India Toys Market

India Toys Market is valued at USD 1.4 Billion in 2021 and is expected to reach USD 3.1 Billion by 2028 with a CAGR of 12.5% over the forecast period.

India Toys Market: Size, Trends, Competitive, And Historical & Forecast Analysis, 2022-2029: The rising disposable income and increasing GDP growth rates in India, advent of  advanced technologies  and machineries , along with an  increase in recognition of the health benefits  associated with toys and games among the masses are some of the major factors driving the growth of the India Toys Market.

Scope-

Toys are objects that are used to encourage learning and development in young children and new-borns. Additionally, they raise IQ, improve motor development, enhance focus and creativity, and foster interpersonal and communication skills. Wood, metal, textiles, polyethylene, polypropylene, ethylene-vinyl acetate (EVA), polymers derived from styrene, and technical plastics like polyamide, polycarbonate, or polymethyl methacrylate are typically used in their production. Leading companies are already launching novel toys made with biodegradable materials including plasticized polyvinyl chloride (PVC). High-tech electronic toys are also available through internet distribution channels.

Toys help kids think more clearly and make better decisions, which helps them to  grow their minds. They are divided into many categories, including collectibles, promotional goods, physical exercise, and cognitive training. Festivals are the primary method for the related businesses to offer various playthings to children. As a result, the producers are releasing a variety of dolls that are appropriate for kid-friendly holidays.

COVID-19 Impact-

The unexpected COVID-19 pandemic outbreak has caused Indian consumers' preferences to shift away from traditional brick-and-mortar distribution networks and toward online retail platforms for the purchasing of toys. The epidemic was initially noticed in China, where it led to a lockdown and a halt to all manufacturing. Due to supply chain interruptions, rigorous limitations put in place in response to social estrangement and widespread lockdown, and the adoption of these measures, the market for toys and games is anticipated to modestly decline in India.

The implementation of a strict lockdown has caused manufacturing to stop and the supply chain to become disrupted in India. The total impact of the coronavirus is still very unclear due to shifting dynamics and strong market volatility in India.

Moreover, Children are more susceptible to the coronavirus than adults since they spend more time outdoors when physically shopping for these products than when they stay inside. Parents thus use caution while making purchases from physical stores during the epidemic. The sales of products from physical retailers have been affected as a result. This also impacted negatively the market during the pandemic.

Key Players-

Through ongoing product innovation initiatives, businesses are primarily concentrating on enhancing their whole product portfolio. Additionally, they form alliances with social media platforms and movie production businesses to enhance their brand image and provide games in response to client demand.

Some major players operating in the India Toys market are -

• Funskool
• Lego
• Mattel
• Hasbro
• others

Segmentation-

By Product Type:

• Plush Toys
• Electronic Toys
• Games and Puzzles
• Construction and Building Toys
• Dolls
• Ride-Ons
• Sports and Outdoor Play Toys
• Infant/Pre-school Toys
• Activity Toys
• Others

By Material Type:

• Cotton
• Plastic
• Silicon
• Foam

By Gender:

• Unisex Toys
• Toys for Boys
• Toys for Girls

By Age Group:

• Up to 5 Years
• 5 to 10 Years
• Above 10 Years

By Sales Channel

• Hypermarket/Supermarket
• Specialty Stores
• Departmental Stores
• Online Channels
• Others

Market Drivers-

Rising disposable income and increasing GDP growth rates in India are Expected to Propel Market Growth Over the Forecast Period:

India is a significant market for toys, driven by a sizable customer base. It is the second most populous nation in the world, with a population of around 1.3 billion. Furthermore, with about half of the overall population under 25, the nation has a sizable young population. India's significant economic development and rising disposable incomes are also fueling the country's burgeoning domestic toy demand.

India has had one of the greatest economies in the world for a number of years owing to consistently high GDP growth rates. This pattern has led to a significant expansion in the region's middle-class population. Both the amount of discretionary cash available to consumers and their buying habits have changed. As a result, there has been a significant movement away from conventional, medium- to low-end battery-operated toys and toward cutting-edge electronic toys, intelligent toys, and upscale plush toys. Thus, these factors are expected to boost the market in the coming years.

Increasing Advanced Technology and Machinery is Expected to Propel Market Growth Over the Forecast Period:

Modern toy production has increased recently as a result of the development of cutting-edge machinery and technology. India has one of the most youthful populations in the world, which has contributed to the country's toy industry's fast expansion. A large variety of both conventional and contemporary toys are readily available on the market. But as fashions have changed, there has been a shift away from traditional toys and toward cutting-edge, electronic toys. For instance, Barbie dolls have supplanted traditional cloth dolls, while Lego has replaced wooden construction blocks.

An Increase in Recognition of The Benefits of Health Associated with Toys and Games Is Expected to Propel Market Development:

One of the key factors influencing the expansion of the toy business is the rising awareness of the cognitive capabilities that specific children's play activities develop. Nowadays, parents are getting inventive with their unconventional parenting participation. The practice of buying games and toys to promote a child's development is common among family members. Parents want their kids to play, learn, and keep active at the same time.

As a result, they invest in kids' toys that promote learning and education. As a result, the practice of purchasing toys for kids that have many uses has a big impact on the growth of the toy market's revenue. Additionally, children's growing need for strategic goals and instructional toys increases the demand for toys on the market.

Market Restraints-

The Rise in Fake Items and Fluctuating Exchange Rates is Expected To Hinder Market Growth:

The toy industry is severely restricted by exchange rate volatility and current price increases. Even if the average person now has more spare income than before, they are still hesitant to spend a lot of money on toys and games. People find changes in currency rates to be burdensome and avoid or delay making purchases as a consequence. This is anticipated to impede market expansion. Additionally, the expansion of the toy sector is being hampered by the surge of fake goods that appear just like genuine articles. The inability of consumers to distinguish between authentic and counterfeit goods is causing brand loyalty to suffer.

The rising Popularity of Online Gaming is Expected To Hinder Market Growth:

Children enjoy playing online games since they don't require a separate play set and can be played on smartphones and tablets. The expansion of the video console kit maker's businesses will probably be hampered as a result, which will slow the growth of the market. Additionally, since dolls and building play sets contain dangerous chemicals including phthalates, lead, and flame retardant chemicals, frequent cases of skin rashes linked to their extended use are influencing customer choices. In addition, issues like increased product development and advertising costs and industry competition are making it challenging for important companies to expand their businesses.

News-

• In September 2022, Micro Plastics India announced a new toy manufacturing facility in Hosur, Tamil Nadu at a cost of Rs 500 crore.

Report Analysis	Details
Historical data	2016 - 2021
Forecast Period	2022 - 2029
Market Size in 2021:	USD 1.4 Billion
Base year considered	2021
Forecast Period CAGR %:	12.5%
Market Size Expected in 2028:	USD 3.1 Billion
Tables, Charts & Figures:	175
Pages	300
Key Players/Companies	Funskool, Lego, Mattel, Hasbro, and others
Segments Covered	By Product Type, By Material Type, By Gender, By Age Group, By Sales Channel
Regional Analysis	North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa