Traditional Toys Market Growth Driven by Educational Toys Demand
According to a recent market analysis by Future Market Insights (FMI), sales in the global traditional toys and games market are slated to reach US$ 90 Bn in 2021, expanding at a 4% CAGR over the forecast period 2021-2031.
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The demand for traditional toys and games gained traction as countries imposed lockdown to contain the COVID-19 outbreak. While supply-chain disruptions continued posing threat, some of the top traditional toys and games brands shifted their focus to online sales channels. Against this backdrop, FMI has forecast the traditional toys and games market to grow by 2% year-over-year between 2020 and 2021.
Surging demand for educational toys and games for toddlers is expected to augment growth of the traditional toys and games market. Educational toys are ideal for toddlers as they can help in stimulating the cognitive ability of children and improve their decision-making process.
Rising awareness regarding the significance of educational toys in children’s school curriculum will continue providing tailwinds to sales of traditional toys and games over the forecast period.
In addition to this, growing trend of collecting action figures, toys, figurines, puzzles, and theme-based construction game sets among millennials is expected to augment growth of the market. To capitalize on this trend, manufacturers are investing in licensing and branding with premium franchises to launch such collectibles.
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“Growing trend of home entertainment following the outbreak of COVID-19 in various countries is propelling sales of traditional toys and games. Besides this, surging demand for technology-enabled educational toys and construction games will continue augmenting growth of the traditional toys and games market through 2031,” says an FMI analyst.
Key Takeaways:
- Sales of construction games are expected to continue gaining traction over the assessment period.
- Based on material, plastic traditional toys and games will continue dominating the market.
- Demand for traditional toys and games for children under the 3-4 years age group is expected to gain momentum.
- In terms of sales channels, online retail is expected to account for a dominant share of the global traditional toys and games market.
- The U.S. is anticipated to dominate the North America toys and games market due to growing demand for licensed toys and games among millennials.
- The U.K. will continue exhibiting high demand for traditional toys and games owing to growing popularity of technology-enabled toys.
- China will emerge as a lucrative traditional toys and games market due to the expansion of ecommerce and wide availability of products in the country.
- Japan and South Korea are expected to account for 35% and 21% of the total traditional toys and games market share over the forecast period.
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Competitive Landscape
Dream International Limited, Hasbro, Inc., Jakks Pacific Inc., Mattel, Inc., Lego A/S, BANDAI NAMCO Holdings Inc., LeapFrog Enterprises, Inc., Spin Master Corp, Tomy Co., Ltd., Playmates Toys Limited, Games Workshop Group PLC, Kids Ii Inc., Madame Alexander Doll Company LLC, Mega Brands Inc., Melissa & Doug Inc., Funskool (India) Limited, Funko LLC, K’NEX Brands, L.P., Ravensburger AG, and MGA Entertainment, Inc. are among the leading players operating in the global traditional toys and games market.
As per FMI, top 5 players operating in the traditional toys and games market are anticipated to hold 10-15% of the total market share in 2021.
Leading players operating in the traditional toys and games market are aiming at product portfolio expansion by launching innovative products in the market. Apart from this, players are investing in licensing and branding of toys and games to gain a competitive edge in the market. For instance:
- In July 2021, LeapFrog Enterprises Inc., a global leader in innovative educational toys, launched its new collection of learning toys that feature curriculum-based content and important foundational skills.
- In October 2021, Spin Master Corp., launched the first collection as the global toy licensee for Riot Games’ ‘League of Legends’, the most-played PC game in the world.
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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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