Exploring Market Strategies of Top Toy Companies in the Worldwide 2024 | IMARC Group

A toy refers to an object that is developed mainly for children's utilization, comprising things that stimulate learning, imagination, and exercise. Production of toys involves different materials, and these are mainly plastic, wood, and fabric. Molding plastic toys usually involves injecting melted plastic into molds. Wooden toys are made by carving or assembling of pre-cut pieces, and fabric toys on the other hand are sewn from textiles and stuffed with soft material. The importance of toys is not only an entertainment factor; they are useful for cognitive development, allowing children to improve their motor skills, problem-solving abilities, and interaction with others. In addition, toys can be used therapeutically for instance in educational and psychological settings to help children to express emotions and develop coping mechanisms through playing.

The global toys market size reached US$ 183.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 326.0 Billion by 2032, exhibiting a growth rate (CAGR) of 6.5% during 2024-2032.

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The top toy companies are actively involved in product line enhancement and product diversification to ensure that they can keep up with the changing consumer preferences and technological advancement. Companies like Hasbro, Mattel, and LEGO are pioneers in this field, creating new products that combine interactive technologies with educational aspects to engage kids in a meaningful process. To illustrate, LEGO introduced a new line of STEM (Science, Technology, Engineering, and Mathematics) kits whereby children can explore and learn these subjects by playing. Likewise, Mattel has specifically concentrated on inclusivity and diversity by offering dolls with various skin colors, body shapes, and disabilities.

Some of the Top Key players in the Global Toy Industry

• Clementoni Spa
• Funskool Ltd.
• Hasbro Inc.
• Lego A/S (Kirkbi A/S)
• Mattel Inc.
• Playmobil (Brandstätter Group)
• Pressman Toy Corporation (Goliath B.V.)
• Simba Dickie Group
• Spin Master
• Talicor Inc.
• Thinkfun Inc. (Ravensburger North America Inc.)
• Tomy Company Ltd

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In addition to these market adaptations, sustainability has become a significant focus. Companies are increasingly using recycled and eco-friendly materials in their toys and packaging, responding to growing consumer demand for environmentally responsible products. For example, Hasbro has committed to eliminating plastic in their new product packaging. Furthermore, these companies are also leveraging partnerships with popular media franchises and mobile gaming companies to create themed toys that ride on the popularity of various global entertainment phenomena. This strategy not only revitalizes interest in traditional toy forms but also helps the brands maintain relevance in a highly competitive market. Some of the other factors such as rising middle-class population, customization and personalization, retro and nostalgia marketing, and extensive research and development (R&D) activities.

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This release was published on openPR.