Toys Market to Reach $230.64 Billion by 2028; Increasing Demand for Mind Training Toys for Children to Boost Market Growth

The global toys market size is expected to witness remarkable growth by reaching USD 230.64 billion by 2028. Fortune Business Insights™, in its report titled “Toys Market Size, Share & COVID-19 Impact Analysis, By Product Type (Dolls, Outdoor and Sports Toys, Building and Construction Set, Infant and Preschool Toys, Games & Puzzles, and Others), By Age Group (0-3 Years, 3-5 Years, 5-12 Years, 12-18 Years, and 18+ Years), By Distribution Channel (Online and Offline), and Regional Forecast, 2021-2028.", observed that the market stood at USD 129.45 billion in 2020 and is estimated to reach USD 141.08 billion in 2021, exhibiting a CAGR of 7.30% from 2021-2028. Increasing demand for educational games, and play-kits, and increased spending capacity are expected to fuel market growth. 

Funtastic Acquires Toys R to Accelerate Growth and Expand Market Reach

Funtastic completed the acquisition of an Australian e-commerce retailer named Toys R in November 2020 for growing its business in Australia. The company acquired Tony R's new shares by converting debt to equity and an unwritten placement. Bernie Brookes stepped down as the CEO and Louis Mittoni, a Hobby warehouse owner, was assigned as the CEO and managing director of the company. John Tripodi and Nicki Anderson shall continue to retain the position of independent non-executive directors of the company. This strategy may enable the company to expand its business by growing its business in Australia. 

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Increased Participation in Toy Technology Events to Foster Industry Progress

The participation of several companies in gaming events is expected to boost product demand. It enables companies to develop innovative products and support market progress. For example, the China Council for the Promotion of the International Trade (CCPIT) announced Boutique International Trade Fair Toy Fair’ play kit products fair at Guangzhou from 15th March 2021 to 19th March 2021. This strategy may encourage global and local manufacturers to develop innovative gaming products. It may enable manufacturers to gain a wider reach and boost their product portfolio. In addition, 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 the market growth. 

Key Players to Focus on Launch of Novel Products to Reinforce Market Stance

Prominent companies operating in the market focus on launching novel products to improve their market position. For example, Luki Lab, a Strottman International division, announced a slew of two novel ranges of products called Pinxies and Gojo Adventure in November 2020. This launch was targeted at the Christmas celebration and shall boost the company's market stance. Further, the incorporation of partnership strategies may enable companies to create new products and improve their brand image. For example, Moonbug Entertainment engaged in a partnership with a parent firm named Alleghany Capital Corporation in September 2020 to manufacture a slew of play kits inspired by CoComelon, a musical and 3D animated video series. This strategy is likely to enhance the company's product demand and improve its brand image. 

Industry Developments

• November 2020: Funtastic Group completed the acquisition of an Australian e-commerce retailer named Toys R to boost its gaming business in the country. 

List of Key Players Profiled in this Market Report are:

• Lego System A/S (Billund, Denmark)
• Hasbro Inc. (Rhode Island,U.S.)
• Mattel Inc. (California, U.S.)
• Ravensburger Holding GmbH & Co. KG (Ravensburg, Germany)
• Spin Master (Toronto, Canada)
• MGA Entertainment Inc. (California, U.S.)
• PAI Partners (Paris, France)
• Nintendo Co. Ltd. (Kyoto, Japan)
• Radio Flyer (Illinois, U.S.)
• A.L. Lindsay & Company (New South Wales, Australia)
• Artsana Group (Grandate, Italy)
• K’Nex Industries Inc. (Pennsylvania, U.S.)

Further Report Findings

• The market in North America stood at USD 43.76 billion in 2020 and is expected to dominate the toys market share during the upcoming years. Rising expenditure on entertainment equipment such as playground equipment, play kits, and hobbies is likely to bolster the product's sales. 
• Furthermore, rising per-capita income and evolving buying preferences are expected to increase the adoption of play kits. Manufacturers aim at providing educational games and Rubik cubes to nurture the mind development of children in the region. The presence of major manufacturers such as Hasbro is expected to fuel industry development.
• The rising trends of family gatherings and socialization are responsible for the adoption of play-kits. The rising trend of gift-giving is expected to fuel the product demand from consumers. The increased spending capacity and focus on the development of facilities for children is expected to give rise to eco-friendly products made up of bamboo and other recyclable materials.

Table of Segmentation