Press release
Global Toys Market Set to Skyrocket: Valued at USD 254.49 Billion in 2023, Projected to Grow at a Staggering 21.7% CAGR
Toys Market
The global toys market was valued at a whopping USD 254.49 billion in 2023, and it's set to soar to even greater heights with an estimated CAGR of 21.7% over the forecast period. Curious to know what's driving this explosive growth? Let's explore!
Why Toys Matter:
Toys are more than just playthings; they're crucial for developing children's minds. From brain training to physical activity, promotional products, and collectibles, toys help enhance decision-making and thinking abilities. It's no wonder businesses target festivals to market these delightful products to children worldwide.
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Market Segmentation:
The toys market is as diverse as it is vast. Here's how it's segmented:
By Product: Dolls, Outdoor and Sports Toys, Building and Construction Sets, Infant and Preschool Toys, Games and 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.
By Geography: North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.
Dynamics Driving Growth:
Companies are constantly innovating to captivate children's imaginations. For example, Lego's sailing adventure set for LEGO VIP members and MGA Entertainment's Rainbow High Fashion Dolls are exciting releases that drive market growth. Additionally, the rising trend of scented play kits and educational board games is propelling the market forward.
Sustainable and eco-friendly toys are gaining popularity, with companies like Mattel introducing recycled plastic Barbie dolls. Moreover, the growing demand for video gaming and indoor leisure activities is opening new avenues for market growth.
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Key Insights by Segment:
Product Segment: Dolls dominated the market in 2023 with a 30% share. The outdoor and sports category is also expected to grow significantly, driven by parents' focus on their children's health and fitness.
Distribution Channel: Offline channels, such as specialized retailers and hypermarkets, held a 54% share in 2023. However, the online segment is rapidly gaining traction due to the convenience of online shopping and attractive discounts.
Regional Insights:
North America: Leading the market with a 37% share in 2023, thanks to high spending on entertainment and expanding gift-giving trends.
Asia Pacific: Expected to see the fastest growth, spurred by government initiatives like India's Production Linked Incentive (PLI) scheme and the popularity of art and craft-based toys in China.
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Competitive Landscape:
The toys market is dominated by major players like Lego System A/S, Hasbro Inc., Mattel Inc., and more. These companies leverage extensive global networks to reach a massive customer base. Strategic initiatives such as acquisitions, new product launches, and partnerships are key to driving revenue growth and strengthening market positions.
Lego System A/S (Denmark)
Hasbro Inc. (U.S.)
Mattel Inc. (U.S.)
Ravensburger Holding GmbH & Co. KG(Germany)
Spin Master(Canada)
MGA Entertainment Inc. (U.S.)
PAI Partners(France)
Nintendo Co. Ltd. (Japan)
Radio Flyer (U.S.)
A.L. Lindsay & Company(Australia)
Artsana Group (Italy)
K'Nex Industries Inc. (U.S.)
Strategic Insights:
Porter's Five Force Model: Helps in designing business strategies by analyzing competition, market entry, and exit barriers.
PESTEL Analysis: Assists in understanding political, economic, social, technological, environmental, and legal factors impacting the market.
Looking Ahead:
By 2030, the global toys market is projected to reach an astounding USD 1006.28 billion. With ongoing innovations, evolving consumer preferences, and strategic industry moves, the toys market is poised for unprecedented growth.
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Key questions answered in the Toys Market report are:
What growth strategies are the players considering to increase their presence in Toys Market?
Who are the leading companies and what are their portfolios in Toys Market?
What are the major challenges that the Toys Market could face in the future?
Which region held the largest Toys Market Share in 2023?
What is Toys?
Which market segment held the largest share of the global Toys Market in 2023?
What are the global trends in the Toys Market?
What are the upcoming industry applications and trends for the Toys Market?
What are the recent industry trends that can be implemented to generate additional revenue streams for Toys Market?
Key Offerings:
Past Market Size and Competitive Landscape (2018 to 2022)
Past Pricing and price curve by region (2018 to 2022)
Market Size, Share, Size & Forecast by different segment | 2024-2030
Toys Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by Region
Toys Market Segmentation - A detailed analysis by Type, Application and Region
Competitive Landscape - Profiles of selected key players by region in a strategic perspective
Competitive landscape - Market Leaders, Market Followers, Regional player
Competitive benchmarking of key players by region
PESTLE Analysis
PORTER's analysis
Value chain and supply chain analysis
Legal Aspects of business by region
Lucrative business opportunities with SWOT analysis
Recommendations
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About Stellar Market Research:
Stellar Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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