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Board games are widely popular among adults and kids worldwide. The school students commonly play various strategy theme-based board games to build their critical and analytical capability. Additionally, growing parental focus towards their children's brain development through such board games is further likely to ease the demand. The growing popularity of tabletop games among the higher-income group of the population is likely to provide newer opportunities in the market.
Nowadays, associated companies are implementing sustainable initiatives to minimize the environmental impacts of the waste generated from the different kinds of toys such as gaming consoles, board games, dolls, and others. For instance, in June 2020, Hasbro Inc., a toy manufacturer, partnered with TerraCycle, a U.S. waste management company, to expand its toy and game recycling program in the U.K. Board games, dolls, action figures, and plush toys are toys used in such a recycling program.
The recent introduction of the board gaming events and competitions by the associated companies is likely to attract the gamers towards buying such games thereby, driving the market growth. For instance, in August 2019, Ravensburger AG, a German toy manufacturer in partnership with MyMiniFactory, a London-based 3D content platform, launched a 3D printing design competition for its Labyrinth board game. This helped the company achieve creative ideas for its 3D printed category of board games and expand its consumer base. Additionally, growing indoor recreational activity trends among the global population are likely to ease such indoor games' demand.
Moreover, regular provision of the different kinds of creative board game sets by the associated companies is likely to attract the gamers towards buying such game sets thereby, driving the consumption rate of such products worldwide. Besides this, the uncertain occurrence of the COVID-19 lockdown restrictions in many countries worldwide is expected to ease consumer demand for such indoor recreational activities, thereby skyrocketing the market growth during the pandemic period. For instance, within the 3rd quarter of the financial year 2020, Mattel Inc., a prominent board game maker, reported a 13% spike in its revenues during the pandemic period from the North America region.
However, the growing popularity of online games is expected to limit the consumer demand for the board game sets such as chess, monopoly, and others. Additionally, the wide availability of alternative games such as console games, outdoor gaming equipment, and others are anticipated to hamper the market growth.
Key Market Driver -
Recent introduction of the board gaming events by the associated companies is expected to drive market growth.
Key Market Restraint -
Growing popularity of the online board games is anticipated to restrain the market growth.
The prominent players associated with the global board games market are Hasbro Inc., Buffalo Games LLC., Mattel Inc., WinGo, Façade Games, NSF Boardgames and Puzzles, LUDFACT GMBH, Masters Games Ltd., Kickstarter, Goliath B.V., Ravensburger AG, Grand Prix International, PAI Partners, and others.
The global board games market is segmented based on game type, age group, sales channel, and geography.
The market is segmented into monopoly, scrabble, chess, and others based on the game type. The monopoly segment is expected to hold a major market share as kids can understand financial concepts such as financial planning, trading, and loans while playing such a game. Additionally, the wide availability of the monopoly board games in different gaming genres such as war & strategy, sports, business results in the larger revenues from such a segment.
By age group, the market is segmented into 0-2 years, 2-5 years, 5-12 years, and above 12 years. 5-12 years segment is anticipated to exhibit the largest market share due to the increasing demand for such games among teens for educational and brain development purposes. Worldwide, primary and secondary schools are now concentrating on improving team-building levels among teenage students in their schools. This will ease the need for teamwork-based board games among such students.
The global market is segmented into specialty stores, online stores, hypermarkets & supermarkets, and others (convenience stores, etc.) by sales channel. The largest share of the specialty stores segment is attributed to the availability of various theme-based board games in these stores. Additionally, increasing provision of discounts and coupons by such stores is likely to attract parents towards buying board games from these stores thereby, driving the segmental growth.
By geography, the global board games market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
The North America region's largest share is attributed to the presence of a large number of board gamers in the countries such as the United States and Canada, which results in the larger product revenues from the North America region. According to the data presented by the Entertainment Software Association, as of 2018, 45% of the Canadian teen gamers within the age group of 13 to 17 often play card or board games. Additionally, people commonly play poker and monopoly games while partying in board game bars and cafes. Therefore, rising commercial settings such as hotels and board game bars & cafes in the countries such as Canada and Mexico are further likely to ease the demand of the board game sets among such settings. For instance, in August 2020, Amfil Technologies Inc., a Snakes & Lattes Inc. subsidiary company, opened its new boardgame bar venue in Guelph, Ontario, Canada.
The fastest growth of the Asia Pacific region is attributed to positive governmental support regarding the toy industry's development in the countries such as India and China, thereby supporting the market growth in the region. For instance, in August 2020, the Government of India introduced an 'ATMANIRBHAR TOY INNOVATION CHALLENGE,' a competition to encourage the Indians to design toys such as board games, outdoor gaming equipment, and a digital game in the country. This will ease the supply of such toys in the country, thereby supporting the region's market growth. Additionally, the rising popularity of the tabletop games such as pokers, solitaire, and others among higher-income groups of population further drive the market growth in the region.
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