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India Toys Market Research Report Information by Toy Type (Plush Toys, Electronic Toys, Games and Puzzles, Construction and Building Toys, Dolls, Ride-Ons, Sports and Outdoor Play Toys, Infant/Pre-school Toys, Activity Toys, and Other Toys), by Gender (Unisex Toys, Toys for Boys, and Toys for Girls), by Distribution Channel (Specialty Stores, Supermarkets and Hypermarkets, Online, and Others) – India Market Forecast Till 2032

ID: MRFR/CR/20189-HCR | 128 Pages | Author: Snehal Singh| July 2024

India Toys Market Overview

India's Toys Market Size was valued at USD 1.5 Billion in 2022. The India Toys market industry is projected to grow from USD 1.6 Billion in 2023 to USD 4.3 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 12.5% during the forecast period (2024 - 2032). The expanding market for educational and culturally significant products in India is a significant market driver that is propelling the market.

India Toys Market Overview

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

India Toys Market Trends

  • The rise of e-commerce is driving market growth

The toy market in India has experienced a substantial transformation in consumer behavior due to the rise and expansion of e-commerce. Multiple factors, including technological advancements, shifting consumer preferences, and the convenience provided by online purchasing platforms, have a significant impact on this trend. Technological advancements have significantly influenced the toy retail industry in India. The proliferation of smartphones, in conjunction with enhanced internet connectivity and the provision of secure online payment alternatives, has contributed to the expansion of electronic commerce platforms. Consumers can now more easily peruse an extensive selection of toys, compare prices, read reviews, and make well-informed purchasing decisions from the convenience of their residences due to these technological developments. In addition, the incorporation of virtual reality (VR) and augmented reality (AR) technologies into e-commerce platforms has significantly improved the customer purchasing experience. Virtual reality (VR) and augmented reality (AR) Distribution Channels enable users to virtually perceive and engage with toy products, thereby enhancing user involvement and mitigating the unpredictability typically associated with online transactions.

Although the expansion of online toy retailing offers participants in the Indian market a multitude of prospects, it also presents a number of obstacles. A notable obstacle pertains to the matter of counterfeit merchandise and apprehensions regarding the safety of products linked to e-commerce platforms. In order to tackle this obstacle, e-commerce merchants must establish collaborative relationships with reputable suppliers, enforce rigorous quality control protocols, and educate customers regarding the significance of acquiring products from reputable vendors. In addition, the swift proliferation of e-commerce for toys has heightened rivalry among participants, resulting in price conflicts and marginal demands. Online retailers must distinguish themselves through product quality, customer service, and innovative marketing strategies in order to remain competitive. Technological advancements, shifting consumer preferences, and the expansion of online retail platforms are all potential drivers of the continued expansion of online toy merchandising in India over the next few years. By capitalizing on these emerging patterns and effectively tackling significant obstacles, participants in the toy industry in India can exploit the immense prospects offered by the digital retail environment.

India Toys Market Segment Insights

  • Toys Toy Type Insights

The India Toys market segmentation, based on the Toy Type, includes plush toys, electronic toys, games and puzzles, construction and building toys, dolls, ride-ons, sports and outdoor play toys, infant/preschool toys, activity toys, and other toys. Plush toys generally hold the largest market share among the segments that are enumerated. Soft toys, alternatively referred to as plush toys or furry animals, are highly regarded among individuals of all ages and are frequently selected as present options. Their widespread popularity, plush appearances, and diverse range of dimensions and shapes all contribute to their market dominance. Moreover, in addition to serving as consolation objects for children, plush toys are frequently observed in playrooms and nurseries. This further establishes their prominence as a key segment within the toy industry.

  • Toys Gender Insights

The India Toys market segmentation is based on gender: unisex toys, toys for boys, and toys for girls. As one would expect, Unisex Toys holds the largest market share among the segments enumerated. Without purposefully targeting a specific gender, unisex toys are created to captivate the interest of both boys and girls. This segment comprises an extensive assortment of toys that foster inclusiveness and accommodate a variety of interests and preferences. Unisex toys frequently comprise construction sets, educational toys, outdoor play apparatus, and board games that are appropriate for children of all genders. Their adaptability and gender-neutral design render them a favored option among parents and caregivers, thereby contributing to their market dominance.

Figure 1: India Toys Market by Gender, 2023 & 2032 (USD Billion)

 India Toys Market by Gender, 2023 & 2032

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Toys Distribution Channel Insights

Based on distribution channels, the India Toys market segmentation includes specialty stores, supermarkets, hypermarkets, online, and others. When considering the segments that are enumerated, online retail generally holds the most substantial market share. Consumers' widespread adoption of online platforms can be attributed to their abundance of products, convenience, and accessibility. The expansion of online retail in the toy industry has been aided by the fact that consumers can now peruse, compare, and purchase toys from the convenience of their own homes thanks to the rise of e-commerce. Moreover, online marketplaces frequently offer enticing incentives such as discounts, promotions, and customer testimonials, which serve to propel consumers toward online toy purchases further. As technology continues to advance and consumers continue to favor the convenience of online purchasing, this trend is anticipated to persist.

Toys Country Insights

Several factors, including rising disposable income, shifting consumer preferences, increasing urbanization, and heightened awareness of the significance of early childhood development, are contributing to the robust growth of the toy market in India. With the ongoing expansion of India's economy, an increasing number of households are able to allocate funds towards purchasing toys for their children, thereby stimulating market demand. Furthermore, as a consequence of urbanization, family sizes are diminishing, and there is a transition towards nuclear families; this results in increased per capita expenditures on children's toys. An area of notable expansion in the Indian toy industry is the increasing focus on STEM (Science, Technology, Engineering, and Mathematics) and educational products. There is a growing trend among parents to prioritize items that serve the dual purpose of entertaining children and fostering their learning and skill development. The increasing acknowledgment of the significance of early childhood education and the aspiration to equip children for forthcoming triumphs in a globally competitive milieu are the driving forces behind this development. Moreover, in India, the demand for sustainable and environmentally favorable toys is increasing. Consumers are exhibiting an increased awareness of the ecological ramifications associated with their purchases due to mounting apprehensions regarding environmental degradation and climate change. Subsequently, toys crafted from environmentally sustainable materials, including wood, organic cotton, and recycled plastics, are becoming increasingly popular. To address this prevailing pattern, toy manufacturers are implementing sustainable production methods and introducing environmentally friendly product lines.

India Toys Key Market Players & Competitive Insights

Within the fiercely competitive leading toy market players, both domestic and international entities contend for a portion of the market. Prominent domestic corporations, including Mattel Toys India Pvt. Ltd., Funskool India Ltd., and Hamleys India, have successfully penetrated the Indian market by capitalizing on brand awareness, establishing expansive distribution systems, and customizing product assortments to suit Indian tastes. By capitalizing on their knowledge of regional consumer preferences and trends, these major players in the Indian Toys market sustain a competitive advantage in the marketplace. Moreover, they frequently engage in partnerships with regional distributors and retailers to guarantee the products' extensive accessibility throughout the nation.

Conversely, international Toys industry titans such as Funskool, Lego, Mattel, and Hasbro also engage in fierce competition within the Indian market. These corporations contribute substantial brand equity, innovative product portfolios, and worldwide expertise. To capture market share and increase their presence in India, they frequently invest in marketing initiatives, strategic alliances, and product developments. Moreover, multinational corporations derive market development from their profound expertise in serving varied global markets, which empowers them to swiftly adjust to evolving consumer preferences and market conditions in India.

Key Companies in the Indian Toys market include

India Toys Market Segmentation

India Toys Toy Type Outlook

  • Plush Toys

  • Electronic Toys

  • Games and Puzzles

  • Construction and Building Toys

  • Dolls

  • Ride-Ons

  • Sports and Outdoor Play Toys

  • Infant/Pre-school Toys

  • Activity Toys

  • Other Toys

India Toys Gender Outlook

  • Unisex Toys

  • Toys for Boys

  • Toys for Girls

India Toys Distribution Channel Outlook

  • Specialty Stores

  • Supermarkets and Hypermarkets

  • Online

  • Others

Report Attribute/Metric Details
Market Size 2022 USD 1.5 Billion
Market Size 2023 USD 1.6 Billion
Market Size 2032 USD 4.3 Billion
Compound Annual Growth Rate (CAGR) 12.5% (2024-2032)
Base Year 2023
Market Forecast Period 2024-2032
Historical Data 2019- 2022
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Toy Type, Gender, Distribution Channel, and Region
Countries Covered India
Key Companies Profiled Funskool, Lego, Mattel, and Hasbro
Key Market Opportunities ·         Tap into the growing trend of online shopping by enhancing e-commerce platforms and offering diverse product selections to reach a wider audience. ·         Address the increasing demand for environmentally friendly toys by introducing eco-friendly materials and sustainable production practices.
Key Market Dynamics ·         Increasing purchasing power enables higher spending on toys, driving market growth. ·         Growing awareness of the importance of educational toys fuels demand for products that promote learning and skill development.

Frequently Asked Questions (FAQ) :

The India Toys market size was valued at USD 1.6 Billion in 2023.

The market is projected to grow at a CAGR of 12.5% during the forecast period 2024-2032.

The key players in the market are Funskool, Lego, Mattel, and Hasbro.

The plush toys category dominated the market in 2023.

The unisex category had the largest share of the market.

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