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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

Region : Global | Format: PDF | Report ID: FBI104699

 

KEY MARKET INSIGHTS

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The global toys market size was USD 129.45 billion in 2020. The global COVID-19 impact has been unprecedented and staggering, with the product witnessing a positive demand shock across all regions amid the pandemic. Based on our analysis, the global market exhibited a stellar growth of 22.30% in 2020. The market is projected to grow from USD 141.08 billion in 2021 to USD 230.64 billion by 2028 at a CAGR of 7.30% in the 2021-2028 period. The sudden fall in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.


Toys play a major role in developing children’s minds by improving their thought process and decision-making ability. They consist of different categories such as brain training, physical activity, promotional merchandise, and collectibles. Festival occasions are the major means of selling different kinds of play items to the kids for the associated companies. Therefore, the manufacturers are introducing different types of dolls that suit children's festivals, which, in turn, boosts their overall revenues. For instance, in July 2020, MGA Entertainment Inc., a children’s entertainment company, launched new Rainbow High Fashion Dolls, a doll brand during the autumn season in the U.S.


Lockdown Restrictions to Spike Product Revenues During Pandemic


As the schools are shut down during the COVID-19 pandemic period, children are largely spending their time in households. This will aid the demand for large-sized playing figurines that entertain children for a longer time. Additionally, the popularity of education and construction activity-related games will grow among kids during the pandemic period.


According to the third quarterly presentation by Mattel Inc., published in October 2020, the company reported a spike of 10% in their third-quarter revenues of the financial year 2020 over the third-quarter revenues of the previous year. Such a sharp rise in sales is attributed to the dolls' strong demand and construction of playsets from school children across the U.S. Nowadays, individuals are forced to think more about their personal health and well-being to fight with the coronavirus and maintain immunity. This has skyrocketed the consumer demand for outdoor & fitness-related figurines. According to the data presented by the Toy Association, from January 2021 to May 2021, the U.S. outdoor & sports toys witnessed 44% jump in its sales because of consumers' preference for fitness-related games.


Children are more likely to get infected from the coronavirus due to the greater outdoor exposure of their parents or guardians during the physical shopping of such items compared to staying indoors. Therefore, parents are cautious about shopping for products from physical stores during the pandemic. This has hampered the product revenues from the physical stores. Additionally, overall supply chain disruption during the pandemic is likely to pose challenges to the retailers for re-stocking the latest products at their outlets.


LATEST TRENDS  


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Rising Popularity of the Innovative Toy Packaging to Uplift Market Growth


Companies focus on providing different kinds of gaming items to surprise the kids while unboxing the packed items. This is likely to generate interest in playing with such items among the kids, thereby uplifting the toys market growth. For instance, in August 2021, Lego System A/S, introduced a sailboat adventure set as a gifting item for its LEGO VIP members. Additionally, recent gift-giving trends among the global population will fuel the product's consumption rate..


Moreover, scented products have grown in popularity as these play kits provide a relaxing scented smell to the kids. The growing popularity of brain training cubes and educational board games among the kids will likely surge the overall industry growth in the near future.


The emergence of gaming items made up of eco-friendly materials such as bamboo, clay, cork, and others are likely to ease the demand for sustainably made dolls. Moreover, companies are increasingly focusing on developing games from recycled plastic materials to meet such a demand, this in turn will tend to increase the market growth. For instance, in June 2021, Mattel Inc. introduced ‘Barbie Loves the Ocean’ a collection of barbie dolls made up of recycled plastic material.


DRIVING FACTORS


Rising Social Media Influence of Toy Companies to Propel Market Growth


Companies are focusing on establishing partnerships with different marketing agencies and popular social media influencers for developing kids-related content to build a strong brand image. This helps them in driving their revenues from gaming items. For instance, in September 2020, Zuru, a Chinese game maker, partnered with Fanbyted, a U.K. based digital marketing agency, to improve its brand image among U.K. consumers.


Additionally, the growing popularity of multi-colored toy items among pre-school children is likely to fuel market growth. Nowadays, parents find different ways to supplement their kids’ education outside the classroom by allowing them to play educational games. This will accelerate the consumer demand for the advanced educational base product such as cubetto & dash robots, remote-controlled cars, computing kits, and others. According to the data presented by the Toy Association, in 2020, U.S. youth electronic games’ sales reached USD 470 million, 1.8% up over the previous year.


The evolving consumers’ choices towards playing console & joystick games will offer newer market growth opportunities. Moreover, increasing indoor leisure trends among the global population is likely to add impetus to the video gaming items demand among gamers.


Recent Toy Technology Events to Support Market Growth


Several companies are participating in different kinds of gaming technology events in their nearby locality. This motivates them to develop newer kinds of innovative gaming items, thereby supporting industry growth. For instance, during 15th March 2021 to 19th March 2021, China Council for the Promotion of the International Trade (CCPIT) introduced ‘Boutique International Trade Fair Toy Fair’, a play kit products fair at Guangzhou, China to encourage local & worldwide manufacturers towards producing innovative gaming items.


RESTRAINING FACTORS


Rising Popularity of Online Gaming to Pose Challenges to Industry Growth


Online games are widely popular among kids, as they can be played on smartphones and tablets without the need of an additional play kit. This will likely pose challenges to the growth of the video console kit maker's businesses, thereby hampering the industry growth. Additionally, incidences of skin rashes associated with the usage of dolls and construction play kits for prolonged periods (since they are made up of harmful chemicals such as phthalates, lead, and flame retardant chemicals) is hindering consumer preferences. Besides this, factors such as higher product development & promotional cost and industry competition are posing challenges to the key players’ business growth.


SEGMENTATION


By Product Type Analysis


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Outdoor and Sports Segment Holds a Major Market Share due to Concerns Regarding Kids Health among Parents


Outdoor and sports segment is expected to hold a major share of the market as parents are largely concerned about their kids' health and fitness. This factor fuels the demand for outdoor base products such as play tents, pools, airplanes, and others to support their children in conducting various outdoor activities such as hiking, touring, camping, and others. In addition, the increasing sports participation rate of consumers is likely to drive the segmental growth. As per the data presented by the Outdoor Industry Association, 153.6 million Americans participated in at least one outdoor activity in 2019 with participation rate increased by 1.2% over 2018.


Faster growth of the games and puzzle segment is attributable to the regular launches of innovative video gaming items by prominent companies worldwide. This is likely to attract console gamers towards buying such play kits, thereby driving the segmental growth. For instance, in November 2020, Sony Corporation, a Japanese electronics giant, launched the PlayStation 5 in India. Additionally, jigsaw puzzles, business boards, and cubes are commonly purchased by the parents to train the kids' minds. Therefore, the rising demand for educational and mind training related games is likely to support further segmental revenues.


Companies are introducing dolls of different characters that match with the stories of the recently introduced popular cartoon films. This is likely to uplift the revenues from such a segment. For instance, in October 2020, The Walt Disney Company introduced ‘Triple Force Friday,’ a collection of dolls that are inspired by the Star Wars film in the U.S. Additionally, they are available in different shapes and categories such as vintage, modern, and antique dolls which, in turn, result in considerable revenues from this segment.


The infant and pre-school segment is majorly driven by the escalating demand for infant care items among the parental population across the globe. This results in gaining high revenues from the infant teething and chewing play toy, thereby fueling segmental growth. For instance, the data presented by the Department of Statistics, Government of Canada, in March 2020, sales of infant care, beauty & personal care items in Canada increased by 0.4% compared to that of the previous month.


The rising awareness regarding the availability of the different kinds of such items is driving the others segment growth.


By Age Group Analysis


Greater number of Sports disciplines at Schools Makes 5-12 Years Segment to Hold a Major Market Share


Several schools possess various disciplines related to sports and recreational activities for teenagers and adolescent students’ brain development. This makes the 5 to 12 years segment to exhibit a major share of the market. Moreover, the rising popularity of the education games such as puzzles, building and construction sets, and others among such an age group is likely to drive the segmental growth.


The fastest growth of the 18+ years segment is attributed to the growing outdoor hiking, touring, and other recreational activities among the children within the age group. Besides, the population above the age of 18 years largely prefers to play video games, thereby exhibiting considerable revenues. As per the data presented by the European Video Gaming Industry Representative (ISFE), as of 2019, 51% of the European population aged 6 to 64 play video games with an average playtime of 8.6 hours per week.


By Distribution Channel Analysis


Attractive Visual Merchandising to Lead Offline Segment to Hold a Major Market Share


Offline stores, such as specialty retailers, brand stores, and hypermarkets, usually maintain different kinds of soft, attractive products at their outlet shops. This is likely to attract consumers for purchasing products from such outlets, resulting in larger segmental revenues. Additionally, the growing infrastructural facilities related to the specialty toy stores and brand stores are further likely to drive offline segmental revenues. For instance, in December 2020, Miniso Group Holding Ltd., a Chinese home accessory retailer in collaboration with Tencent Holding Ltd., launched ‘Toptoy,’ a gaming device store in Guangzhou, China.


The fastest growth of an online segment is attributed to the rising online shopping trends among the population worldwide, which is likely to drive segmental growth. Additionally, the provision of discounts and coupons on the select product purchases by prominent online retailers such as toycart.com, amazon.com, and others is further likely to build the consumers’ attention towards buying such products. This helps in further propelling segmental revenues.


REGIONAL INSIGHTS


North America Toys Market Size, 2020 (USD Billion)

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In 2020, the North America market reached USD 43.76 billion.The largest share of the North American region in terms of revenue is attributed to North America's increasing spending on entertainment-related equipment such as toys, hobbies, and playground equipment. According to the data presented by the U.S. Bureau of Labor Statistics, in 2019, average U.S. spending on entertainment-related devices reached USD 3.05 million. Additionally, the rising gift-giving market trends among the population are further driving the market growth in the region.


The fastest growth of the Asia Pacific region is attributed to the recent government initiatives regarding the industry's development in countries such as India, China, and Japan. For instance, in April 2020, the Government of India introduced the Production Linked Incentive (PLI) scheme to boost local manufacturing in the country. This enables the government to cater to local demand for such products, thereby supporting market growth. In addition, the rising popularity of art & craft base product among kids in China drives the market growth in the region.


The market in Europe is primarily driven by the presence of adequate import facilities of sports-related equipment in the countries such as the U.K. and Germany. Such import facilities allow these countries to supply the various kinds of toy products to their distribution outlets, which are likely to support the consumption rate of the items in the region. Based on the data presented by the International Trade Centre, in 2019, the total import value of the toys, games, and sports equipment in Germany reached USD 8,187.50 million.


Moreover, children like to play with a toy while enjoying the occasion of the festival. Therefore, growing festival celebration trends among the region's population are further driving the market growth in the region.


Recent industry associations' initiatives regarding the development of high-quality video games in Brazil are likely to simplify the provision of different types of gaming consoles to the country's population. This is likely to support the consumption rate of such gaming sets among the country's teenager population.


For instance, in February 2020, Brazilian GameCompanies Association’s members discussed various insights related to the Brazilian video gaming and entertainment industry with more than 29 Brazilian leading game companies in a digital event ‘Kidscreen 2020’ held at Florida U.S. Such association’s initiatives are likely to attract the companies to develop custom video gaming console sets for the Brazilian consumer, thereby supporting Brazil's games market growth.


Additionally, growing outdoor leisure trends among the population in the countries such as Argentina and Peru are likely to boost the demand for the outdoor living tents and pools, thereby fuel market growth in the region.


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The growing expansion of the prominent companies in the countries such as Saudi Arabia and the UAE is likely to provide ease in the supply of such gaming consoles to the population in these countries, thereby supporting the market growth. For instance, in February 2019, Lego System A/S, a Denmark-based manufacturer, opened its new official site in Dubai, the UAE, to expand its operations in the Gulf countries. Furthermore, the growing middle-class population in South Africa is further driving the market growth in the region.


KEY INDUSTRY PLAYERS


Portfolio Expansion Along with Product Innovation to Sustain Competition


Companies are largely focusing on expanding their overall product portfolio through regular product innovation activities. Additionally, they establish partnerships with film production companies and social media channels to build their brand image and offer games as per customer demand. For instance, in February 2021, Hasbro Inc. bought Entertainment One Inc., a Canadian entertainment company for USD 3,800 million to establish its 30 TV and film projects.


LIST OF KEY COMPANIES PROFILED:



  • 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.)


KEY INDUSTRY DEVELOPMENTS:



  • November 2020 – Luki Lab, a division of Strottman International, launched two creative lines of toys named Gojo Adventure and Pinxies in the period of Christmas holiday celebrations.

  • September 2020 – Moonbug Entertainment, a British media company, partnered with Jazwares Company of a parent firm, Alleghany Capital Corporation, to create a kids toy line inspired by a musical and 3D animated video series, CoComelon. This is likely to boost the demand for the company’s gaming devices significantly.


REPORT COVERAGE


An Infographic Representation of Toys Market

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The market research report provides a detailed analysis of the market and focuses on key aspects such as competitive landscape, product type, age group, and distribution channel areas. Further, it offers insights into the various toys industry trends and highlights key industry developments. In addition to these mentioned factors, it encompasses several other factors that have contributed to the industry's growth in recent years.


Report Scope & Segmentation















































 ATTRIBUTES 



 DETAILS     



Study Period



2017-2028



Base Year



2020



Estimated Year



 2021



Forecast Period



2021-2028



Historical Period



2017-2019



Unit



Value (USD Billion)



 




 




 




Segmentation



By Product Type



  • Dolls

  • Outdoor and Sports Toy

  • Building and Construction Set

  • Infant and Preschool Toy

  • Games & Puzzles

  • Others



By Age Group



  • 0-3 Years

  • 3-5 Years

  • 5-12 Years

  • 12-18 Years

  • 18+ Years



By Distribution Channel



  • Online

  • Offline



By Geography



  • North America (By Product Type, Age Group, Distribution Channel, and by Country)

    • U.S. (By Product Type)

    • Canada (By Product Type)

    • Mexico (By Product Type)



  • Europe (By Product Type, Age Group, Distribution Channel, and by Country)

    • Germany (By Product Type)

    • France (By Product Type)

    • Italy (By Product Type)

    • Spain (By Product Type)

    • U.K. (By Product Type)

    • Rest of Europe (By Product Type)



  • Asia Pacific (By Product Type, Age Group, Distribution Channel, and by Country)

    • China (By Product Type)

    • India (By Product Type)

    • Japan (By Product Type)

    • Australia (By Product Type)

    • Rest of Asia Pacific (By Product Type)



  • South America (By Product Type, Age Group, Distribution Channel, and by Country)

    • Brazil (By Product Type)

    • Argentina (By Product Type)

    • Rest of South America (By Product Type)



  • The Middle East and Africa (By Product Type, Age Group, Distribution Channel, and by Country)

    • South Africa (By Product Type)

    • UAE (By Product Type)

    • Rest of Middle East and Africa (By Product Type)





 


 

Frequently Asked Questions

Fortune Business Insights says that the global market size was USD 129.45 billion in 2020 and is projected to reach USD 230.64 billion by 2028.

In 2020, North America stood at USD 43.76 billion.

During the forecast period (2021-2028), the market is growing at a CAGR of 7.30%.

Based on product type, the outdoor and sports segment is set to lead the market.

The rising social media influence of the companies is a key driver for the growth of the market.

Lego System A/S, Hasbro Inc., and Mattel Inc. are some of the major players in the global market.

North America dominated the market in terms of share in 2020.

The rising popularity of innovative game set packaging to drive the adoption of these products.

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Toys Market Size, Share and Global Industry Trend Forecast till 2026
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