Global Toys and Games Market Expected to Reach $342.04 Billion by 2023: Fostering Creativity and Values in Children

DUBLIN, Oct. 19, 2023 /PRNewswire/ -- The "Global Toys And Games Market (By Product, Distribution Channel, End User, & Region): Insights and Forecast with Potential Impact of COVID-19 (2022-2026)" report has been added to  ResearchAndMarkets.com's offering.

The global toys and games market is poised for remarkable growth, with an expected value of $342.04 billion in 2023, reflecting a strong Compound Annual Growth Rate (CAGR) of 5.80% during the forecast period. Toys and games play a crucial role in promoting creativity, influencing experiences, and fostering values among children.

Market Overview:

The toys and games market encompasses a wide range of activities, from video game consoles and dolls to outdoor toys, puzzles, and more. Factors driving market growth include favorable demographic trends, an emerging middle class in highly populous regions, the growth of iconic toy and game brands, and the fusion of core properties with entertainment content and technology.

Market Segmentation:

The global toys and games market is segmented based on several key factors:

By Product:

• Video Game Consoles
• Dolls
• Games and Puzzles
• Outdoor and Sports Toys
• Preschool Toys
• Others

The games and puzzles segment is expected to exhibit significant growth due to the increasing usage of social media, the introduction of new and advanced board games and puzzles, and the establishment of board game cafes. Specialized board games designed for older populations are also contributing to market growth.

By Distribution Channel:

• Offline
• Online

Online distribution is anticipated to experience the highest CAGR during the forecast period, with manufacturers recognizing the potential of online channels and operating shopping websites.

By End User:

• 0-8 Age
• 9-15 Age
• 15 Age & Above

The 0-8 age group dominates the market, driven by the popularity of educational activities like puzzles and construction sets. The 9-15 age group is the fastest-growing segment, fueled by outdoor toys and recreational sports.

Geographic Coverage:

The global toys and games market is divided into five regions: Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa. Asia Pacific holds the largest share, driven by a growing preference for educational toys and expanded presence of companies in developing nations.

Key Growth Drivers:

1. Rising Online Sales of Toys and Games: Increasing online sales offer consumers a convenient and diverse shopping experience, contributing to market growth.
2. Shift Towards Indoor Games: Changing lifestyles and habits have led to a shift towards indoor games, boosting demand for toys and games.
3. Commercialization of Movies and Cartoon Characters: Licensing and merchandising opportunities related to popular movie and cartoon characters drive product sales.
4. Improvements in Content and Functionality of Board Games: Enhanced content and functionality of board games make them more appealing to consumers.

Key Challenges:

1. Increasing Adoption of Mobile and PC Games: The popularity of mobile and PC games poses a challenge to traditional toys and games.
2. Counterfeit Toys and Games: Counterfeit products, particularly in emerging economies, present health and safety risks.

Key Trends:

1. Growing Usage of Social Media: Social media platforms are influencing toy and game choices, with interactive and shareable content driving engagement.
2. Increasing Mental Health Awareness: Toys and games are recognized for their mental health benefits, contributing to market growth as stress relief tools.
3. Integration of Board Games in Cafes: Board games are being integrated into cafes and social spaces, creating opportunities for experiential gaming.
4. Increasing Demand for Toy Subscription Services: Subscription-based toy services provide consumers with access to a variety of toys and games.

The COVID-19 Impact:

The COVID-19 pandemic initially disrupted the global toys and games market due to supply chain challenges, store closures, and changing consumer preferences. However, categories that aligned with at-home entertainment and education needs, such as tech toys, board games, and construction sets, experienced increased demand. The pandemic accelerated the adoption of toys, board games, and puzzles as families sought quality entertainment and educational options.

Analysis of Key Players:

The global toys and games market is characterized by fragmentation. Leading competitors are pursuing growth through strategies such as mergers, acquisitions, collaborations, and agreements. Key players in the market include Mattel, Inc., Hasbro, Inc., The Lego Group, TOMY Company, Ltd., Bandai Namco Holdings Inc., Playmates Toys Ltd., Spin Master Corp., Dream International Ltd., JAKKS Pacific, Inc., Sanrio Company, Ltd., Ravensburg AG, Funko, Inc., and MGA Entertainment.

For more information about this report visit https://www.researchandmarkets.com/r/tekmmu

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