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. Based on age group, the 5 to 10 years segment accounted for the major share in 2020. Based on country, on the other hand, India would remain lucrative by 2030.
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.
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The demand for stuffed and plush toys is expected to rise due to an increase in the number of regional events and occasions. Birthdays, Valentine’s Day, Christmas, and New Year’s Eve are just a few of the events that will continue to drive sales of toys in the market. Manufacturers are focusing on offering festive toys in the market as the number of traditional occasions increases. Furthermore, an increase in the number of puppet shows is expected to boost sales in the South Asia kids toys market.
The rising domestic demand for toys is also being fueled by the strong economic growth and rise in disposable incomes. The region’s middle-class population has grown rapidly. Consumers now have more disposable income, and their spending habits have shifted. As a result, there has been a significant shift away from traditional, medium- to low-end battery-operated toys and toward innovative electronic toys, intelligent toys, and premium plush toys. These South Asia kids toys market trends are creating South Asia kids toys market opportunities during the South Asia kids toys market forecast.
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.
Key Finding
- Dolls segment is expected to grow at highest CAGR of 6.3% during the forecast period
- 5 to 10 years segment is expected to grow at highest CAGR of 5.9% during the forecast period
- Specialty Stores segment is expected to grow at highest CAGR of 5.9% during the forecast period
- India dominates the market and is expected to grow at highest CAGR of 5.7% during the forecast period.
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