Toys and games are the tools of play, which hold an important part in social life. These are mainly intended for children's use, though they have also been marketed to adults under certain circumstances. The global traditional toys and games market is segmented by product type as outdoor and sports toys, construction sets, dolls, and plush toys, vehicles, action figures, others. Also, by distribution channel divides the market into hypermarkets/supermarkets, specialty retail stores, and online retail stores.
The Global traditional toys and games market was valued at US$ 111.83 Billion in 2021 in terms of revenue, exhibiting a CAGR of 5.01% during the forecast period (2022 to 2030).
Millennials are largely getting inclined toward purchasing figurines, puzzles, and action figures of their favorite cartoon characters and superheroes. Depiction of these characters in movies, television shows, books, and comics is influencing purchasing decisions of millennials, as they want to have these unique collectibles in their collection.
Leading toy brands are capitalizing on this trend by honing in on the target audience’s memories and interests to develop stronger emotional connections. Toy makers are offering toys and games that take the audience down memory lane, by creating a theme around popular themes and characters from the 80s and 90s.
As parents who grew up in the 80s, millennials seek toys and games that feature pop culture references, which include Legos, Transformers, Star Wars, and Strawberry Shortcake for their kids. For instance, in 2020, Leading pop culture consumer products and toys company Funko launched ‘Marvel Battleworld: Mystery of the Thanostones’, a micro table gaming system. The company collaborated with animation production and comics house Marvel to engage their younger fans and adults with a new range of products and animation collaboration.
As an impact of COVID-19, the market witnessed strong growth among high-income and middle-income consumers, leading to the launch of numerous stay-at-home product ranges by the leading players. During the pandemic, toy and game sales were primarily driven by the online retail of products. However, due to delays in much-anticipated movie releases like “Trolls World Tour” and “Top Gun: Maverick,” the toys, collectibles, and other merchandise based on the character of these movies that already reached the retailer stores observed no or minimal sales. Thus, it negatively impacted the growth of global traditional toys and games market.
Figure 1. Global Traditional Toys and Games Market Value Share (%), By Region, 2021
Growing inclination towards smartphones and computer games over traditional toys and games is the major factor restraining growth of the traditional toys and games market. This trend is particularly evident in the urban areas of both North America and Europe.
|Base Year:||2021||Market Size in 2021:||US$ 111.83 Bn|
|Historical Data for:||2017-2020||Estimated Year:||2022|
|Forecast Period 2022 to 2030 CAGR:||5.01%||Forecast Period:||2022-2030|
Dream International Limited, Hasbro, Inc., Mattel, Inc., Funskool Limited, Lego A/S, Jakks Pacific Inc., Tomy Co. Ltd., LeapFrog Enterprises Inc., Spin Master Corp., and Bandai Namco Holdings Inc.
|Restraints & Challenges:||
Parents are increasingly encouraging their kids to buy outdoor and sports toys due to the growing prevalence of childhood obesity and other health problems in many countries across the globe. Apart from outdoor and sports toys, demand for construction toys is also growing mainly driven by their vast cognitive among kids of different age groups. Currently, parents and teachers are recognizing the importance of these construction toys for fostering spatial and creative skills among preschool kids. Thus, the sales of this traditional toy variety are increasing. Moreover, rising adoption of construction toys among adult kids to boost their learning capabilities is one of the key factors driving the overall growth in the traditional toy category. In the last few years, several toy manufacturers have focused on bringing new shapes and design options that allow children to create an array of innovative constructions.
Figure 2. Global Traditional Toys and Games Market Value Share (%), By Product Type, 2021
Major players operating in the global traditional toys and games market include Dream International Limited, Hasbro, Inc., Mattel, Inc., Funskool Limited, Lego A/S, Jakks Pacific Inc., Tomy Co. Ltd., LeapFrog Enterprises Inc., Spin Master Corp., and Bandai Namco Holdings Inc.
Toys and games are the tools of play, which hold an important part in social life. These are mainly intended for children's use, though they have also been marketed to adults. The core strategy used by toy manufacturers to attract children is to commercialize favorite movies and cartoon characters such as Spiderman, Ironman, Superman, and Doraemon.
The rising popularity of online retailing is allowing hassle-free purchase and browsing of products from an extensive range of traditional games and toys. In addition to that, online retailing aids in making entire shopping experience a lot easier and more convenient. These features of online shopping are likely to open up a new channel of sales for the seller of traditional toys and games. This factor is expected to drive growth of the global traditional toys and games market over the forecast period.
Increasing disposable income of the people is also an another important growth factor for the global traditional toys and games market over the forecast period. The affordability of the people rises with the rise in disposable income, which is expected to increase the sales of traditional toys and games. Online advertising is expected to help manufacturers promote their toys to a large base of consumers, they could also target specific age groups as well. Online promotions are likely to work in favor of the market over the forecast period. Furthermore, growing interest of children and their parents in art-based gadgets, science & technology, and math is positively impacting the sales of educational toys and games. Thus, these factors are expected to propel growth of the global traditional toys and games market in the upcoming years.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section