have difficulty breaking through in terms of awareness and sales in a market dominated by well-known, popular existing products. Slow development times and unexpected consumer responses make for a challenging forecasting environment. Overstocking of toys and lack of availability for popular toys is a common industry occurrence.
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Covid-19 effect
The pandemic led to the forced shutdown of schools and educational institutions, causing children to be confined to their homes and spend time there. This helped the demand for playing figurines and the popularity of educational and construction activity-related toys and games to rise. Though demand was high, the market diminished in value due to supply chain delays and production facilities being closed down. However, with the sales returning to normalcy in 2021, the revenue increased rapidly. The retail sales channel suffered as parents sorted to online ordering of toys due to the fear of the virus spreading to children. Since the retailers saw a fall in demand, the restocking of toys wasn't possible with the latest products.
By Product type
Outdoor and sports toys were the most popular toy types and are projected to witness healthy growth in the coming years which will aid the overall market growth. The growth was aided by the demand for playground equipment, water, and sand toys and accessories, skateboards and scooters, pools, sports activities, and game accessories. The growing awareness of the development of motor and coordination skills in children with the help of outdoor sports has further propelled the growth of the outdoor and sports toys segment.
Infant/Toddler/Preschool toys are escalating for infants and toddlers among parents across the globe. This results in higher revenues from infant teething and chewing play toys, thereby increasing the overall growth of the segment. Furthermore, the demand for explorative and other toys is projected to be in rapid demand.
Trends
Playschools are offering science, technology, engineering, and mathematics (STEM) toys, such as boxes, blocks, musical instruments, and jigsaw puzzles, in their education to instill creativity and problem-solving skills in kids. Apart from this, the thriving e-commerce industry, on account of the increasing reliance on smartphones and the growing internet penetration, is driving the sales of innovative electronic and digital toys over conventional battery-operated toys. Furthermore, the increasing popularity of tech-savvy electronic toys among children as well as adults that depict action figures like Batman, Superman, Ironman, and Captain America is contributing to the market's growth. Consumer expenditure on video content, virtual reality items, and video game tournaments has increased significantly as technology advances. The rising trends of family gathering and socialization are responsible for the adoption of play kits. The rising trend of gift-giving is expected to fuel product demand from consumers.
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Regional Analysis
The Asia-Pacific region leads the global toy market, led by China's contribution to the production and exports of toys. Asia-Pacific is the second-largest market for traditional toys and games and remains one of the fastest-growing regions. However, Asia-Pacific has a declining birth rate and the lowest per-household expenditure on traditional toys and games. The region is still expected to enjoy good value growth due to rising disposable incomes, smaller average household sizes, and the premiumization trend and product innovation. The boom of internet retailing has given rise to good opportunities for counterfeit traditional toys and games to be distributed and sold widely to consumers who are looking for affordable products. The major factor expected to drive the prosperity of the Asia-Pacific Toys & Games market is the rising preference for educational toys other than core skills.
The Middle East and Africa is the second fastest-growing region for toys over the forecast period, with a growth rate of 9.10%. Toys and games are an emerging market in the Middle East and Africa, driven mainly by a recovering economy, increasing disposable incomes, and high birth rates. The region holds very good prospects for traditional toys and games due to increased spending on baby and child-oriented products and a shift towards premiumization. With an expected average of 3.9 children born per female during the forecast period and rising disposable incomes, demand traditional toys and games is expected to be driven by baby and child-oriented products. Outdoor sports, educational toys, explorative toys, and dolls hold the majority of the market share in the region.
The North American region has one third of the market share in Global toys market and further expected to be driven by large scale sale of toys in the United States. Lego, hot wheels and fisher-price are the top selling toy brands in America. The rising gift-giving market trend among the population is further expected to drive growth in the region. Moreover, increased spending of consumers in the state has increased expenditure on buying of toys. American parents prefer to buy toys either through online sales channel or from departmental stores. The most popularly bought are the outdoor and sports toys in the region.
Germany and United Kingdom are large scale importers of toys from the European region. The players are incorporating new technologies to create interactive and educational toys. New technologies like holograms, artificial intelligence and others are being incorporated with traditional toys to make toys more interactive and responsive. 3D technology is the latest revolutionary invention that is expected to improve creativity among children and boost toy customization. Brand conscious consumers prefer buying from reputed brands so as to get quality products as they are more durable and have multiple features.
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Companies are actively shifting their product offerings by launching e-stores and retailing products through e-commerce platforms, such as Amazon, Wal-Mart Online, and eBay, among other regional platforms, as online platforms have emerged as a viable and cost-effective alternative to physical marketing and sales. Key market players focus on strategies, such as mergers and acquisitions, innovation, and new product launches, to enhance their market share. The growing expansion of the major players in Saudi Arabia and the UAE is likely to provide some ease in the supply chain of gaming consoles, thereby supporting market growth. Companies are also focusing on expanding their overall product portfolio through regular product innovation activities. Additionally, they establish partnerships with film production companies and social media channels to build their brand image. Some of the key players operating in the global toy market are LEGO Group, Mattel Inc., Hasbro, Bandai Namco, Vtech, Playmobil, Ravensburger, Jakks Pacific Inc., and others.
Considered in the Report
- Geography: Global
- Base year: 2021
- Historical year: 2016
- Forecasted year: 2027
Table of Content
1. Executive Summary
2. Research Methodology
3. Market Structure
3.1. Market Considerate
3.2. Market Definition
4. Economic /Demographic Snapshot
5. Global Toys Market Outlook
5.1. Market Size by Value
5.2. Market Share
5.2.1. By Region
5.2.2. By Country
5.2.3. By Company
5.2.4. By Age Group
5.2.5. By Product
5.2.6. By Distribution Channel
6. North America Toy Market Outlook
6.1. Market Size by Value
6.2. Market Share
6.2.1. By Country
6.2.2. By Age Group
6.2.3. By Product
6.2.4. By Distribution Channel
6.3. US Toy Market Outlook
6.3.1. Market Size by Value
6.3.2. Market Share
6.3.2.1. By Age Group
6.3.2.2. By Product
6.3.2.3. By Distribution Channel
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