South Asia Kids Toys Market

The South Asia kids toys market size was valued at $6,661.8 million in 2020, and is projected to reach $10,996.3 million by 2030, registering a CAGR of 5.4% from 2021 to 2030.

Toys play an important role in children's growth and development. They are important in brain development as toys aid in acquiring logical & reasoning skills and help in gaining spatial reasoning. Playing with toys and board games assists children in learning as well as building social & communication skills. Toys engage the kids in learning and improving their skills. Therefore, the adoption of kids toys is on the large scale.

The increase in demand for strategy-based and educational toys among children drives the growth of the South Asia kids toys market. The number of kids is expected to increase in the coming years and positively impact the South Asia kids toys market growth. The World Bank estimates that approximately 25.6% of the global population is under the age of 14. Large consumer base and expanding young population in developing countries, such as India, propel the demand for toys especially in the South Asia region.

The use of digital devices instead of toys and boards games is expected to hamper the growth of the toys industry, particularly in India. The advent of smartphones, computers, video game systems, and tablets has penetrated in every household. Rapid market expansion and the proliferation of digital infrastructure in developed as well as developing countries have given access to internet to adults as well as to kids. The number of internet subscribers in India is expected to increase from 560 million in September 2018 to 639 million by the end of December 2020. Similarly, internet penetration across the world is increasing steadily. High internet penetration and highly addicting online games on smartphones and tablets have enormously hampered the South Asia kids toys market. Easy availability of high addicting gadgets, such as smartphones, video games, and computers, poses significant challenge for the South Asia kids toys market in the coming years.

The coronavirus outbreak had a significant impact on the global consumer goods industry. The outbreak was first observed in China, resulting in a lockdown and a halt in production across the country. The demand for toys and games is expected to slightly taper across South Asia, owing to supply chain disruptions and implementation of stringent restrictions to follow social distancing & consistent lockdown across the world. Moreover, South Asian countries are facing the same predicament. Implementation of stringent lockdown across India and Sri Lanka has resulted in disruption of supply chain and interruption in production activities. 

According to South Asia kids toys market analysis, the South Asia kids toys market is classified on the basis of product, age group, sales channel, and country. By product, the market is segmented into action figures, building sets, dolls, games and puzzles, sports and outdoor toys, plush, and others. The dolls segment hold the highest South Asia kids toys market share in 2020, as this segment is full of innovation and customization. By age group, the market is segmented into up to 5 years, 5 to 10 years, and above 10 years. The 5 to 10 years segment was the highest revenue contributor in 2020, as this age group contains tremendous explosion in the learning ability of a child. By sales channel, the market is categorized into hypermarkets/supermarkets, specialty stores, departmental stores, online channels, and others. The specialty stores was the highest revenue contributor in 2020, due to wide variety of products available in the stores. Country wise, the market is segmented into India, Sri Lanka, Pakistan, Bangladesh, and the rest of South Asia. India contributed the highest revenue in 2020 and is expected to dominate the market during the South Asia kids toys market forecast.

The market in the South Asia region offers lucrative growth opportunities for market players. Large consumer base along with rising disposable income of consumers provides lucrative opportunities for the market players. This region offers potential opportunities to market players for launching premium and interactive toys. Therefore, manufacturers are now focusing on expanding their business in this region to increase their customer base and improve their geographical outreach. Moreover, countries such as India, would unfold attractive opportunities during the forecast period due to favorable government policies, large-scale privatization, and combating unfair competition & the seizure of counterfeit toys.

The prominent South Asia kids toys industry players include LEGO Group, Hasbro Inc., Mattel Inc., Funskool, Brainsmith, Sri Toys International, Tikiri Toys, Masoom Playmates, Shinsei, Zephyr Toymakers Pvt. Ltd. Product launch is the most important growth strategy used by market players, followed by collaboration and agreement, expansion, and acquisition. Several businesses have created innovative products to diversify their product offerings. Various companies use product launches to expand their market reach and serve customers.

Key Benefits For Stakeholders

• This report provides a quantitative analysis of current South Asia kids toys market trends, estimations, and dynamics of the South Asia kids toys market from 2021 to 2030 to identify the prevailing South Asia kids toys market opportunities.
• Porter’s five forces analysis highlights the potency of the buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
• In-depth analysis of the market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the industry. The market player positioning segment facilitates benchmarking while providing a clear understanding of the present position of the key market players.
• The report includes analyses of the regional as well as regional market, key players, market segments, application areas, and growth strategies.

 South Asia Kids Toys Market Report Highlights