Toy Market Expected to Reach $ 103.8 Billion by 2027 — Allied Market Research | Atlas Games, Clementoni SpA, Goliath Games, Hasbro, Inc., The LEGO Group, Mattel, Inc., Ravensburger AG, Tomy Company, Ltd, Vtech Holdings and Thames & Kosmos. – KSU
According to a new report released by Allied Market Research, titled “Toys Market by Product Type, Age Group, and Sales Channel: Industry Opportunity Analysis and Forecast, 2021-2027The toy market size was $ 92.2 billion in 2019 and is expected to reach $ 103.8 billion by 2027, registering a CAGR of 2.5% from 2021 to 2027.
The increase in the number of game bars, cafes and family entertainment centers around the world is driving the demand for toys and games. These family entertainment centers, game bars and cafes are enjoying strong traction and have gained remarkable popularity across the world in recent years. The rapid expansion of play cafes encourages children as well as adults to learn new games while also connecting for meaningful social interactions. In the United States, more than 5,000 board game cafes were opened in 2016. In addition, there are over 700 game cafes in China and in 2017, around 60 game cafes were opened in Beijing alone. . The increase in the number of such cafes and entertainment centers which cater to both children and adults is helping to generate high income for players operating in the global toy market.
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Actors engaged in the toy industry are striving to make more environmentally friendly decisions about their product portfolios, especially in terms of toy packaging. Players focus on a minimalistic use of plastic while ensuring that the packaging is part of the toy. A plethora of initiatives have been launched in recent years, ranging from adopting recycled packaging materials and minimal packaging to adopting bio-based plastics instead of their petroleum equivalent. For example, MGA Entertainment has introduced a new biodegradable ball as a new product offering in its LOL Surprise! Doll line. In addition, he also introduced a new product line from Little Tikes using a blend of recycled resins as a raw material. Another company, Safari Ltd. offers the BioBuddi line of toy blocks, much like Mega Bloks and Lego, which uses sugar cane in the production and making of toys. Such practices adopted by stakeholders pave the way for more sustainable and environmentally friendly products in the future.
The toys market is segmented into product type, age group, sales channel, and region. By product type, the global market is categorized into action figures, building sets, dolls, games / puzzles, sports and outdoor toys, plush, and others. By age group, it is studied up to 5 years, 5 to 10 years and beyond 10 years. By sales channel, the market is divided into hypermarket / supermarket, specialty stores, department stores, online channels, and others. By region, the toy market is analyzed in North America, Europe, Asia-Pacific and LAMEA.
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Main conclusions of the study
By region, Asia is expected to grow with a robust CAGR of 5.4% during the forecast period.
By product type, the sport and outdoor toy segment leads the toy market share in 2019; However, the action figure segment is expected to gain market share in the coming years.
By age group, the 5 to 10-year-old segment accounted for around two-fifths of the toy market in 2019; However, the children’s toys market segment is poised to grow at the highest CAGR during the forecast period.
By sales channel, the online channel segment is expected to gain market share in the coming years and is expected to grow at a CAGR of 4.5% during the forecast period of the toys market.
Some of the major players shown in the toy market analysis include Atlas Games, Clementoni SpA, Goliath Games, Hasbro, Inc., The LEGO Group, Mattel, Inc., Ravensburger AG, Tomy Company, Ltd, Vtech Holdings and Thames & Kosmos.
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About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business consulting arm of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global businesses as well as medium and small businesses with unmatched quality of “market research reports” and “business intelligence solutions”. AMR has a focused vision to provide business information and advisory services to help its clients make strategic business decisions and achieve sustainable growth in their respective market areas. AMR offers its services in 11 industrial sectors, including life sciences, consumer goods, materials and chemicals, construction and manufacturing, food and beverage, energy and electricity, semiconductors and electronics, automotive and transportation, ICT and media, aerospace and defense and BFSI.
We have professional relationships with various companies, which helps us extract market data which helps us generate accurate research data tables and confirm the highest accuracy in our market forecasts. Each of the data presented in the reports we publish is extracted through primary interviews with senior officials of the main companies in the field concerned. Our secondary data sourcing methodology includes in-depth online and offline research and discussions with industry-savvy professionals and analysts.
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