Increased awareness regarding hazardous effects of toxic chemicals used in the toys and increasing concern about climate and environment are majorly driving the growth of the sustainable toys market during the forecast period.
According to a new report published by Allied Market Research, titled, “Sustainable Toys Market by Product Type, Age Group and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021-2030,”
The sustainable toys market size is expected to reach $59,643.9 million by 2030, registering a CAGR of 8.2% from 2021 to 2030.
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Sustainable toys, also known as green toys or recycled toys are majorly made up of organic cotton, wool, beeswax, cork, bamboo and water based inks. Rise in environmental consciousness among the customers and rapid expansion of the retail sector is likely to propel the sustainable toys market growth during the forecast period. Plastic is known to be one of the most non-degradable substances used in the toy manufacturing. To prevent the environmental issue, the rising concern about global warming and government regulation regarding the use of plastic has been contributing for the growth of the sustainable toys market. Furthermore, government regulations regarding the use chemicals in toys and development of an eco-label certification program for toys are supporting for the growth of market.
High internet penetration and highly addicting online games on smartphones and tablets have enormously hampered the toys market. Easy availability of high addicting gadgets, such as smartphones, video games, and computers, poses significant challenge for the toys market in the coming years.
The outbreak of the pandemic has positively impacted the global sustainable toys market. During lockdown period everyone, including children, stuck in their homes. So parents brought toys and games for their kids for entertainment. Furthermore, shortage of raw materials might pose challenges for stakeholders in the industry. Players who are sourcing materials locally are at a much better position.
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According to the sustainable toys market analysis, the sustainable toys market segmented into type, product type, distribution channel, age group and region. On the basis of product type, the market is categorized into action figures, building sets, dolls, games/puzzles, sports and outdoor toys and others. On the basis of age group, the market is segmented into, up to 5 years, 5 to 10 years and above 10 years. By distribution channel, market is categorized into, hypermarket/supermarket, specialty stores, departmental stores, online channels and other. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe), Asia-Pacific (China, India, Japan, ASEAN, Australia and Rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa and Rest of LAMEA).
On the basis of product type, dolls segment has been gaining significant share in global sustainable toys market and is estimated to reach $11,315.2 million by 2030 at a CAGR of 11.9%. Sustainable doll toy and game manufacturers are thus increasingly investing in traditional toys such as microscopes, modelling clay and magic kits to keep up with the growing demand from parents. Furthermore, the company is introducing new packaging, such as L.O.L. Surprise!, wherein dolls come inside opaque packaging, so kids don’t know what they are getting until the toy is fully unwrapped. Sustainable dolls are majorly made up of cotton, wool, and water based inks which are non-hazardous for kids health, which further contributes for the growth of the market during the forecast period.
According to the sustainable toys market forecast, on the basis of age group, the 5 to 10 years segments accounted for around 39.7% market share in 2020, with and is expected to grow at CAGR of 13.1% during the forecast period. 5 to 10 years age group kids has tremendous explosion in the learning ability. Thus, parent are increasing focusing on providing educational toys including STEM toys. STEM is short form of Science, Technology, Engineering and Math. STEM toys encourage kids to learn more about these 4 subjects. In this age group, children are increasingly using smartphones for education and playing purposes is likely to hinder the growth of the sustainable toys market during the forecast period
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According to the sustainable toys market trends, on the basis of distribution channel, the online channels segment is growing at highest CAGR growth rate and is estimated to reach $7,863.2 million by 2030. The online sale of sustainable toys is likely to gain significant traction in the upcoming years. Consumers can obtain access to products manufactured in a different country through online retail. Consumers who demand a product from a specific brand but do have access to the physical store can easily purchase it from online portals. Therefore, online stores enable attaining a larger consumer base across the world. It is regarded as the fastest growing sales channel in the global market.
According to the sustainable toys market opportunities, region wise, Asia-Pacific market is expected to witness significant growth at a CAGR of 13.3% during the forecast period. Asia-Pacific is the fastest growing and developing region with numerous emerging economies, including but not limited to India, China, Vietnam, and Indonesia. With rapid urbanization, digitalization, and emergence of modern retail channels, the Asia-Pacific region is expected to offer lucrative opportunities to the engaged stakeholders. Furthermore, growing parents awareness about hazardous effects of toxic chemicals in toys, which further encourage parents to buy sustainable toys for their kids in the Asia Pacific region.
The players operating in the sustainable toys industry have adopted product launch and business expansion as their key developmental strategies to expand their market, increase profitability, and remain competitive in the market. The key players profiled in this report include Eco Kids, Le Toy Van, Green Toys, Legler, Tegu, PlanToys, LEGO, Hasbro, GOLIATH GAMES and CLEMENTONI.
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Key Findings Of The Study
- The sustainable toys market size was valued at $18,940.0 million in 2020, and is estimated to reach $59,645.1 million by 2030, registering a CAGR of 12.5% from 2021 to 2030.
- By type, the action figures segment is estimated to witness the significant growth, registering a CAGR of 15.2% during the forecast period.
- By age group, the Up to 5 years segment is estimated to witness the significant growth, registering a CAGR of 11.7% during the forecast period.
- In 2020, depending on distribution channel, the hypermarket/supermarket segment was valued at $5,423.50 million, accounting for 28.6% of the global sustainable toys market share.
- In 2020, the US was the most prominent market in North America, and is projected to reach $14,738.50 million by 2030, growing at a CAGR of 11.7% during the forecast period.
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