The sustainable toys market will experience rapid growth around the world with major key players
According to a new report released by Allied Market Research titled “Sustainable Toys Market by Product Type, Age Group, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021-2030,”
The size of the sustainable toys market is expected to reach $ 59,643.9 million by 2030, registering a CAGR of 8.2% from 2021 to 2030.
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Sustainable toys, also known as green toys or recycled toys, are mostly made from organic cotton, wool, beeswax, cork, bamboo, and water-based inks. The increased environmental awareness among customers and the rapid expansion of the retail industry are expected to propel the growth of the sustainable toys market during the forecast period. Plastic is known to be one of the most non-degradable substances used in making toys. To prevent the environmental problem, the growing concern about global warming and government regulations regarding the use of plastic have contributed to the growth of the sustainable toy market. In addition, government regulations regarding the use of chemicals in toys and the development of an eco-label certification program for toys are supporting the growth of the market.
High internet penetration and highly addictive online games on smartphones and tablets have hampered the toy market tremendously. The easy availability of highly addictive gadgets, such as smartphones, video games, and computers, poses a significant challenge for the toy market in the years to come.
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The outbreak of the pandemic has had a positive impact on the global market for sustainable toys. During the lockdown, everyone, including the children, remained confined to their homes. So parents brought toys and games to their children for entertainment. In addition, the shortage of raw materials could pose challenges for industry stakeholders. Players who source materials locally are in a much better position.
According to the sustainable toys market analysis, the sustainable toys market has been segmented into type, product type, distribution channel, age group, and region. On the basis of product type, the market is categorized into action figures, building sets, dolls, games / puzzles, sports and outdoor toys, and others. On the basis of age group, the market is segmented into, up to 5 years old, 5 to 10 years old and over 10 years old. By distribution channel, the market is categorized into hypermarkets / supermarkets, specialty stores, department stores, online channels, and others. At the regional level, it is analyzed in North America (United States, Canada and Mexico), in Europe (United Kingdom, Germany, France, Italy, Spain, Russia and the rest of Europe), in Asia-Pacific ( China, India, Japan, ASEAN, Australia and rest of Asia-Pacific) and LAMEA (Brazil, Saudi Arabia, South Africa and rest of LAMEA).
On the basis of product type, the doll segment has gained a significant share in the global sustainable toys market and is expected to reach $ 11,315.2 million by 2030 at a CAGR of 11.9%. Manufacturers of sustainable doll toys and games are therefore investing more and more in traditional toys such as microscopes, plasticine and magic kits to meet the growing demand of parents. In addition, the company is introducing new packaging, such as LOL Surprise !, in which the dolls are placed in opaque packaging, so that children don’t know what they are getting until the toy is fully unpacked. . The durable dolls are mainly made of cotton, wool and water based inks which are not harmful to children’s health which further contributes to the growth of the market during the forecast period.
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According to the sustainable toys market forecast, on the basis of age group, the 5-10 year segments accounted for around 39.7% of the market share in 2020, with and are expected to grow at a CAGR of 13.1% during the forecast period. Children ages 5-10 have a tremendous explosion in learning ability. Thus, parents are increasingly focusing on providing educational toys, including STEM toys. STEM is a short form of science, technology, engineering, and math. STEM toys encourage children to learn more about these 4 topics. In this age group, children are increasingly using smartphones for education and play, which is likely to hamper the growth of the sustainable toys market during the forecast period.
According to the sustainable toys market trends, based on the distribution channel, the online channel segment is growing at the highest CAGR growth rate and is expected to reach $ 7,863.2 million by 2030. The sale sustainable toy online is likely to gain traction in the coming years. Consumers can access products made in another country through online retailing. Consumers who request a product of a specific brand but have access to the physical store can easily purchase it from online portals. Hence, online stores allow reaching a larger consumer base across the world. It is considered to be the fastest growing sales channel in the world market.
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Players operating in the sustainable toy industry have adopted product launch and business expansion as key development strategies to expand their market, increase profitability, and stay competitive in the market. The major players featured in this report are Eco Kids, Le Toy Van, Green Toys, Legler, Tegu, PlanToys, LEGO, Hasbro, GOLIATH GAMES and CLEMENTONI.
Main conclusions of the study
The sustainable toys market size was valued at $ 18,940.0 million in 2020 and is expected to reach $ 59,645.1 million by 2030, registering a CAGR of 12.5% from 2021 to 2030.
By type, the action figure segment is expected to experience significant growth, registering a CAGR of 15.2% during the forecast period.
By age group, the Up to 5 years segment is expected to experience significant growth, registering a CAGR of 11.7% during the forecast period.
In 2020, according to distribution
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