Press release
Sustainable Toys Market to Reach $59,643.9 million at 8.2% CAGR During the Forecast Period 2021-2030
Sustainable toys, also known as green toys or recycled toys are majorly made up of organic cotton, wool, beeswax, cork, bamboo and water based inks. Rise in environmental consciousness among the customers and rapid expansion of the retail sector is likely to propel the sustainable toys market growth during the forecast period. Plastic is known to be one of the most non-degradable substances used in the toy manufacturing. To prevent the environmental issue, the rising concern about global warming and government regulation regarding the use of plastic has been contributing for the growth of the sustainable toys market. Furthermore, government regulations regarding the use chemicals in toys and development of an eco-label certification program for toys are supporting for the growth of market.
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High internet penetration and highly addicting online games on smartphones and tablets have enormously hampered the toys market. Easy availability of high addicting gadgets, such as smartphones, video games, and computers, poses significant challenge for the toys market in the coming years.
The outbreak of the pandemic has positively impacted the global sustainable toys market. During lockdown period everyone, including children, stuck in their homes. So parents brought toys and games for their kids for entertainment. Furthermore, shortage of raw materials might pose challenges for stakeholders in the industry. Players who are sourcing materials locally are at a much better position.
According to the sustainable toys market analysis, the sustainable toys market segmented into type, product type, distribution channel, age group and region.
On the basis of product type, the market is categorized into action figures, building sets, dolls, games/puzzles, sports and outdoor toys and others. On the basis of age group, the market is segmented into, up to 5 years, 5 to 10 years and above 10 years.
By distribution channel, market is categorized into, hypermarket/supermarket, specialty stores, departmental stores, online channels and other.
Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe), Asia-Pacific (China, India, Japan, ASEAN, Australia and Rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa and Rest of LAMEA).
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Key Findings Of The Study
The sustainable toys market size was valued at $18,940.0 million in 2020, and is estimated to reach $59,645.1 million by 2030, registering a CAGR of 12.5% from 2021 to 2030.
By type, the action figures segment is estimated to witness the significant growth, registering a CAGR of 15.2% during the forecast period.
By age group, the Up to 5 years segment is estimated to witness the significant growth, registering a CAGR of 11.7% during the forecast period.
In 2020, depending on distribution channel, the hypermarket/supermarket segment was valued at $5,423.50 million, accounting for 28.6% of the global sustainable toys market share.
In 2020, the US was the most prominent market in North America, and is projected to reach $14,738.50 million by 2030, growing at a CAGR of 11.7% during the forecast period.
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