Market Research Future has published a cooked research report on the Global Baby Toys Market, 2021–2028.
The global baby toys market is projected to exhibit a CAGR 3.97% during the forecast period of 2021 to 2028.
Market Research Futurehas recognized LEGO System A/S(Denmark), Mattel, Inc. (US), Hasbro, Inc. (US), Bandai Namco Holdings Inc. (Japan), Spin Master (Canada), Kids II, Inc. (US), Nintendo Co., Ltd. (Japan), Brandstätter Group (Germany), Tomy Company, Ltd (Japan), and Basic Fun! (US) as the key players in the global baby toys market.
The global baby toys market is projected to be valued at USD 17,194.1 million by 2028, recording a CAGR of 3.97% during the forecast period. The growth of the baby toys market is anticipated to be driven by several factors during the forecast period from 2021 to 2028. One of the key factors is the Increasing per capita disposable income in developing nations. Rising demand for skill developmental baby toys is also expected to boost the market's growth during the review period. However, the prevalence of an unorganized market for baby toys hampers the market growth. Also, the rising threat of counterfeit products poses a major challenge for the growth of the market. Nevertheless, Strategic mergers and acquisitions create scope for market growth. Moreover, the growth of the organized retail sector in Asia-Pacific is projected to propel market growth in the coming years.
The COVID-19 pandemic has fundamentally changed the buying behavior of consumers. They are deeply concerned about the impact of COVID-19, both from a health and economic perspective. It has been noticed that consumers are shifting their budget towards essential goods such as masks, sanitizers, and household goods. Their priorities are now centered towards most basic needs, creating a huge demand for hygiene and staple products, while non-essential categories slumped. Furthermore, with the slow-moving economy, people are adapting to the new normal. Digital commerce has witnessed a spike as new consumers move toward online channels, which is anticipated to continue long-term.
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The global baby toys market has been segmented based on product type, end user, distribution channel, and region.
By product type, the market has been divided intoboard games, soft toys & dolls, action toys, arts & craft toys, construction toys, vehicles, musical toys & rattles, and others.The soft toys & dollssegment accounted for the largestmarket sharein 2020, where as the construction toys segment is expected to record the highest CAGR of 4.17% during the forecast period. Construction toys are very popular with generations of children. The primary principle of construction toys is assembly. A sequence of basic components is provided in construction toys. They are designed to allow children to create objects of their own design that can be taken apart again and rebuilt as something different. Construction toys are powerful and creative toys. Children follow instructions for building their toys, which encourages children's physical, social and cognitive development
Based on end user, the global baby toys market has been classified as infants and toddlers. The toddlers segment accounted for the largest market share in 2020 as well as expected to register the fastest growth rate during the years to come. Toddlers rapidly learn languages and develop asense of danger. Toddlers usually participate in several physical testing activities such as jumping from heights, climbing, hanging by their arms, rolling, and rough-and-tumble play. This age groupdevelops good control of their hands and fingers and likes to do things with small objects. Solving puzzles, building blocks, role play, and drawing are a few of the popular activities among toddlers.
Based on distribution channel, the global baby toys market has been classified as store-based and non-store-based. The store-based sub-segment is further bifurcated as supermarkets & hypermarkets, specialty stores, and others.The non-store-based segment is projected to exhibit the higher CAGR during the forecast period. Companies are launching new products with improved quality and unique features and designs, which cannot always be made available to consumers in different regions. Due to this, the online platforms are gaining immense traction worldwide.
Geographically, the global baby toys market has been categorized as North America, Europe, Asia-Pacific,and the rest of the world. As per MRFR analysis, North America constituted a dominant share of the baby toys market in 2020. key manufacturers emphasize promotional activities on social media to boost the sales of baby toys among children and the young population in the region. Europe occupies a decent market share in the global market scenario due to a high inclination for better quality games followed by high investments in R&D by market players.Also, the market in Asia-Pacific offers lucrative opportunities for manufacturers of baby toys owing to the rapid growth of the organized retail sector in the region. The production of baby toys is exceptionally high in China, with Japan being a major exporter of baby toys.The Rest of the World baby toys market is projected to register a decent CAGR of 3.95% during the forecast period. One of the important factors for the rising growth of baby toys in the region is the rise in the popularity of educational baby toys among children. Increasing disposable income among consumers is expected to boost the growth of the rest of the world's baby toys market during the assessment period.
Key Findings of the Study: