According to the research report titled ‘Global Toy Market (2022 Edition) - Analysis By Product Type, By Age, By Distribution Channel, By Region, By Country: Market Insights and Forecast with Impact of COVID-19 (2017-2027)’, available with MarketStudyReport, global toy market was worth USD 103.96 billion in 2021 and is slated to witness notable CAGR through 2027.
Growing demand for strategy-based and educational toys for children in order to improve their cognitive skills is the major growth determinant for global toy market.
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For the unversed, toys play an important part in the growth and brain development of children as they aid in the acquisition of logical and reasoning skills as well as spatial reasoning and logical skills.
Furthermore, increasing trend of engaging in social activities is encouraging people to play board and card games as contemporary forms of entertainment, as well as growing usage of 3D printing to enhance the creativity of board games are expected to bolster the market outlook in the coming years.
In addition, to address the issue of the large elderly population, the Chinese government has loosened its decades-old one-child policy and introduced a ‘three child policy’. As a result, the number of children is likely to rise in the coming years, which in turn is augmenting the industry growth.
Based on product type terrain, worldwide toy industry is divided into outdoor & sports toys, dolls & accessories, construction toys, infant & preschool toys, games & puzzles, and others. In terms of age, market is classified into 15 years & above, 8-15 years, and 0-8 years.
On the basis of distribution channel, the marketplace is branched into departmental stores, traditional stores, supermarket, e-commerce, and others. Among these, the supermarket segment is gaining traction at present, owing to the convenience and discounts offered by these stores to the burgeoning urban population.
From the regional frame of reference, North America (U.S., Canada), Asia Pacific (India, China, Japan, South Korea), and Europe (Germany, Spain, France, UK) are thoroughly examined to discover opportunities and understand the ever-changing industry dynamics.
Goliath Games, Lego A/S, Playmobil, Vtech, Mattel Inc., Tomy Company Ltd., Thames & Kosmos, Ravensburger AG, and Hasbro Inc. are the leading players in global toy market.