As per the newest market evaluation by Future Market Insights (FMI), an ESOMAR-certified market analysis agency, the worldwide sales of traditional toys and games are projected to reach US$ 90 Bn in 2021, expanding at a CAGR of 4% over the forecast period of 2021 and 2031.
Growing awareness regarding the benefits of traditional toys and games is driving the global market. Traditional toys and games serve multiple purposes. They provide entertainment while fulfilling an educational role. Various studies have found that educational toys and games enhance cognitive development in children and stimulate creativity.
Products such as puzzles and construction games foster cognitive growth and improve problem solving abilities of children. Today, parents are willingly spending on purchase of educational toys and games for their children. This is projected to accelerate the growth of traditional toys and games market.
The demand for traditional toys and games considerably grew amidst COVID-19. Implementation of stringent lockdown guidelines resulted in the closure of schools and public parks. As a result, children of young spent majority of their time at home. Consequently sales of traditional toys and games surged as parents looked for means of keeping them engaged.
Manufacturers are continuously leveraging various strategies to increase their sales and stay relevant in the market. They are establishing partnerships with online stores. New products also are being introduced into the market.
As per FMI, construction games will continue to dominate the traditional toys and games market during the forecast period. Regionally, North America and Europe are anticipated to exhibit high growth over the forecast period. Growing popularity of technology-enabled toys, presence of some leading market players and increasing spending by parents on toys and games are some of the factors driving the market in these regions.
“Growing awareness among people regarding the importance of traditional toys and games in child’s overall development is fueling the sales in the market. Besides this, rising popularity of home entertainment for children is expected to create lucrative growth opportunity for the market,” says the FMI analyst.
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Key Takeaways from Traditional Toys and Games Market Survey
- Sales of traditional toys and games in North America are projected to rise at 2% CAGR through 2031.
- With increasing penetration of online platforms, the Europe market is forecast to expand at 3% CAGR between 2021 and 2031.
- China is emerging as one of the most lucrative markets for traditional toys and games and the trend is likely to continue in the future.
- Based on product type, construction sets segment is projected to register the fastest growth over the assessment period.
- In terms of material type, plastic will continue to remain the most preferred material for manufacturing traditional toys and games.
- Parents are realizing the importance of traditional toys and games in facilitating the cognitive and intellectual growth of their children. As a result, they are spending increasingly on these items.
- Commercialization of famous movies and cartoon characters such as superman, ironman and Doraemon by leading toy manufacturers will help increasing sales of traditional and games.
- Growing popularity of online shopping platforms for purchasing traditional toys and games will accelerate the growth of the market.
- High demand in India and China is creating lucrative growth opportunities for the manufacturers of traditional toys and games.
- Rising popularity of advanced games and increasing penetration of smartphones are restraining the growth of the market.
Leading companies operating in the traditional toys and games market are focusing on expanding their product portfolio. They have adopted various organic and inorganic growth strategies such as mergers and acquisitions, new product launches, partnerships and collaborations to strengthen their global footprint. Some of the prominent players operating in the traditional toys and games market profiled by FMI are: Dream International Limited, Hasbro, Inc., Jakks Pacific Inc., Mattel, Inc., Lego A/S, BANDAI NAMCO Holdings Inc., LeapFrog Enterprises, Inc., Spin Master Corp, Tomy Co., Ltd., Playmates Toys Limited, Games Workshop Group PLC, Kids Ii Inc., Madame Alexander Doll Company LLC, Mega Brands Inc., Melissa & Doug Inc., Funskool (India) Limited, Funko LLC, K’NEX Brands, L.P., Ravensburger AG, MGA Entertainment, Inc.
- In October 2021, JAKKS Pacific, Inc., a leading toy and consumer products manufacturer, announced the launch of its new line of toys developed for the upcoming theatrical release of Disney’s “Encanto.” JAKKS is launching a comprehensive, cohesive global line celebrating the entire family ensemble, key moments, music and room environments allowing kids to play out their favorite parts of the film with their favorite characters.
- In August 2020, Funskool India Ltd., the leading Indian toy manufacturer, launched 5 new products under the games and puzzles category where children can both play and learn during these challenging times. The new range of games and puzzles gives everyone an opportunity to detox and unplug from technology.
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More Insights on the Global Traditional Toys and Games Sales Outlook
FMI provides an unbiased analysis of traditional toys and games market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global demand for traditional toys and games with a detailed segmentation on the basis of: Product Type: Games/Puzzles, Infants/Toddlers/Preschool Toys, Plush, Outdoor & Sports Toys, Model Vehicles, Dolls, Construction sets, Art and Crafts, Remote control toys, Educational toys, Dress up and role play, Ride on vehicles; Material: Plastic, Textile, Metal, Wood; Age Group: 0-18 months, 19-36 months, 3-4 years, 5-8 years, 8-10 years, 11-14 years; Sales Channel: Hyper/Super market, Online, Franchised Outlets, Departmental Stores, Others (Discounters, variety stores); Region: North America, Latin America, Europe, East Asia, South Asia, Oceania, Middle East & Africa