The 4 day fair to give impetus for ‘Atmanirbhar Bharat’ and ‘vocal for local’ campaigns
The global toys market size is expected to experience significant growth by reaching $212.49 billion in 2027 while exhibiting a CAGR of 7.3% between 2020 and 2027.
New Delhi, NFAPost: The India Toy Fair, 2021, the annual trade fair of toy industry organised by Government of India, will happen virtually this time starting from 27th February 2021 to 2nd March 2021. The event is initiative is in line with Prime Minister Narendra Modi’s vision of making India a global hub for the Toy Industry.
Besides giving visibility to industry stakeholders, India Toy Fair 2020 aims to provide an impetus to the underlying themes of “Atmanirbhar Bharat” and “vocal for local” campaigns, launched by the government to promote indigenous industries. It also aims to leverage the potential of toys in making learning joyful across all ages in education.
Minister of Commerce and Industry Shri Piyush Goyal along with Minister of Eduction Shri Ramesh Pokhriyal ‘Nishank’ and Minister for Textile, Women and Child Development Smriti Zubin Irani jointly inaugurated the official website of the programme. The Toy Fair can be visited virtually from 27th February to 2nd March 2021 by registering at https://theindiatoyfair.in/.
According to organisers of the event, India Toy Fair 2021 plans to bring policymakers, toy manufacturers & distributors, investors, industry experts, MSMEs, artisans, start-ups, children, parents and teachers together on a common platform, in a bid to propel the growth of the Indian Toy Industry, giving it a global competitive edge.
The event will include a virtual exhibition with over 1000 virtual stalls, webinars by state governments, knowledge sessions with engaging panel discussions/webinars on diverse topics by experts on areas including toy-based learning, craft demonstrations, competitions, quizzes, virtual tours, product launches, etc.
For the education sector in particular, the Knowledge Sessions involving various experts will focus on areas emphasised in the NEP 2020 such as play-based and activity-based learning, indoor and outdoor play, use of puzzles and games to promote critical thinking and overall on how to make learning more engaging and enjoyable.
The exhibitors include Indian businesses engaged in creating happy childhoods and educating children through play, as well as NCERT, SCERTs, CBSE along with their schools and teachers, IIT Gandhinagar, NID and Children University Ahmadabad. The fair is expected to feature millions of users from different parts of India and will give them an opportunity to buy products from a variety of different exhibitors.
Social media influence
According to Fortune Business Insights, the global toys market size is expected to experience significant growth by reaching $212.49 billion in 2027 while exhibiting a CAGR of 7.3% between 2020 and 2027. This is attributable to the increasing social media influence that is being leveraged by the manufacturing companies to boost their revenues globally.
The research report also points out this exponential growth is is attributable to the increasing social media influence that is being leveraged by the manufacturing companies to boost their revenues globally. It is interesting to note that the global toy market stood at $ 105.85 billion in 2019.
Toys Market to Reach $212.49 Billion by 2027; Product Innovation by Lego System A/S and Nintendo Co. Ltd. to Create promising Growth Opportunities, Says Fortune Business Insights. Based on product, the dolls segment held a market share of about 28.73% in 2019 and is projected to showcase exponential growth owing to the availability of different types of dolls based on cartoon characters that are being preferred by the children globally.
Top companies covered are Lego System A/S (Billund, Denmark), Hasbro Inc. (Rhode Island, US), Mattel Inc. (California, US), Ravensburger Holding GmbH & Co. KG (Ravensburg, Germany), Spin Master (Toronto, Canada), MGA Entertainment Inc. (California, US), PAI Partners (Paris, France), Nintendo Co. Ltd. (Kyoto, Japan), Radio Flyer (Illinois, US), A.L. Lindsay & Company (New South Wales, Australia), Artsana Group (Grandate, Italy), K’Nex Industries Inc. (Pennsylvania, US), and more players profiled in toys market research report
As part of the research, the product types analysed include Dolls, Outdoor and Sports Toys, Building and Construction Set, Infant and Preschool Toys, Games & Puzzles, and Others.
The lockdown is turning out to be favorable for several toy manufacturers as they are registering significant sales. To enable entertainment of the kids confined at their home spaces, parents are buying play products through offline and online platforms. Therefore, based on our analysis, the market is likely to exhibit an impressive CAGR of 22.30% in 2020.
Toys are entertainment products preferred by kids of all ages. They play an important role in developing the cognitive skills of the children and are available in different shapes and sizes across several stores.
List of the Leading Companies Profiled in the Global Market are:
- Lego System A/S (Billund, Denmark)
- Hasbro Inc. (Rhode Island, U.S.)
- Mattel Inc. (California, U.S.)
- Ravensburger Holding GmbH & Co. KG (Ravensburg, Germany)
- Spin Master (Toronto, Canada)
- MGA Entertainment Inc. (California, U.S.)
- PAI Partners (Paris, France)
- Nintendo Co. Ltd. (Kyoto, Japan)
- Radio Flyer (Illinois, U.S.)
- A.L. Lindsay & Company (New South Wales, Australia)
- Artsana Group (Grandate, Italy)
- K’Nex Industries Inc. (Pennsylvania, U.S.)
Growing Gifting Trend in North America to Propel Market Growth
Among all the regions, North America is expected to hold the highest position in the global market during the forecast period. This is attributable to the growing gifting trend in countries such as the United States that is likely to drive the demand for toys during special occasions such as birthdays in the region. North America stood at USD 35.88 billion in 2019.
The market in Asia-Pacific is anticipated to showcase considerable growth owing to the growing demand for art & craft toys amongst the children in the region between 2020 and 2027.
Product Innovation by Prominent Companies to Brighten Their Market Positions
The global market is experiencing healthy competition between the major companies that are striving to maintain a stronghold. These companies are developing innovative toys and other kid entertainment products to cater to the growing demand amongst their patrons. Additionally, other key players are trying to gain a competitive edge over their rivals by adopting strategies such as merger and acquisition, collaboration, and partnership during the forecast period.
November 2020 – Luki Lab, a division of Strottman International, introduced two creative toy series, Gojo Adventure and Pinxies during Christmas holidays. The company is focusing on leveraging the festive occasion to boost their sales revenue by catering to the demand for entertainment products amongst the kids.