India Toy Market Analysis and Forecast (2018-2028): Exploring Growth Drivers, Government Initiatives, and Emerging Opportunities

India Toy Market Analysis and Forecast (2018-2028)
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 market is brimming with a wide array of both traditional and modern toys.

The toy industry will witness moderate growth in 2023 driven by a growing young population, rising disposable incomes, and a slew of innovations for the junior population base.

Even the Indian government realized the importance of toy industry in India. With the implementation of schemes such as Atma-Nirbhar Bharat and Make in India, the government of India plans to create an ecosystem that would enable the toy manufacturer in India to totally produce toys in India without importing anything. Additionally, the GOI is enticing netizens to choose local toys through this programme, which will increase the demand for the Toys in India.

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► Impact of Covid-19
■ The Indian toy market saw positive growth in FY2019-20 owing to the formation of cluster in many states and the setup of units by indigenous manufacturers in accordance with the government initiative. But due to the arrival of the COVID-19 Pandemic, there was a significant dip in 2020.
■ Despite the fact that Covid-19 produced a severe downturn, there was a positive side as well. Numerous new businesses entered the market. Covid-19 became a blessing in disguise in combination with rising governmental support for the dwindling toy industry.

► Rise in Online Retailing
■ Internet retailing is becoming a 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.

► Key Developments
■ The first toy manufacturing cluster in India will be located in Koppal, in keeping with the PM's goal of promoting local production and toy manufacture. The 400-acre Special Economic Zone (SEZ) will have world-class infrastructure and will create 40,000 jobs in 5 years once the ecosystem needed to sustain the toy cluster is in place.
■ In Jan 2023, Indian government have seized 18,600 toys in the last one month from major retail stores, including those of Hamleys and Archies, at airports and malls across India for lack of BIS quality marks and use of fake licences.
■ In 2021, the India Toy Fair opened its doors, giving toy producers a venue to display their goods. Khilona 2023 is planned for August 18-20, 2023.

► Further Key Findings
■ Increasing Export of Toys: Toys can serve as one of the game changers in the Export Sector of India. Exports of toys increased by 61.4% in FY 2021-2022 while imports decreased by 70% during the same period. Countries in Europe and North America have very high demands for toys and to fulfill it all, India can emerge as one of the biggest toy exporters. Due to the merger of Hong Kong with China, American / European Toy Manufacturers / Traders are looking for alternate manufacturing base in South East Asia, and this is the opportune time for India to attract them.

■ Rise of Middle Class: Over time, the middle class in India has become a significant player in the world of consumerism. It has been estimated that the middle class in India has purchasing power comparable to that of the whole European market. 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.

■ Focus on Sustainability: The increased levels of cognizance among individuals about adopting a sustainable lifestyle is also reflected in the growing adoption of sustainable practices in the global STEM (Science, Technology, Engineering, and Mathematics) toys market. As of today, the negative impact that non-biodegradable waste can have on the environment is largely recognized and hence there is a collective desire to promote sustainability and thus preserve the planet.

■ India's Protectionist Strategy: Protectionism protects domestic industries that are in their infancy and immature stage and provides them with a relatively stable environment for growth. In addition to increasing the basic customs duty on toys from 20% to 60%, India has now also imposed stringent conditions on the quality of toys that have been imported. This has cut imports and increased the demand for local toys.

■ Lack of awareness of international opportunities: Due to limited exposure, Indian Toy Manufacturers may not have information about the various international trade fairs and various international opportunities available in the toy market. Lack of awareness amongst the Indian player is thus leading to reduced exports.

Makreo research has published a study titled "India Toy Market Analysis and Forecast (2018-2028)". We have covered a wide range of factors in our evaluation, including target population, age and income groups, and the impact of the country's economy on the India market. Additionally, the focus on both qualitative and quantitative factors 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. 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.

► Period of Study
2018-2022: Past and Present Scenario
2023-2028 : Future Outlook of the industry

► Market Assessment:
The report examines opportunity for the Toy market in India on various grounds including, market revenue, India's share in global toy market, market share by type of players , emerging startups, share of small, medium, and large manufacturing units in India , government regulations and many other.

► India Toy Market
By Type of Player: Organized and Unorganized
By Type of Toys: Wheeled Toys, Video Games & Other Electronic Toys, Plush & Plastic Toys.
By Product: 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 Covered:
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.

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Makreo is a Market research and consulting firm working closely with business conglomerates worldwide to help them in many aspects of driving their business growth and assist in making wise decisions with the help of our qualitative & quantitative market insights.

This release was published on openPR.