openPR Logo
Press release

India's Toy Market Poised for 11-15% Annual Growth as Urbanization and Middle-Class Boom Drive Demand

11-07-2024 09:02 AM CET | Leisure, Entertainment, Miscellaneous

Press release from: Makreo Research And Consulting

Toys have long been a cornerstone of Indian culture and heritage, but the Indian toy industry has evolved significantly in recent years. The nature of play is rapidly changing, adapting to technological advances and shifting market demands. Today, the market is flooded with a diverse range of both traditional and modern toys, catering to an expanding consumer base.

According to Makreo Research, India's toy industry is undergoing significant transformations, driven by urbanization, changing consumer preferences, and shifts in the global trade landscape. The market's growth is fueled by demographic changes and evolving consumer demands, although India still faces challenges in positioning itself within the global toy trade.

Request Free Sample Report:
https://www.makreo.com/report/india-toys-market-report-forecast-2018-2028

► Urbanization and Consumer Shifts Driving Growth in the India Toys Market
India's rapid urbanization is reshaping its toy market. By 2035, India is expected to have 675 million urban residents, second only to China, marking a significant increase from 483.1 million in 2020. As urban populations grow, disposable income also increases, influencing consumer purchasing behavior. This growing affluence is leading to a shift in the toy market, with consumers increasingly preferring innovative electronic toys, intelligent toys, and upmarket plush toys over traditional and lower-end battery-operated toys. This shift presents an opportunity for the industry to cater to an expanding middle class with more disposable income.

► India's Marginal Position in Global Toy Trade
Despite positive domestic trends, India holds a marginal position in the global toy trade. According to the Global Trade Research Initiative (GTRI), India accounts for only 0.3% of the world's toy exports and 0.1% of imports. India's toy exports saw a slight decline to USD 152.34 million in FY 2024, down from USD 153.89 million in the previous year.

► Key Insights on India's Toy Market
Makreo Research identifies several critical factors shaping the India Toys Market:

Increased Exports: India has emerged as a key player in the global toy trade, with exports rising by 61.4% in FY 2021-2022, while imports decreased by 70%. Europe and North America's high demand for toys presents an opportunity for India to boost its toy exports.

• The Rise of the Middle Class: The growing middle class in India, with significant purchasing power comparable to that of the European market, is driving demand for toys as both entertainment and education tools. The market is estimated to grow at an annual rate of 11-15%.

• Sustainability Trends: Growing awareness about sustainability is increasing demand for eco-friendly and sustainable toys, including STEM (Science, Technology, Engineering, and Mathematics) toys. Consumers are increasingly concerned about the environmental impact of non-biodegradable waste, driving a shift toward sustainable toy options.

• India's Protectionist Strategy: To protect the nascent toy industry, the Indian government has raised the customs duty on imported toys from 20% to 60%, with plans to increase it to 70%. This protectionism is helping to reduce imports and increase the demand for locally produced toys.

• Lack of International Awareness: Indian toy manufacturers often lack awareness of international trade opportunities and global trade fairs, limiting their export potential.

► Historical Export Trends and Trade Challenges in the Indian Toys Market
India's toy exports increased modestly from USD 129.6 million in FY 2020 to USD 177 million in FY 2022. However, the country's toy exports faced challenges, and in FY 2024, exports dropped to USD 152.34 million. In contrast, India's toy imports increased to USD 64.92 million in FY 2024, up from USD 62.37 million in FY 2023. This trend highlights the need for India to strengthen its position as both a producer and exporter of toys.

► Strategic Focus on Different Global Toy Categories
To better compete on the global stage, India's toy industry must develop targeted strategies for various toy categories. Key global segments include:
• Plush toys (USD 7 billion)
• Educational toys (USD 6 billion)
• Construction toys (USD 10 billion)
• Action figures and dolls (USD 10 billion)
• Electronic toys (USD 15 billion)
• Board games and puzzles (USD 9 billion)
• Outdoor and sports toys (USD 5 billion)

These diverse categories present both challenges and opportunities for Indian manufacturers, which must tailor their offerings to meet the specific demands of global markets.

► Geographic Distribution and Sectoral Composition of India's Toy Manufacturing Industry
India's toy manufacturing industry is widely distributed, with key concentrations in Uttar Pradesh, Maharashtra, Karnataka, and Tamil Nadu. The sector is largely driven by micro, small, and medium enterprises (MSMEs), with over 4,000 active manufacturing units. Approximately 88% of these units are based in the northern and western regions, reflecting a strong production network in these areas. These regional concentrations are crucial for meeting domestic demand and fostering innovation in India's growing toy market.

► Opportunities for Growth and Expansion
As India's toy market continues to grow, both domestic consumption and export opportunities provide avenues for expansion. The increasing urban population, coupled with rising disposable incomes, is set to drive demand for higher-end toys, offering substantial opportunities for innovation and market diversification. India's toy manufacturers need to adapt to these changes, creating products that appeal to both evolving domestic preferences and the global market.

Seeking tailored insights to navigate the toy market? Our Custom Research Services offer the precise data and in-depth analysis required to support informed decision-making.
https://www.makreo.com/custom-research

Makreo Research has published a study on Toy Market titled, "India Toys Market Size and Forecast (2018-2028) ". Market assessment has been carried out using qualitative and quantitative methods which suggests our well-rounded approach to analysis. This provides 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. Covid-19 became a blessing in disguise in combination with rising governmental support for the dwindling toy industry. The future outlook has been assessed while keeping various influencing factors into consideration and also to assess the expected opportunities in the market. 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.

► Segmentation Covered:
By Type of Player: Organized & Unorganized.
By Type of Product: Wheeled Toys, Video Games & Other Electronic Toys, and Plush & Plastic Toys.
By Product Segmentation: Plush Toys & Dolls, Electronic Toys, Board Games & Puzzles, 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 Discussed in the Report:
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

For more insights into the Indian toy industry and its growth prospects, reach out to Makreo Research, your trusted partner for market intelligence.
India Toys Market Size and Forecast (2018-2028) - Analysis By Player Type, Toy Category, Product Segmentation and Distribution Channel
https://www.makreo.com/report/india-toys-market-report-forecast-2018-2028

Makreo Research and Consulting
801, Trishul Goldmine, Palm Beach, Sector 15, Belapur, Navi Mumbai, Maharashtra 400614

Contact us at:
Meetu Bhasin, Director of Research and Operations
Phone Number
+91-9619699069
Email Address
info@makreo.com

Makreo Research, a top global market research and consulting firm, specializes in Syndicated Research, Custom Research, Consulting, and Market Surveys. Serving both domestic and international markets across developed and developing economies, we provide tailored insights to help businesses thrive amid complex global dynamics. Our client-centric approach ensures satisfaction by delivering context-rich market trends and strategies. Additionally, our Commercial Due Diligence services support investors and stakeholders in making informed decisions regarding acquisitions, mergers, and investments. Partner with Makreo Research to gain a competitive edge and confidently navigate today's dynamic business landscape.

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release India's Toy Market Poised for 11-15% Annual Growth as Urbanization and Middle-Class Boom Drive Demand here

News-ID: 3722619 • Views:

More Releases from Makreo Research And Consulting

Global Food Packaging Market Poised to Surpass USD 460 Billion by 2030 Amid Surging Demand for Sustainable Solutions and Regulatory Shifts
Global Food Packaging Market Poised to Surpass USD 460 Billion by 2030 Amid Surg …
The global food trade landscape has undergone seismic shifts, with trade values soaring by 350% between 2000 and 2021 to USD 1.7 trillion, driven by evolving production, consumption patterns, and geopolitical policies. In 2022, the global food import bill surged to a historic USD 1.94 trillion, fueled by rising prices and supply chain complexities. Amid this growth, the Global Food Packaging Market has emerged as a linchpin for ensuring food
Vietnam Auto Finance Market to Reach USD 12.82 Billion by 2030, Driven by Economic Recovery and Rising Demand for Automotive Loans
Vietnam Auto Finance Market to Reach USD 12.82 Billion by 2030, Driven by Econom …
The Vietnam auto finance market, a vital component of the nation's financial ecosystem, has faced notable volatility in recent years. In 2023, the market experienced a sharp decline as the automotive sector struggled. Vehicle sales dropped by -25.37%, while motorcycle and scooter sales fell by -16.21%. High bank interest rates and economic difficulties in the real estate and securities markets played a significant role in this downturn. Despite these challenges, the
India's Warehousing Market Poised for Remarkable Growth with 30 Million Sq. Ft. …
The demand for warehousing space in Asia has been on a steady upward trajectory, fueled by key factors such as the e-commerce surge, supply chain diversification, rapid urbanization, population growth, infrastructure enhancements, and cutting-edge technological innovations. Leading markets, including China, India, Japan, and Southeast Asia (spanning Singapore, Vietnam, and Malaysia), are experiencing unprecedented growth in warehousing demand, supported by these transformative trends. ► Asia-Pacific Logistics Rentals on the Rise: Makreo Research reports
What's Driving the Global Sustainable Packaging Market Projected to 7.73% CAGR by 2029? Key Trends, Insights, and Opportunities | Makreo Research
What's Driving the Global Sustainable Packaging Market Projected to 7.73% CAGR b …
According to Makreo Research, the Global Sustainable Packaging Market is witnessing robust growth, fueled by the escalating demand for eco-friendly packaging solutions. In 2023, the market recorded a remarkable year-on-year growth rate of 7.91%. Over the period from 2019 to 2023, the market maintained a compound annual growth rate (CAGR) of 6.52%. This surge reflects a global shift toward sustainability as businesses and consumers respond to mounting environmental concerns. The COVID-19

All 5 Releases


More Releases for India

Ayurvedic Service Market is Flourishing Like Never Before | Patanjali Ayurved Li …
RnM newly added a research report on the Ayurvedic Service market, which represents a study for the period from 2020 to 2026. The research study provides a near look at the market scenario and dynamics impacting its growth. This report highlights the crucial developments along with other events happening in the market which are marking on the growth and opening doors for future growth in the coming years. Additionally, the
Pasta Market Report 2019 Companies included Bambino (India), Nestle (USA), Field …
We have recently published this report and it is available for immediate purchase. For inquiry Email us on: jasonsmith@marketreportscompany.com This market study includes data about consumer perspective, comprehensive analysis, statistics, market share, company performances (Stocks), historical analysis 2012 to 2017, market forecast 2019 to 2025 in terms of volume, revenue, YOY growth rate, and CAGR for the year 2019 to 2025, etc. The report also provides detailed segmentation on the
Pasta Market Report 2018 Companies included Bambino (India), Nestle (USA), Field …
We have recently published this report and it is available for immediate purchase. For inquiry Email us on: jasonsmith@marketreportscompany.com ********* This market study includes data about consumer perspective, comprehensive analysis, statistics, market share, company performances (Stocks), historical analysis 2012 to 2017, market forecast 2018 to 2025 in terms of volume, revenue, YOY growth rate, and CAGR for the year 2018 to 2025, etc. The report also provides
Interior Designers India, Designers and Architects India, Interior Design Consul …
Synergy Corporate Interiors Pvt. Ltd. are offer Designers and Architects India Our architects, designers are working an national and international client base. The final design output is then integrated with the various technical and engineering aspects and taken into production. The expression is also individualistic, based on the communication of the correct corporate identity. Our designers, engineers and architects perform any plan successfully combine handy knowledge with creative ideas into
Domain Registration India, Web Hosting India, VPS Hosting India , SSL Certificat …
All the Domain Registration services are at affordable price and assure you for the 100% quality. India Internet offers cheap domain name registration for many domain extensions available. We are a full-service web site solutions provider. We offer a full range of web services including domain registration India, Web Hosting India, Web design, SEO marketing and etc. We offer different standard and different Windows .NET low-cost, full-featured, all-inclusive web hosting and domain
Domain Registration India, Web Hosting India, Payment Gateway India
Indiainternet.in is a Quality Web Hosting Company India, provide all web related support and Web hosting services like linux web hosting, windows web hosting, web hosting packages, domain registration in india, Corporate email solution, business email hosting, payment gateway integration, SSL with supports like free php, cgi, asp, free msaccess, free cdonts, free webmail, web based control panel, unlimited ftp access, unlimited data transfer. During the domain registration process, you will