India Toys Market Report and Forecast (2018-2028)- Analysis by Type of Player, Type of Toys, Product Segmentation, and Distribution Channel

India Toys Market Report and Forecast (2018-2028)- Analysis by Type of Player, Type of Toys, Product Segmentation, and Distribution Channel

Executive Summary

Toys have been an integral part of Indian culture and heritage however the Indian toy industry has come a long way, the nature and techniques of play are fast evolving keeping pace with changes in technology and market demands. The global disaster of the COVID-19 pandemic caused a severe disruption in supply in the year 2020. This became a blessing in disguise in a combination with rising governmental support for the dwindling toy industry. With the Government support the market was able to reduce its import by 70%.

Over the past few years, there have been quite a few new advances in the toy sector in our nation, including the introduction of additional categories of toys that bring more innovation to better designs in the structure and numerous other areas. The domestic market has seen remarkable development & expansion in the toy business, which has been growing at a pace of 10-15% annually.

There are a variety of factors that have contributed to the steady growth of the Indian Toy Market. Some of the significant factors are rising consumer base, increasing importance of educational games, unconventional parenting style and India’s protectionist strategy.

Performance of Segmentation

Type of Players: The Indian toy industry is dispersed and regionally dependent, but it is also generally unorganised because the market is so small in relation to the country's population and per capita income. Due to the government's emphasis on this sector, more organised players are joining the market. Even tiny enterprises are growing their operations and joining the organised market.

By Type of Toys: Wheeled toys, video games and other electronic toys, and plush and plastic toys make up the three major categories of toys in the India toy market. The majority of the market is dominated by toys on wheels. Among the major toy categories exported from India are leisure toys, doll carriages, puzzles of various types, and wheels.

By Product Segmentation: Plush Toys & Dolls holds the major market share followed by Electronic Toys and Activity Toys. India is witnessing a major shift in spending pattern. The consumers are now preferring buying battery operated and innovative electronic toys instead of traditional ones.

By Distribution Channel: Toys and a Specialty stores accounts for the major share followed by Others, General Merchandise & Discount Stores, Online Retail Stores and Hypermarkets & Supermarkets. In India, small toy shops are catering to the masses, while branded ones like Fisher Price, Hamleys, Funskool, FunCorp are catering to the upper middle and high class.

Future Outlook

In the coming years, toys can serve as one of the game changers in the export sector of India. Countries in Europe and North America have high demand for toys and to fulfill it all, India can emerge as one of the biggest toy exporters.

Driving Factors

The market for Indian toys is expected to expand as a result of rising middle class that has become a significant player in the world of consumerism. Considering the retail boom and the changing consumption habits of the middle class which favor use of toys as a medium for entertainment and education, the Indian toy market is expected to develop moderately and grow at the rate of 11 to 15% annually.

Internet retailing is becoming more and more important distribution channel due to several reasons. Consumers have increasing access to the internet and online retailers often have better merchandise in terms of variety, new launches and offer of branded toys. Though the online toy market represents a mere 8%, it is growing rapidly and is likely to have a major influence on the overall demand in the next couple of years.

The toy industry will witness a moderate growth in 2023 which will be driven by growing young population, rising disposable incomes, and a slew of innovations for the junior population base. The toy industry is poised to take advantage of sizable prospects in every toy category, including electronic toys, puzzles, building and construction toys, dolls, ride-ons, sports and outdoor play toys, infant and preschool toys and activity toys.

Makreo research has published a study on Toy Market titled, “India Toy Market Analysis and Forecast (2018-2028)”. Market assessment has been carried out using qualitative and quantitative methods which suggests our well-rounded approach to analysis. This provide readers with a more complete understanding of the Toy Market in India, including its past and present performance, as well as potential growth opportunities in the future.

The study's assessment of the pre and post-COVID scenarios is also particularly noteworthy, as the pandemic has had a significant impact on the Toy industry as a whole, the industry turned on its head as it grew to become a net foreign exchange earner. Covid-19 became a blessing in disguise in a combination with rising governmental support for the dwindling toy industry. Future outlook has been assessed keeping various influencing factors into consideration and also to assess the expected opportunities in the market. Overall, this study could be a valuable resource for anyone interested in understanding the Toy market in India and its potential for growth in the future.

Segmentation Covered:

• By Type of Player: Organized & Unorganized.
• By Type of Product: Wheeled Toys, Video Games & Other Electronic Toys, and Plush & Plastic Toys.
• By Product Segmentation: Plush Toys & Dolls, Electronic Toys, Board Games & Puzzle, Construction Games, Activity Toys, Ride- on Toys, Outdoor Toys, Others.
• By Distribution Channel: Toys Specialty Stores, General Merchandise & Discount Stores, Hypermarkets & Supermarkets, Online Retail Stores and Others.

Companies Discussed in the Report

• Funskool
• Brainsmith
• Buddyz
• Clever Cubes
• Shinsei
• FunCorp.in
• The Story Merchants
• Win Magic Toys
• Masoom Playmates
• Triple Ess Toys
• Khanna Toys
• Aditi Toys
• FunRide Toys
• Peacock Toys
• Skoodle
• Hamleys

Key Questions Answered

1.What is the present performance of India Toy Market and at what rate it is growing?

2.What is the average expenditure on Toys and what is the average price of toys in India?

3.What are the key factors driving the India Toy Market?

4.How Indian government is supporting the toys industry?

5.What is the breakup of India Toy Market based on the type of players?

6.What are the major distribution channels in the India Toy Market?

7.What is the breakup of India Toy Market based on the type of toys?

8.Who are the major players in the India Toy Market?