The toy industry is striving to make more environmentally friendly decisions about its product portfolios, especially in terms of toy packaging
POTLAND, 5933 NE WIN SIVERS DRIVE, #205, OR 97220, USA, Sept. 12, 2022 /EINPresswire.com/ — The proliferation of STEM-based interactive and educational toys is driving market expansion, but industry faces a significant challenge of mobile phones and computers.
According to a new report published by Allied Market Research, titled “Toys Market by Product Type, Age Group and Sales Channel: Opportunity Analysis and Industry Forecast, 2021-2027”, the size of the toys market was $92.2 billion in 2019 and is expected to reach $103.8 billion by 2027, registering a CAGR of 2.5% from 2021 to 2027.
Some of the key players profiled in the toys market analysis include Atlas Games, Clementoni SpA, Goliath Games, Hasbro, Inc., The LEGO Group, Mattel, Inc., Ravensburger AG, Tomy Company, Ltd, Vtech Holdings, and Thames & Cosmos. .
The increase in the number of game bars, cafes and family entertainment centers around the world is driving the demand for toys and games. These family entertainment centers, gaming bars and cafes are enjoying high popularity and have gained remarkable popularity across the world in the past few years. The rapid expansion of gaming cafes encourages children and adults alike to learn new games while connecting for meaningful social interactions. In the United States, more than 5,000 board game cafes were opened in 2016. Besides, there are more than 700 game cafes in China, and in 2017, about 60 game cafes were opened in Beijing alone. . The increase in the number of such cafes and entertainment centers that cater to children and adults helps in generating high revenue for the players operating in the global toys market.
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Committed players in the toy industry are striving to make more environmentally friendly decisions regarding their product portfolios, especially in terms of toy packaging. Players focus on minimal use of plastic while ensuring packaging is part of the toy. A plethora of initiatives have been launched over the past few years, ranging from the adoption of recycled packaging materials and minimal packaging to the adoption of bio-based plastics instead of their oil-based counterpart. For example, MGA Entertainment introduced a new biodegradable ball as a new product offering in its LOL Surprise! Doll line. In addition, it also introduced a new line of products from Little Tikes using a blend of recycled resins as the raw material. Another company, Safari Ltd. offers a line of BioBuddi toy blocks, much like Mega Bloks and Lego, which uses sugarcane in the production and manufacture of toys. Such practices adopted by the players pave the way for more sustainable and environmentally friendly products in the future.
The toys market is segmented into product type, age group, sales channel and region. By product type, the global market is categorized into action figures, building sets, dolls, games/puzzles, sports and outdoor toys, plush toys and others. By age group, it is studied up to 5 years, 5 to 10 years and beyond 10 years. By sales channel, the market is divided into hypermarket/supermarket, specialty stores, department stores, online channels and others. By region, the toys market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Main results of the study
By region, Asia is expected to grow with a robust CAGR of 5.4% over the forecast period.
By product type, the sports and outdoor toys segment led in terms of toys market share, in 2019; However, the action figure segment is expected to gain market share in the coming years.
By age group, the 5-10 year old segment accounted for around two-fifths of the toy market in 2019; however, the children’s toys market segment is poised to grow at the highest CAGR during the forecast period.
By sales channel, the online channel segment is expected to gain market share in the coming years and is expected to grow at a CAGR of 4.5% during the toy market forecast period.
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