The global toys and games market size is projected to touch USD 139.2 billion by 2025 growing at 4.6% CAGR. The increasing number of online gaming competitions all over the world is a major factor propelling the growth of the market in the forecast period. Over the last few years, rising demand for in-licensing activities is proliferating the market growth.
Increasing demand for environment-friendly toys and games is also expected to propel the product demand in the coming years. Wood, organic cotton and cardboard are the major raw materials for manufacturing environmentally products. For example, recycled plastic milk bottles are used to make Green Toys. The company teamed up with Walmart for distribution of its products.
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The rising number of participants of e-sports is a major factor propelling the toys & games market. Innovative games like PUBG, Fortnight, FIFA and Counterstrike are gaining traction amongst youngsters and adults. These games are not only popular in children but adults as well.
Asia Pacific is anticipated to grow at a CAGR of 5.1% in the forecast period. Growing e-commerce channels coupled with the rising number of retail outlets is propelling the product demand and market growth in this region. North America seconded in terms of revenue, followed by Europe in 2018.
Further key findings from the report suggest:
• Video games are expected to grow at a CAGR of 5.8% in the forecast period. In 2018, the outdoor or sports segment was estimated to be USD 17.80 billion and is expected to project high growth in the forecast period.
• North America accounted for 14% of share in the total global revenue in 2018.
• Key manufacturers are focusing on launching new products, expanding their capacity and using innovative technology to expand their product portfolio and meet the future demand patterns.
Impact of COVID-19
The market has been severely affected owing to the outbreak of COVID-19. Manufacturers in the market greatly depend on the procurement of raw materials. Owing to the lockdown imposed in several countries, there was the massive disruption in the supply of raw materials. Therefore, low production resulted in reduced sales volume. However, various countries have worked towards reopening of economy, which in turn, is estimated to drive the production. Manufacturers are required to come up with cost-effective products to garner the larger market share.
Global Toys & Games Market: Key Players
Mattel Inc.; Lego; Namco Bandai; Jakks Pacific and Hasbro.
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