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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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.
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.
However, the growing popularity of online gaming and the impact of certain toys on children’s minds are expected to limit the South Asia kids toys market growth. The popularity of online gaming has risen significantly. The popularity of these games is being boosted by live streaming and social media platforms. Furthermore, certain toys, such as action figures from violent movies, are thought to have a negative impact on children’s brains. These factors are expected to hinder the market growth.
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The growing requirement to comply with various regulations is expected to have a significant impact on the growth of the South Asian kids toys market. Several federal and state regulations have been imposed, resulting in rigorous testing of the toys prior to their release. Toys sold in India must be certified by the Bureau of Indian Standards (BIS). The certification will bear the standard mark under a license granted by the Bureau, in accordance with Scheme-I of Schedule-II of the BIS (Conformity Assessment) Regulations, 2018. These regulations are expected to impede the growth of the South Asia kids toys market.
The South Asia kids toys market is segmented on the basis of product, age group, sales channel, and countries. By product, the market is classified into action figures, building sets, dolls, games and puzzles, sports & outdoor toys, plush, and others. By age group, it is studied across up to 5 years, 5 to 10 years, and above 10 years.
By sales channel, the market is divided into hypermarket/supermarket, specialty stores, departmental stores, online channels, and others. By countries, the market is analyzed across India, Sri Lanka, Pakistan, Bangladesh, and the rest of South Asia.
Some of the key players profiled in the South Asia kids toys market analysis include the LEGO Group, Hasbro Inc., Mattel Inc., Funskool, Brainsmith, Sri Toys International, Tikiri Toys, Masoom Playmates, Shinsei, Zephyr Toymakers Pvt. Ltd.
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Key findings of the study
- By country, India is anticipated to grow at a robust CAGR of 5.7% during the forecast period.
- By product, the dolls segment led in terms of market share in 2020, and is expected to gain market share in the coming years.
- By age group, the 5 to 10 years segment dominate the market in 2020, and is poised to grow at the highest CAGR during the forecast period.
- By sales channel, the online channels segment is expected to gain highest South Asia kids toys market share in the coming years, and is estimated to grow at a CAGR of 5.5% during the forecast period.
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