The global baby toys market is projected to touch USD 7.63 billion at a 3.25% CAGR between 2019-2024, states the latest Market Research Future (MRFR) report. Children change rapidly, so their playthings and so the market which feeds the change. Kids learn through playing, and games and toys are indeed the instruments that allow them to discover the world that they reside in. This is precisely the reason why children interact with their surroundings through toys. Moreover, toys offer immense happiness and enjoyment that, in turn, works wonders in building their self-esteem.
As building blocks can be toys similarly toys too can serve as building blocks for a child’s development. Playing with toys is much more than a means of entertainment, but it helps a great deal with a baby’s social, emotional, physical, and cognitive development. Today toys are available in different types such as toy cars, soft toys and puppets, dolls, musical toys, construction sets and building blocks, bath toys, baby rattles, and others. Thus, parents should choose toys that match their child’s stage of growth for best results.
Various factors are propelling the market growth. Such factors, according to the latest Market Research Future report, include increasing per capita income of consumers, especially in metros and tier-1 cities, increasing birth rate particularly in developing economies, rising inclination towards good quality toys and games for children, and shift to hi-tech electronic toys from conventional toys. Additional factors propelling the growth of the baby toys market include the growing demand for eco-friendly products, availability of smart toys, technological advancements in baby toys with the inclusion of semiconductors, and sensor technology, a boom in online sales channels, and availability of educational toys that helps to improve kids’ mental ability.
On the contrary, the increase in the availability of counterfeit products may hamper the baby toys growth during the forecast period.
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Notable players profiled in the baby toys market report include WowWee Group Limited (Hong Kong), Tomy Company, Ltd (Japan), Playmates Toys Limited (Hong Kong), Mattel, Inc. (US), The LEGO Group (Denmark), Hasbro, Inc. (US), Artsana S.p.A. (Italy), The Walt Disney Company (US), Funskool Ltd (India), and Me n Moms Pvt. Ltd (India). Key players have incorporated specific strategies to stay ahead in the competition, such as research and development activities, mergers and acquisitions, collaborations, partnerships/joint ventures, new product launch, product innovations, and more.
The Market Research Future report provides an all-inclusive baby toys market segmentation on the basis of the distribution channel, end user, and product type.
By product type, the baby toys market is segmented into toy cars, soft toys and puppets, dolls, musical toys, construction sets and building blocks, bath toys, baby rattles, and others.
By end user, the baby toys market is segmented into toddler, infant, and newborn.
By distribution channel, the baby toys market is segmented into store-based as well as non-store-based. The store-based segment has again been segmented into specialty stores, convenience stores, and supermarkets, and hypermarkets. Of these, specialty stores will have the largest share in the market during the forecast period.
By region, the market report covers the latest trends and growth opportunities across Europe, North America, the Asia Pacific (APAC), and the Rest of the World (RoW). Of these, Europe will have the lion’s share in the market during the forecast period. Various factors propelling the growth of the baby toys market in the region include rising inclination towards good quality toys and games coupled with consumers’ high per capita disposable income. Germany is the major contributor in this region.
The market in North America will have a healthy growth during the forecast period followed by the Asia Pacific. China is the key contributor in the APAC region owing to the exceptionally high production of baby toys coupled with the presence of several local and multinational toy manufacturers in the country.
The market in the Rest of the World will have stable growth during the forecast period.
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