According to the report published by Allied Market Research, the South Asia kids toys market was pegged at $6.66 billion in 2020 and is estimated to hit $10.99 billion by 2030, registering a CAGR of 5.4% from 2021 to 2027. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
The increase in demand for strategy-based and educational toys among children drives the growth of the South Asia kids toys market. The number of kids is expected to increase in the coming years and positively impact the South Asia kids toys market growth. The World Bank estimates that approximately 25.6% of the global population is under the age of 14. Large consumer base and expanding young population in developing countries, such as India, propel the demand for toys especially in the South Asia region.
Emergence of games in bars and cafes and increase in demand from children and young population drive the growth of the South Asia kids toys market. On the other hand, imposition of regulations, growth in digitalization, and widespread penetration of smartphones restrain the growth to some extent. However, reduction of carbon footprints and several environment-friendly initiatives are expected to create lucrative opportunities in the industry.
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Huge disruptions in the supply chain and interruptions in production activities, especially, during the initial phase of the lockdown, impacted the South Asia kids toys market negatively.
Nevertheless, as the situation gets better at a slow & steady pace, the market is projected to get back on track soon.
The South Asia Kids Toys market is analyzed across product, age group, sales channel, and country. Based on product, the dolls segment contributed to around one-fifth of the total market share in 2020, and is expected to lead the trail by 2030. The same segment would also cite the fastest CAGR of 6.3% from 2021 to 2030.
Based on age group, the 5 to 10 years segment accounted for more than two-fifths of the total market revenue in share in 2020, and is anticipated to rule the roost by 2030. The same segment would also grow at the fastest CAGR of 5.9% from 2021 to 2030.
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Based on country, India held the major share in 2019, generating more than four-fifths of the total market. The same region would also manifest the fastest CAGR of 5.7% during the forecast period. The other countries studied in the report include Sri Lanka, Pakistan, and Bangladesh.
The leading market players analyzed in the South Asia Kids Toys market report include Hasbro Inc., Mattel Inc.,Zephyr Toymakers Pvt. Ltd.,Funskool, Brainsmith, Sri Toys International, Tikiri Toys, LEGO Group, Masoom Playmates, and Shinsei. These market players have adopted different strategies including partnership, expansion, collaboration, joint ventures, and others to reinforce their status in the industry.
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