Market Research Future (MRFR) has studied the Global COVID-19 Impact on Baby Toys Market and found out that it is expected to expand at a decent CAGR over the assessment period 2020 to 2024. The market is forecasted to scale a decent valuation in the years to come. global economic development is fueling changes in the lifestyle of the masses. It is anticipated to reflect on the growth of the retail industry.
Urban migration, in conjunction with disposable income, has led to rising standards of living. It is expected to fuel demand for standard baby products and toys in the years to come. The baby toys market, hence, is expected to gain traction over the next couple of years.
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Key players are emphasizing on the integration of technology with toys for capitalizing on the developmental opportunities and bringing innovations to their product lines. Parents are focusing on the all-round development of their kid, which is propelling market expansion. Innovations in the product lines are designed in a way to help the kids in developing skills such as speech recognition, analytical, etc. The introduction of smart toys designed for learning purposes is gaining popularity and is expected to accelerate revenue creation in the baby toys market in the foreseeable future.
People are getting increasingly aware of the adverse effects of the non-biodegradable materials used in the production of toys. The shift towards eco-friendly materials for making toys is expected to have a favorable impact on the growth of the baby toys market across the review period. The developments in technologies such as sensor technology, semiconductors, etc. are anticipated to influence the expansion of the baby toys market positively in the forthcoming years.
The key players participating in the COVID-19 Impact on Baby Toys Market are studied in this MRFR report for a detailed share analysis. Some of these players are Hasbro, Fisher-Price, Mothercare, Vtech Holdings, Toys “R” Us, Brevi, Kids II, Chicco, and Newell Rubbermaid
In May 2019, Reliance Brands, a subsidiary of Reliance Industries (RIL), has completed the acquisition of British toy major Hamleys for a worth of USD 88.6 Mn.
In May 2019, Kylie Jenner, an American celebrity and owner of international cosmetics brand, is planning to expand her empire with a new line of products dedicated to babies and has filed a trademark for “Kylie Baby.”
In May 2019, Amazon.com, Inc., an American multinational technology company focused on e-commerce, has launched Fire 7 Kids Edition, a cutting-edge tablet for kids, to deepen its focus on children.
By form, the Global Baby Toys Market has been segmented into cotton, plastic & silicon, foam.
By product type, the baby toys market has been segmented into electronic, soft, educational, and others.
Global Baby Toys Market, by region, has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America is forecasted to dominate the growth pattern of the market in the foreseeable future. The adoption of smart toys as an educational tool in the region is projected to augment the baby toys market in the region over the assessment period. The economic strength of the region is expected to support the growth trends in the market. Europe is anticipated to secure its position in the second spot across the forecast period reflecting a decent CAGR. Asia Pacific is presumed to grow substantially in the forthcoming years. The factors anticipated to favor market expansion are increasing per capita income, rising urban population, etc. The consolidation of fast-developing nations in the region such as India, China, etc. are likely to catapult the baby toys market on an upward trajectory.
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NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.