According to the latest report by IMARC Group, titled “India Toys Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the toys market in India size reached value of US$ 1.23 Billion in 2020. Toys refer to the playthings designed for toddlers and young children. These items are usually made from clay, cloth, paper, plastic and wood that are widely available in a variety of sizes and colors. Learning through toys aids in facilitating the overall development of children while providing a boost to their creativity and stimulating their imagination. These items assist in improving their problem-solving capabilities and motor skills. Additionally, toys help in de-stressing and enhancing the social and cognitive skills of toddlers. A wide range of modern to traditional toys are available in the market, including dolls, cards, puzzles, board games, mechanical cars and action figurines.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Indian Toys Market Trends:
The market is primarily driven by the increasing population in India, consisting of a large pool of young consumer base under the age of 25 years. This, along with the improving living standards and affluence among the masses, is expected to provide a thrust to the market. A majority of the population is now opting for innovative electronic and digital toys over traditional battery-operated alternatives. Additionally, educational toys are gaining widespread preference as they assist in promoting experimental learning experiences among children. Consequently, the availability of diverse toys that are easily accessible at varied price ranges, facilitated by the rapid expansion of organized retail and online platforms in the country, is acting as a major growth-inducing factor. In line with this, the increasing penetration of online portals, which offer a vast array of toys at competitive prices while providing flexible payment and return/exchange options to users, is creating a positive outlook for the market. The market is further driven by the escalating demand for science, technology, engineering and mathematics (STEM)-based toys, especially from the urban population. Looking forward, IMARC Group expects the Indian toys market to grow at a CAGR of 12.2% during 2021-2026.
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Key Market Segmentation:
- On the basis of the toy type, plush toys represent the most preferred segment. Some of the other major types include electronic toys, games and puzzles, construction and building toys, dolls, ride-ons, sports and outdoor play toys, infant/pre-school toys and activity toys.
- Based on gender, unisex toys exhibit a clear dominance in the market. Other major segments include girls’ and boys’ toys.
- On the basis of the distribution channel, the market has been classified into specialty stores, supermarkets and hypermarkets, online, and others. Among these, specialty stores account for the majority of the total market share.
- On the geographical front, Maharashtra holds the leading position in the market. Other key regions include Tamil Nadu, Karnataka, Gujarat, Delhi and others.
- The competitive landscape of the market has been studied in the market with the detailed profiles of the key players in india toys industry. Some of these players include Funskool (India) Ltd., LEGO Group, Mattel, Inc., and Hasbro, Inc.
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