Press release
Wooden Toys Market Set to Witness an Uptick during 2021-2031
The global wooden toys market was valued at US$ 23 Bn in 2020
It is estimated to expand at a CAGR of 3.4% from 2021 to 2031
The global wooden toys market is expected to cross the value of US$ 33 Bn by the end of 2031
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Analysts' Viewpoint on Wooden Toys Market Scenario
The increasing popularity of wooden toys in children of all ages due to their material safety is driving the global wooden toys market. The rising presence of product manufacturers to design and develop sustainable and long-lasting wooden toys is contributing to the market expansion. Small- and medium-scale product manufactures companies are taking advantage of the growing trend of purchasing eco-friendly wooden toys to mark their presence in the global market. The global wooden toys market is driven by factors such as rising awareness of benefits of wooden toys over other toys, urbanization, increasing disposable income, rising population of children, etc. However, high costs of wooden toys, along with rising popularity of low cost thermoplastic material for manufacturing toys are factors hampering the growth of the market.
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Increasing Disposable Income of Consumers Driving Wooden Toys Market
Rapid urbanization, changing lifestyle of consumers, and increasing demand for safe and eco-friendly toys are driving the global wooden toys market. The demand for wooden toys is expected to increase during the forecast period, due to rising awareness about the environmental-friendly products in the world. In many developing countries, rising disposable income of consumers, along with rising living standard is considered to be a major driving factor of the wooden toys market. The increasing popularity of wooden toys than that of the other toys is due to their quality, safety, and sustainability. Manufacturers are investing in research & development activities to design and develop an innovative range of wooden toys. Manufacturers are expanding their production capacity due to the surging demand for wooden toys. Growing health concerns due to harmful chemicals present in plastic toys is expected to boost the wooden toys market during the forecast period.
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Growing Trend of Harmless and Long-lasting Wooden Toys in Consumers
Nowadays, modern parents are extremely conscious about the harmful effects of plastic toys; hence, accepting wooden toys for their little babies. Toys are used to develop cognitive, social, and linguistic skills of children in a fun way. Wooden toys do not possess any sharp edges, hence, safe for the little ones. With the rising demand from children of all ages, manufacturers operating in the wooden toys market are focusing on innovations and quality in products. This factor is driving the growth of the wooden toys market.
Wooden toys are considered to be safe as compared to other toys, as they do not possess sharp edges. These toys last long without suffering major breakages. These wooden toys are manufactured from natural raw materials, which are mostly non-toxic and are often recycled, which makes them eco-friendly. Various wooden toys such as cars, dolls, miniatures, collectibles, puzzles, etc. are increasingly popular among children. Manufacturers of wooden toys are product innovations and customization according to the age of children and requirement.
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Increasing Population of Children Globally
Rapid economic growth, urbanization, rising population of children are some of the major factors contributing to the wooden toys market growth. Technological development in healthcare, increasing fertility rates, and rising disposable income are also driving the demand for safe and environment-friendly wooden toys. Some of the countries such as North Dakota and South Dakota, Alaska, Utah, and Nebraska account for the largest market share due to the increasing fertility rate in these locations. There is an increasing demand for wooden toys from these countries. Traditional toys are highly popular in the world. The increasing awareness about the benefits of wooden toys is encouraging parents to buy these products. These toys improve the cognitive and innovative skills of kids. Wooden toys are gaining attention due to their excellent texture and colorfulness. For a proper growth & development of kids, many parents are adopting the educational toys. For entertainment, various fun activities with the help of art & crafts toys made from biodegradable material are becoming popular in the world, thereby, promoting the growth of the wooden toys market.
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